HOKITIKA SAVINGS BANK

Hokitika Guardian, 29 April 1931, Page 2

HOKITIKA SAVINGS BANK

At the monthly meeting of the, trustees of th c above Bank yesterday afternoon, the President (Mr G. A. Perry) presented a short- report on the figures for the year ended March 31st, the accounts for which have row been audited.

The figures which were made available for the press, reveal a generally satisfactory position, and the balance sheet will be published shortly for public information ap provided by the Savings Bank Act. A striking fact in connection with the figures is that despite the more difficult times of the period the amount withdrawn f.or the year has been so light, compared with that of the previous year, being less in fact, namely £-17,700, as against £‘47,713. The deposits drooped ns might naturally be expected,, but still approximated £40,000 for the year. The total funds of the Bank, however, /stand well up to the previous year’s total, being £1.54,468 as against £156,110. The general business of the Bank appears to be well handled. The advances on mortgage were on conservative lines, and actually more w«s repaid than was advanced, while interest earned on mortgages increased. Tile total of the money at mortgage now is £80,533. Other intercut earned by the Bank increased from £2.760 to £3.881,' and in addition £2,000 was invested in Goimimment bonds. With depositors’ interest credited to tlv expenditure accounts, the deposits actually declined only £2.242. The interest accruing to the depositors showed a slight increase. That the Bank is managed economically is evidenced bv the fact that the niana"'ment charges for the year, covering all costs totalled only £7ll, as against £707. the previous yety;. The balance sheet very properly shows provision made for possible depreciation of mortgage securities, anti £1,303 lias been written off. while a grant of £SO was made to the Hawkes Bay Earthquake Fund. With these j special allowances tak*n into account the year’s transactions disclose a profit for the year of a little over £OOO. , It is interesting to note that of the I accumulated profits of the Bank, £3,630 has been paid out in donations for local institutions, of which £1,925 lias been given to the Westland Hospital. ‘From, the foregoing it will He, seen that this important local inrstitiitio now in its 66th year of usefulness, is continuing to serve the public well as a safe receptacle for private thrift and a secure provision for tlj? future.