THRIFT’S ADVOCATE

Sun (Auckland), Volume IV, Issue 955, 24 April 1930, Page 13

THRIFT’S ADVOCATE

AUCKLAND SAVINGS BANK DEPOSITS REACH NEW RECORDS New records in practicaily every department are shown in the annual report and balance sheet of the Auckland Savings Bank, presented to the annual meeting of the trustees this afternoon. in its advocacy of greater thrift in the community, the bank is able to show total deposits increased to £6,084,244. Examination o£ the balance sheet of the bank shows it to be in a very sound position in respect to quality of assets, strength of reserve fund, cash and general resources. Notwithstanding the difficult year list closed, deposits exceed those of the previous year by 120,605. The excess of deposits over withdrawals was £194,003, and this, together with nearly a quarter of a million pounds added to depositors’ accounts by way of interest, brought total deposits to a new high record, or approximately £440,000 greater than those of the previous year, A WATCHWORD FOR THE PRESENT "In spite of the sound position of the institution, states the report of the president, Mr. John Alexander, C.M.G., complacency should not blind us to the necessity of exercising a prudent control and outlook for the future. Undoubtedly, the watchword of the present time is economy—that is, conservation of funds and wise spending. To say that spending power should be wisely used is a platitude, but, nevertheless, until this fact is recognised in national, civic and private life, true prosperity will not be experienced. * "Much can be done toward bringing liom eto every citizen that the material factor in success is not only earning power, but saving power as well, continues the report. The disciplinary effect of setting out to save a certain part of income to meet uncertainties of the future is wholesome and necessary. This cannot be said of the practice of purchasing articles, in many cases of doubtful necessity, on the time-payment system. Appreciation of the valuable help given by masters and teachers of the various schools and employee collectors in the promotion of the activities of the Thrift Clubs, is recorded in the report. PROFITS ON ONE YEAR’S OPERATIONS The profit and loss account shows the income by way of interest on investments, etc., at £344,701, the sum of £245,340 was returned to depositors as interest on accounts and general charges, and running expenses amounted to £28,058. Net profit on the year is shown at £71,303. The sum of £4,242 has been written off premises and furniture, and £60,000 transferred to reserve and investment fluctuation account. A balance of £10,327 is carried forward. The bank has now a grand total of 145,937 accounts, an increase during the year of 7,791. The average of deposits in the operative accounts,, as distinct from inoperative accounts, thrift clubs, penny banks and school banks is £6O 15s 6d.