MR. JORDAN COMPARES SAVINGS BANKS

Sun (Auckland), Volume I, Issue 126, 18 August 1927, Page 14

MR. JORDAN COMPARES SAVINGS BANKS

EXAMPLE OF AUCKLAND POST OFFICE BEATEN (THE SUN’S Parliamentary Reporter.) WELLINGTON, Tuesday. The comparative success of the Post Office Savings Bank and the Auckland Savings Bank was mentioned in the House of Representatives to-day, when Mr. W. J. Jordan expressed the opinion that it would be a good thing for this country if Cabinet were composed of men of the calibre of the trustees of the Auckland Savings Bank. The reason for this comparison by Mr. Jordan appeared to be the fact that the Auckland institution was able to pay interest at the rate of 42 per cent., while the Post Office Savings Bank paid interest at only 4 per cent., and the private concern was able to give generously to worthy objects. “The Post Office Savings Bank has been left behind by the Auckland Savings Bank,” said Mr. Jordan, who related that the savings of the children in the various Auckland schools was done through this institution after the Government had been approached and had given an unsatisfactory reply. Then the Government, seeing that the Auckland Savings Bank was doing the job and doing it well, issued the decree that it was not to handle more than £2OO of the people’s money in one account. In spite of the efforts of the Government, the success of the Auckland institution was assured.