THE POST OFFICE SAVINGS' BANKS.

Southland Times, Issue 1278, 12 July 1870, Page 3

THE POST OFFICE SAVINGS' BANKS.

Sib, — Tour contemporary ought to forswear figures, for, really, whenever he undertakes to " inform our readers " on anything involving their manipulation, lie makes a sad mess of it. If h8 would content himself simply with giving currency to his own blunders, the public, happily aware of Ha incapacity, might not be far misled, but he seems to pounce with sympathetic avidity upon every absurdity of the kind which appears in the colonial press, and thus supports his own errors by the fallacies of others. Some time since some of our settlers were well nigh driven wild with delight, by beinsr informed through the columns of the News that green flax was worth £5 per ton. Sou took occasion to remark thereupon that 5s was the proper figure, and your correction was ultimately admitted by the journal first iri'error. That was comparatively a small matter, in itself so absurd that but few could possibly be deceived by it. A later instance of your friend's mania is, however, of considerable importance, inas--1 much as, both by an error of his own, and by reproducing that of another, he totally misrepresents the state of an important public institution — an institution, by the way, admittedly the best possible criterion of the condition of a community. A few days ago your contemporary said — The Savings Banks' transactions, at the several offices in New Zealand, are now published. From the statement, it appears that the whole amount remaining in deposit at all the offices in New Zealand is £10,102 14s 7d, while at the same period last year the amount was £25,457 Is 4d. (The italics are mine). This was bad enough, and for the reason above given might have been allowed to slip, but for the reproduction of the blunder in an aggravated' form on Saturday last, when your contemporary gave publicity feo the following "local:"— " ! "Veritas," in the Otago Daily ■Times,- comments with some pungency on Mr Vogel's expression in the Financial Statement — "the stateof the Post Office Savings Banfes Account was a pleasing testimony to the frugal habits of the people." " Verita* " finds on reference to the published returns that "the total amount remaining in deposit in the colony on Ist April was £10,102 14s 7d, as compared with £25,457 Is 4d on the same date last year." That is to say that, although the number of these Banks has been increase! by seven, there is a falling off this year of £15,354 6s 9d, or at the rate of 65 per cent." So he calls Mr Togel's neat allusion to frugal habits, &c. — bunkum. " Veritas" and the " Dry Nurse " havie discovered precisely the same mare's nest, but might I suggest that when either of them again undertakes to " correct " the Colonial Treasurer's statements, he should first consult a small boy "expert at accounts!" "Veritas" and the Editor of the Hfews doubtless drew their inspiration from the same source, a General Government Gazette, published on the 28th of May last, but had they condescended to read the heading of the table on which they found their " calculations ™ (?) they would have seen that it deals simply and tolely with the Savings Bank transactions for one quarter — ending 31st March — giving the totals for the corresponding quarter of the previous year by way of comparison. It does not in any way allude to the total amount, to. the credit of depositors throughout the colony, and the amount mentioned by both the " authorities " (?) above as the whole amount remaining in deposit at all the offices in New Zealand (£10,102 14s 7d) is simply the excess of deposits over: withdrawals for the three months, and is a mere bagatelle compared with the total amount of deposits in the colony. Thus the total deposits for the quarter were £62,245 3s 4d, and the withdrawals £53,144 8s 9d, leaving the difference to be added to the deposits previously in the banks. With regard to the balance between these amonnts, it will be seen that it amounts to £9,100 14s 7d, instead of £10,102 14s 7d, as given in the table; so that there appears to be either a clerical or ! printer's error existing to the extent of £1,002. However, that does not alter the facts of the case. Having some interest in the Post Office Savings Bank, as well as in the colony, I have been at some trouble in making inquiries. The sum represented by the News as remaining at the credit of depositors throughout the colony seemed to me so absurdly small, that it was gratifying to me to find that in reality deposits to credit at Invercargill alone exceed the* amount given by your contemporary for the whole of New Zealand. On enquiry I find that the amount of deposits to the credit of depositors at the Invercargill Post Office Savings Bank, at 31st December, 1869, was £9,958 7s lOd. For the quarter ending 31st March, 1870, the deposits exceeded the withdrawals by £164 13s Bd, and for the last quarter by £1,484 8s 9d, leaving these two sums to be added to the first, and making altogether £11,607 103 3d as the, in this way, invested savings of our " poverty-stricken" little province alone. Trusting you will find room for the foregoing as a contradiction to reiterated statements most detrimental to the colony, I am, &c, Oommonweaxxh.