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Southland Times, Issue 1782, 19 August 1873, Page 2

Post Office Savings Banks having been established in the Colony for over six years, the return just published shows that the amount of deposits has rapidly increased during each successive year of their existence. Commencing on Ist February, 1867, the deposits for that year amounted to the sum of £96,372, while for the year closing 31st December, 1872, the sum of £430,877 was received. The amount, including interest, to the credit of the depositors at the close of 1867, was £71,197, while at the close of last year, it is given at £490,066. These figures are very satisfactory as affording evidence not only of growing prosperity, but of a disposition on the part of the working classes, who, it may be presumed, furnish the bulk of the deposits, towards increasing thrift and fore thought. As a speculation on the part of the Govern men t, the business has been fairly remunerative, the returns showing a net profit for each of the four years last past of a sum varying from £3000 to £6000. This balance is arrived at after the deduction of such a portion of the salaries paid to the respective postmasters, as might be fairly presumed to be chargeable to account of Savings Banks. The year 1871 appears to have been the most prosperous year of the course, a net profit having been made of £6,116, while in 1872 tbe balance appeaTß only as £4168, the increase in deposits for that year over its predecessor being given at £118,435. An explanation of this matter is given by the fact that for' 1872 the interest upon investments is put down at 5 per cent., while for all tbe previous years it is averaged at 6 per cent. The only source of profit to the Government is of course the difference between the interest obtained and that actually credited to depositors, this; being during last year £5,725. Among the deposit accounts for 1872, that of Otago stands highest, being £101,387 (exclusive of Southland), against Canterbury, £80,006; Wellington, £64,215; .Auckland (including the Thames) Southland haß de-

posited during 1872 £17,843, giving an average to each depositor of nearly £17, being a higher average than that of any district, with the exception of those of Hokitika and G-reyraouth, both of which show an excess. There are now 92 Post Office Savings Banks open in the Colony, against 46 in the first year of their existence, and the amount set down as working expenses (£1,557) is a very moderate expenditure, especially when it is taken into account that it includes £1047, proportion of salaries to postmasters, the whole of which would probably have been paid if there had been no Post Office Savings Banks in existence.