PROSPEROUS YEAR

Sun (Auckland), Volume 1, Issue 30, 28 April 1927, Page 13

PROSPEROUS YEAR

AUCKLAND SAVINGS BANK MEETING OF TRUSTEES The seventy-ninth annual meeting of the Auckland Savings Bank trustees was held yesterday afternoon. Mr. A. S. Bankart, who presided, said June 8 would mark the eightieth anniversary of the foundation of the bank, which had achieved a fine record of business service. In its first balance-sheet the total of the funds was £1,113. To-day the funds totalled £6,274,933, of which £4,794,810 represented the direct savings of the people. Mr. Bankart, reviewing economic conditions, urged greater thrift in the community and stated that prosperity could never be built upon the hire purchase system. The bank’s financial position was extremely satisfactory. The amount standing to the credit of depositors was £4,794,810, compared with £4,453,291 the previous year. New accounts opened during the year numbered 20,280, of which the schools banks department accounted for £5,412. The schools banks system had been established in the past year and was performing valuable functions in showing the children the value of thrift. Similarly thrift clubs had been founded in the city and no factory or workshop had need, now, to be without a savings bank on its premises. After traversing transactions in loans and debentures, Mr. Bankart stated that the profit for the year was £70,515, as against £62,118 the year before. From the total profit available £50.000 had been passed to reserve and £20,055 would be carried forward to next year's accounts, though £17,500 had been earmarked for donations. The results of the past year’s business, he added, easily constituted a record for the bank. Alterations to the heed office were now in progress and a new branch was being erected at Three L^mps. Mr. E. Anderson was elected president for the next two years, Mr. Bankart, who was thanked for his excellent services, being elected deputy-president. Messrs. W. Wallace Bruce and F. C. Buddie were re-elected auditors.