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Hokitika Guardian, 30 April 1931, Page 4

Tjik information ptibHshed yesterday in respect to the figures of the Hokitika Savings Bank for the past year, was very pleasing reading in these times of depression. The depositors who now number 1814 have a total balance to their credit of £132,782 and the surplus sum over that amount in relation to the assets, is £21,686. Of the sum deposited, £70,407 is invested in first mortgage in freehold land. There are £20.008 put into Government stock, while £41,750 is deposited at interest in the three local banks, about £14,000 in each institution. The depositors earned in interest £5,029, while the Bank on mortgages and its investments earned £8.408, so that the institution made a surplus in the internet branch of £2,839. This material result is very creditable to all concerned. indicating that the funds are carefully and judiciously handled. The year’s transactions show the business of the Bank to be very buoyant. The repayments of mortgagors reached £11,5'6, and advances were £9,857 on mortgage, and £2,000 for purchase of Government bonds. The funds of the Bank show the balance to credit carried forward is £21.086 of which £OOI is the net gain for the year on profit and loss account, after providing for depreciation etc. The management costs reveal a satisfactory degree of economy for the large sums handled, and the business of the Bank, despite trading and business conditions, show hut little variation, the drop in deposits for the year being only £242 The Bank is one of the oldest established of local institutions and ban assisted alwavs where it could do so

legitimately out of its funds. Over £3,630 of accumulated profits have been distributed in local donations. The fact that depreciation of securities is provided for annually is a safeguard lor ail concerned ,a 11 cl covering the past ye.r £1,31)6 is so allowed for. It would appear that the Trustees aiv well maintaining the reputation of the Bank from past years, and that the sixty sixth year cow entered upon should he as satisfactory as its forerunners in the interest of all concerned.