A SIGN OF THE TIMES

Manawatu Herald, Volume LI, Issue 4526, 4 November 1930, Page 4

A SIGN OF THE TIMES

P. 0.5.8. WITHDRAWALS.

Withdrawals from ihe Post: Office Savings Banks during the two quarters ended September 30 were £2,107,33.1 in excess of deposits, a situation which is eloquent of the lightening of finances this year. Deposits into savings bank accounts for the July-Septembcr quarter totalled £(i,2-10,777, as compared with £7,320,245 for the corresponding three months of 102!) —a decline of £1,070,40.8. Withdrawals amounted as £7,335,500, as against £7,3(14,902 for the second quarter or the 1020 financial year. The excess of withdrawals over deposits for the quarter \just (dosed thus amounts to £1 ,088,792, as compared with £38,057 for the same period last year.

The only centre in the Dominion which does not show an excess ot withdrawals over deposits fur the last qua Her is Gveymoulh, where there was an excess of deposits amouiding to £IO,OBI. The excess of withdrawals in the four main cities was £1.08,258 in Auckland, £71,470 in Wellington, £125,352 in (.'lirisfchurch, and £52.803 in .Dunedin. In some of the town centres of the large farming areas the excess of withdrawals over deposits was very high—£lo3,Boo in Palmerston North, £08,107 in New Plymouth, £85,540 in Hamilton, and £71,342 in Wanganui. Withdrawals for the whole of last year exceeded deposits by £l,014,739, and in 1928 the figure was £859,500. For the two eompleted quarters of the current financial year withdrawals are in excess of deposits by £2,197,331. The amount of money placed on depo-.-it in the Post Ofli'ce Savings Bank (his year may have been affected by the sales since last January of (loveirimient debentures at 51 per cent., offering a more attractive rate of interest than is allowed on savings bank deposits.