LARGER DEPOSITS.

Manawatu Standard, Volume LVIII, Issue 49, 26 January 1938, Page 11

LARGER DEPOSITS.

SAVINGS BANK BUSINESS. REVIEW BY MINISTER. Per Press Association. WELLINGTON, Jan. 20. “Although close on £3,000,000 was withdrawn from the Post Ofhce Savinns Bank last month for the holiday season—the highest monthly sum taken out during the past two years a still larger sum was put in, said tne Postmaster-General (Hon. F. Jones) m an interview this evening. “Thus, deposits exceeded withdrawals by well over £BI,OOO, representing a ten-fold increase on tlie excess 12 months ago. The latest official return of savings shows a remarkable increase in the practice of thrift by small depositors. For example the number of depositors lias increased in 12 months by 42,754, a gain of nearly 5 per cent; in the past two years approximately 90,000 more people having opened savings accounts. Tlie excess ot deposits over withdrawals in 1936 was £2,685,000 in round figures, while last year the excess was £4,342,000. “The total amount to the credit of depositors at + he end of 1935 was £SO, 816,242 which means an average of £6O 18s to each account. In 1937 the total to the credit of depositors was £60,765,333, giving an average of £66 12s, showing an increase in sxrite of the fact that a very large number of new depositors with small accounts arc included in the figures. “The whole returns demon;:)’'ate that, although people are actually spending a great deal more, they are also saving more,” added the Minister.