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New Zealand Times, Volume XXXIII, Issue 5377, 21 June 1878, Page 2

If the returns of Savings Bank afford a certain test of the general providence and prosperity of that section of the people , the working bees of the social hive, fo:r whose uso and advantage they are supposed to be especially intended, tho se who tako a broad view of tho public interests in this colony will have reae.on to be satisfied in this particular. There are two classes of public instil ,n----tions of this kind in New Zealand—kho Post-office Savings Bank, and those established at an earlier period, and regulated by tho Savings Bank Act of 1858 and the amending Act of 1860. Of these latter there is one bank at Auckland, and one at New Plymouth in the North Island ; in tho South there aro banks at Nelson, at Hokitika, at Invercargill,, and at Dunedin. The accounts of fcheso

banks are made up annually, and. tbe balance-sheet is required to be transmitted to the Governor for approval, and after approval, for publication in the New Zealand Government “Gazette.” The . accounts for the year 1877 have been so published. : A recent article in the “New Zealand Herald ” calls attention to the last quarterly statement of the transactions of the Auckland Savings Bank and the Penny Savings Bank in connection with it, as showing a prosperous condition amongst the working classes in that district, notwithstanding the complaints frequently made of the times being dull, work being scarce,and trade unprofitable. The returns are as follows : AUCKLAND SAVINGS’ BANK. March or. March qr. 1878. 1877. Number of new accounts opened .. ... .. 413 359 Number of deposits.. .. 3194 . 2GSO, Number of withdrawals .. 1459 1407 March quarter, March quarter, 1878. 1877. Amount deposited..£24,277 12 2 £20,678 1 2 Amount withdrawn 20,077 0 10 17,010 16 11 Excess of "deposits over withdrawals 4200 5 4 3031 4 3 i PENNY BANK. March qr. March qr. 1878. 1877. Number of new accounts opened ' ~ .. 157 215 , Number of deposits!. ~ 2287 ’ 2549 Number of withdrawals ... 133 100 March quarter, March quarter, 1878. 1377. Amounts of deposit £467 14 4 £353 14 2 Amount of withdrawals 215 Oil 107.8.10. Excess of deposits over withdrawals .. ~ 252 7 5 245 5, 4 The operations of this savings’bank during the last quarter were, as the “Herald” points out, greater than for any corresponding period since the establishment of the institution, except for a short time during the Maori war, when the balances in the Military Savings Bank wore deposited in the Auckland Savings Bamk. At the present time, money is being deposited in the bank at the rate of £IOO,OOO a year, and the net savings of the last quarter were at the rate of nearly £17,000 a year, being considerably in excess of those of the corresponding quarter of 1877. The history of this bank has been for some years past one of steady progress, and when it is taken into account that the Government Savings Banks have always in their hands very large amounts on deposit, there can be no doubt whatever that the working men and small tradesmen of Auckland, who form the bulk of the depositors, are on the road to prosperity, if they have not already attained it ; Auckland is not generally considered the most flourishing portion of the colony from a financial point of view. The statement of the receipts and payments at the private savings banks of the colony for the year ended 31st December, 1877, are as follows :

The Government returns of savings banks transactions in the several postal districts of the colony for the quarter ended on the 31st March last, and also for the year terminated on the 31st December last, are also before us. The total returns for the quarter show that there were 141 savings banks existing ; 3305 accounts were opened; and 2857 closed. The number of deposits was 17,278 ; and of withdrawals 9904. The amount of deposits was £192,649 11s. Id., and of withdrawals £186,530 15s. 3d. The excess of deposits over withdrawals was £6llß 15s. lOd. For the corresponding quarter of 1877 the returns are as follows :—Number of savings banks open, 129 ; accounts opened, 2857; accounts closed, 2263; number of deposits, 14,824; number of withdrawals, 9654 amount of deposits, £170,211 17a. Id.; aisount of withdrawals, £178,106 3s. 2d.; excess of withdrawals over deposits, £7894 6s. Id. The returns for the year 1877 give the following results:—Number of savings banks open, ’ 137 ; accounts opened, 11,235 ; accounts closed, 11,255 ; number of deposits, 60,953 ; number of withdrawals, 39,363 ; amount of dep®sits, £681,294135. 2d.; amount, of withdrawals, £667,023 7s. 5d.; excess of deposits over withdrawals, £14,271 ss. 9d. For the year 1876 the returns were :—Accounts opened, 11,255 ; accounts closed, 9472 ; number of deposits, 57,295 ; number of withdrawals, 39,486; amount of deposits, £664,134125. fid.; amount of withdrawals, £698,281 7s. 4d.; excess of withdrawals over deposits, £32,146 14s. lOd. The balance to the credit of depositors on the 31st December, 1877, was £767,375 17s. Bd., and the number of accounts was 28,761. At tho termination of 1876 the credit balance was £723,910 17s. 5d., and the number of accounts 26,117. The business transacted at these banks increases steadily. A much larger number of accounts are being opened than are being closed, and there is evidence of a very prosperous state of things throughout the community. Tho funds of the private savings banks are invested at the discretion of the trustees on mortgage of real property, or otherwise. The deposits of the Government Savings Banks are shown in the public accounts as “trust funds,” and in connection with: this subject the following return of securities held against the public trust funds, laid on the table of the House of Representatives on the 7th November, 1377, will be read with interest:— RETURN OJ? THE SECURITIES HELD AGAINST THE runuo trust funds.

O. T. Batkin, Secretary to the Treasury. Examined and found correct. Jambs Edward Fitz Gerald, Commissioner of Audit. Treasury, Ist October, 1877. At the end of the year 1877 the amount to the credit of the depositors in the several Savings Banka in the provincial districts and in the Post Office Savings Bank were as follows : PrftfatA StiLvirum ‘Ranks— ' ‘

Making a total to tlio credit o£ depositors In the Government and Private Savings Hunks, 1877. cl , ... £953,20!) 3 0

Auckland was the first among the cities of the colony to establish a Penny Savings Bank, and as the experiment appears to have been very successful it is to be. hoped that the good example will be followed in other districts.

Deposits . Deceived, Deposits Repaid. Excess of Deposits. £ s. d. £ s. d. & s. d. Hokitika .. 3652 10 6 8383 3 2 ' — Invercargill. 8513 18 10 770,6 9 4 ■ N. Plymouth 572 0 2 915 1 2 — : Dunedin ,, 25,892 18 7 27,706 15 10 — Nelson 6390 4 1 5310 9 6 — Auckland .. 79,078 6 0 : 71.241 6 9 ” 124,700 4 2 110,323 4 9 8376 19 5

’ Investments. Nominal Value Cost. Rate of Interest per Cent. On Ordinary Trust Fond Account : £ s. d. £ S. d. Bonds of the Consolidated Loan, 1867 ,. 13,000 0 0 12,480 0 0 4 Immigration and Public W orks Loan, 1870 173,200 0 0 166,2/2 0 0 4 14,900 0 0 14,527 10 0 4i Defence and Other Purposes Loan, 1870 .. 76,000 0 0 72,000 0 0 4 5,000 0 0 6,000 0 0 General Purposes Loan, 1873 142,600 0 0 142,600 u 0 5 6,200 0 0 4,342 0 0 4 North Otago District Public Works Loan, 1872 . 43,900 0 0 43.900 0 0 5 Westland Loan, 1873 50,000 0 0 50,809 0 0 5 Wellington Debts Act 1871 Amendment Act, 187i 53,000 0 0 53,000 0 0 5 Canterbury Rivers Act 1870 Amendment Act. 187S 4,500 0 I) 4,500 0 0 6 Treasury Bills, Financial Arrangements Act, 1S76,. 110,800 0 0 110,800 0 0 3£d. per diem Patea Mortgages .. 1,003 7 c 1,001 0 6 6 Otago Bock Trust Mortgages .. 10,000 0 0 10,000 0 0 6 Oamam Harbor Board Mortgages 35,000 c 35,000 0 0 5$ On Government Insurance Account: Treasury Bills. Extended Currency Act. 1873 180,000 0 c 180,000 0 0 3gd. per diem , Financial Arrangements Act, 1S76 14,100 0 0 .14100 0 0 34d. ner diem On Nelson Rifle Prize Fund Account : Bank o! New Zealand Deposit Eeceipt .. .. .. . 1,000 0 e 1,000 0 0 5* £932,203 7 0 £921,322 10 6

Private Savings JianKs— Auckland 14 0 New Plymouth 3 11 9 G Hokitika 4 3 Invercargill 0 7 Dunedin .. .. .. 13 1 £101,833 r» 10 Post Office Savings IJank .. 707,075 17 s