P.O. SAVINGS BANK

Sun (Auckland), Volume II, Issue 351, 11 May 1928, Page 12

P.O. SAVINGS BANK

INCREASE IN WITHDRAWALS HIGHER INTEREST ELSEWHERE (From Our Resident Reporter.) WELLINGTON, To-day. The increase in the excess of •withdrawals over the deposits in the returns of the Post Office Savings Bank last year was largely due to the raising of the rates of interest offered by the commercial banks. Withdrawals for the quarter ended on March 31 exceeded deposits by 109,417, against 44,306 for the corresponding quarter last year. The deposits amounted to £6,714,421, compared with £6,759,305 for the corresponding period of last year and the withdrawals were £6,823,838 and £6,803,611 respectively. The aggregate result for the year is an excess of withdrawals of £2,973,931, which is the largest ever recorded. Following is a summary of the bank’s operations for the last five financial years:

The following- table shows the amount of the deposits and withdrawals in the four centres:—

An excess of deposits over withdrawals was recorded at Gisborne (£23,230). Hamilton (£26,,546), Napier (£3 102) Nelson (£538), New Plymouth (£38,401')’ . North (£55,879), Th.amei J ' mar l- 1 (£7,610), Wanganui (±.J4,110). Rarotonga (£55).

1923-24 deposits. £ Withdrawals £ Excess £ . . 29,598,372 29,510,321 *88,051 1924-25 .. 29,582,897 30,413,610 830,713 1925-26 .. 31,833,622 32,602,506 768,884 1926-27 .. 29,456,383 30,149,629 693,246 1927-28 . . 27,611,065 30,584,996 ‘Excess of deposits. 2,973,931

Auckland Deposits. £1,198,610 Withdrawals £1,230,511 Wellington 1,331,857 \ 1,398,506 Christchurch 1,007,949 1,092,419 Dunedin 494,112 549,774