Depression and Accumulation.

Te Aroha News, Volume III, Issue 138, 23 January 1886, Page 5

Depression and Accumulation.

There is not in the report of the Poet- office Savings Bank business in Auckland district any evidence of widespread depression of trade or scarcity of money. In the bank connected with the Auckland Post-office (which includes the whole provincial district except Thames and Tauranga) there was at 31st December last a [sum of £216,097 5s Id at the credit of 9,216 depositors. The year's transactions embraced deposits of £185,068, and withdrawals of £195,224 10s. This means that the work of accumulation of savings has been interfered with to a very slight extent. The difference between the 1885 balance and that of 1884 is only about £1,600) The number of depositors, however, we find to be 240 more at the close of the year than at the commencement of it, going to prove that though the habit of thrift is extending the average amount at the credit of each depositor is materially lessened by the hard times that have prevailed In the Savings Bankat Thames betterresults are shown, 512 new accounts having been opened, and 414 closed during the year. The balance to the credit of depositors on the Ist January, 1885, was £40,949 9s lOd, and to this £29,542 4s 6d were added during the year, as well as £1,736 7s Id for accrued interest. The aggregate amount of withdrawals was £26,426 13s lOd, so that a balance £45,801 7s 7d remained to the credit of depositors at the end of the year. To compare Thames with Auckland, the latter office had, roughly speaking, £1,600 less at the close of 1885 than at its opening, while the Thames deposits had increased by £5,000 The report of money order business! done at the Auckland office shows that the amount of money orders issued during the year was £109,595 6d, and the amount paid £103,956 5s 4d, while at Thames the amount issued similarly was £16,623 7s 2d, and the amount paid £11,630 15s 5-i. In both cases the money sent out of the district is- far in excess of that paid into it, which occurring at a time of depression, oan only be accounted for by the supposition that workmen have been sending remittances to wives and relations separated from them. On the whole, the results are unexpectedly good, and taken in conjunction with the fact that recent depoeits in the Auckland Savings Bank in Queen-street have been at the rate of over £300,000 a year, the indications are highly favourable for a return of brisk times. — " Star."