THE WELLINGTON BAND OF HOPE PENNY BANK

Southland Times, Volume I, Issue 46, 15 September 1864, Page 3

THE WELLINGTON BAND OF HOPE PENNY BANK

The above bank held its first annual meeting in the Wesleyan School Room. There were about 120 parents and children present. The meeting opened with singing and prayer. The Chairman, after a few remarks, called on tho Secretary to read the report, which was as follows : — As Temperance is the parent of thrift, the success of the Band of Hope naturally led those who had taken an interest in its establishment to endeavor to secure for its members the advantages that ought to accrue from saving habits, and the formation of a Penny Bank seemed the most eligible way by which this might be accomplished. Accordingly after much and serious deliberation it was determined to make the attempt, and several friends having promised their services, a meeting < f the children forming the Band of Hope wa3 held, and the advantages of small savings having been pointed out to them, it was announced on the following Tuesday evening the bank would be opened. Mr. A. Levy accepted the office of Secretary, an 1 Messrs. Trueman and M'Cleland agreed to attend on every Tuesday evening during the first halfyear to receive drpnsits. Many of the children and some adults availed themselves of the opportunity thus aftbrded and by the end of December the deposits amounted to £111 15s. lid., the number of depositors being 91, and their respective amounts ranging from 3d. to £13. For the second halfyear Messrs. M'Cleland and Lowe with the Secretary took charge, and at the end of June last the number of depositors was 110 and the amount of then* credit £123 6s. Id. The highest amount at any single account being £11, and the lowest 2d, giving an average of £1 2s. sd. for each amount. More particularly the amounts arc as follows : — Amount not exceeding Is £16 „ exceeding Is not exceeding 2s 6d. 6 „ 2s 6d. „ ss. 12 5s „ 10s. 16 „ 10s „ £1 31 „ £1 „ £5 23 „ £5 6 £110 Average £1 2b. sd. nearly. The funds of the bank have been deposited from time to time, with the Wellington Building Society, No. 2. and interest at tho rate of six per cent, is allowed by the society in pursuance of which £2 11b 8d was added as interest in the month of March being the end of the Society's year. That society gave notice to all its depositors to withdraw their accounts in the month of March, but kindly allowed the account of the Penny Bank to remain until recently it was transferred (on the same terms) to the Wellington Mutual Investment Society. The rate of interest allowed by the bank is 5 per cent, on all sums of £1 and upwards (interest being reckoned only on oven pounds, and for complete months) aud in this way 13s 2d has been added to accounts that have been withdrawn. The accounts will show that the total amount deposited (with interest added) have been £263 7s of which £140 7s lid has been withdrawn, leaving the balance of ceposit account £123 6s Id as stated above. At the same time a similar bank was formed at Karori in connexion with the Band of Hope established there, and the conductors of that bank state that the deposits (including interest added have been £77 15s Bd, the withdrawals £45 18s 7d, leaving £31 17s Id, at the credit of depositors, £2 1 lls Id of which was deposited with the Building Society No. 2. and £7 3s remained in the hands of the Secretary, Mr. H. Allington. Alfred Levy, Secr«tary. Balance Sheet of the Wellington Penny Bank for the Year ending June 30, 1864. Dr. To amount of deposits received £262 14 5 „ Interest added to accounts withdrawn 013 7 „ Interest received from W. B. Society N0.2 '.. 211 8 „ Small sums received for pass books, &c. 0 14 5 £266 14 1 Cr. By amount of deposits repaid £140 111 „ charges, paid for book, &c 10 0 „ infcei'est. paid as per contra 013 7 „ cash deposited with the W. M. I. Society 122 5 0 „ cash in hands of the Secretary and Treasurer 2 13 7 £266 14 1 Audited and found correct this 30th day of August, 1564. J. Woodward \ k -,-. o Jos. G. HOLDSWOETnj AudItOIB - Mr. J. Woodward spoke to the report at some length, urging the children to take advantage of the opportunity thus afforded them of taking care i of tlw pence. A vote of thanks was passed to tho Chairman and the meeting closed.