POST AND TELEGRAPH DEPARTMENT

Nelson Evening Mail, Volume LXIII, 3 August 1929, Page 5

POST AND TELEGRAPH DEPARTMENT

The first year of the Department on the new accounting basis which I referred to earlier in this Statement proved a successful one. Receipts for the year amounted to £3,445,545. and the expenditure, including £428,000 interest paid to the Consolidated Fund, to £2,921,736. The balance of receipts over payments was thus £523,809. and after providing for depreciation and other reserves the net profit for the year was approximately £39,000. The savings-bank liusiness shows a considerable improvement over that of last year. The deposits totalled £27,252,381—which is £358,685 less than the total for last year. Tho withdrawals amounted to £28,111,940 —being £2,473,056 less than for last year. The/ excess of withdrawals over deposits for the year was £859,559, compared with £2,973,931 for the previous year. The year’s operations disclose an improvement of over £2,100,000. The interest credited to savings-bank depositors lor the year was £1,745,050. Thus while there has been an excess of withdrawals, these withdrawals have- been met oul of interest and not out of principal. The net result is that the accumulated funds at the. credit of depositors have increased by £885,491. the total amount standing at £48,644,217. Post Office Investment Certificates continue to be popular with people of small means desiring investment for nx«d periods at slightly better rates. Sales of certificates during the venr amounted to approximately £550.000.