MILLIONS IN SAVINGS

Sun (Auckland), Volume IV, Issue 992, 7 June 1930, Page 6

MILLIONS IN SAVINGS

AUCKLAND BANK'S RECORD ANNIVERSARY TOMORROW Astonishing progress is shown by the records of the Auckland Savin#* Bank which will celebrate its S3rd anniversary tomorrow. From its first deposit of A-10. the amount has f/own to £6,063,309 lodged by 146.927 depositors. and its reserves have increased front £l5O held in Government debentures to nearly £7.000.000. Kigat buildings replace the brick store m Queen Street where the bank saw its origin. No thoughts of profit to themselves inspired the men of Auckland who m?t on December 3, 1846, in Messrs. Brown and Campbell's stores for the rurpose of forming the bank. Trustees were forthcoming and a draft of the rules submitted to his Excellency the Lieu-tenant-General. who undertook to advance at any time of emergency the sum of £l5O from the Treasury, the amount to be lodged there in Government debentures. The Government also gave £3O toward the establishment of the scheme, the amount being used in the purchase of a fireproof safe from Sydney. This was placed in a brick store in Queen Street owned by Mr. Janies Montefiore. who became the bank’s first accountant. Sir Joh i Logan Campbell acted as secretary. The premises opened for business on Saturday. June 5, 1847. between the hours of 7 and 8 p.m.. but there were no depositors. It was the same again on the Monday from noon to 1 p.m.. and on the following Saturday and Monday. Then, on Saturday, June 19. Mr. Matthew Fleming came forward with a £lO deposit and a week later £37 was lodged. There was no further business until a week later, when £lO was withdrawn. On July 24 a further £ 6 was lodged by three Maoris.

The bank had its trials, and in ISSU was hard put to meet the demands of depositors seeking to withdraw small amounts. Two years later there was difficulty regarding £46 5s 9d advanced by the Government for payment of goods supplied. Accumulated funds now amounted to £7OO and were difficult to invest, but in 1854 £3uowa* lent at 10 per cent, and £I.OOO placed in Provincial Government debenture* at the same rate.

An era of prosperity began with the discovery of gold at Thames in 1869, but even three years later the bank's hours of busines were only from noon to 1 p.m. daily and from 4 to 6 p.m. on Saturday. A Queen Street property of 37ft 3in was now in use. A penny bank was inaugurated to inculcate thrift and led to even greater progress, a ‘'run” on the bank in 1893 after a financial crisis in Australia, being met easily. Today the banks reserve funds total £6,700,000, and more than £IOO,OOO has been distributed to deserving causes. Beside the main building, there are branches at Oneliunga, Newmarket, Ponsonby, Symonds Street, Otahuhu, Devonpon, and Dominion Road.

The present manager, Mr. Clem Bartley, joined the staff in 1881. He became chief clerk in 1917, actingaccountant in 1922 and was appointed to his present position three years later.