Other formats

    TEI XML file   ePub eBook file  

Connect

    mail icontwitter iconBlogspot iconrss icon

The Cyclopedia of New Zealand [Auckland Provincial District]

The Auckland Savings Bank

The Auckland Savings Bank was established in 1847 to encourage the principles of thrift and industry amongst the people, and has fulfilled its mission so successfully that to-day it is a prosperous and wealthy institution, with branches in several of the suburbs, and is the custodian of considerably more than three-quarters of a million sterling of the savings of the community. Dr. J. Logan Campbell was its first honorary secretary, and the honorary accountants were Messrs J. Dilworth and J. J. Montefiore. In 1850 the Bank was face to face with its page 295 first financial difficulty, and was compelied to appeal to the Governor to authorise a temporary loan not exceeding £300, to enable it to meet withdrawal demands, and again, two years later, the demand of the local Government for the repayment of £46 odd for articles supplied to the Bank could not be complied with for several months. But the new institution found favour with the working classes, to whom it gave the highest current rate of interest, and slowly but surely made progress. In 1872, it was decided to open the bank daily, and this at once led to a great increase in business, the total deposits advancing in five years from £36,230 to £108,870. In 1876, the Penny Bank branch was established, and in 1881 the present handsome building was erected. The bank is managed by a Board of Trustees of prominent citizens, of whom His Excellency the Governor is president; Mr. R. Cameron is manager, and Mr. S. G. Rountree, accountant. In 1847, the year in which the bank was established, it had nineteen depositors, and £176 4s on deposit; but at the close of 1899 the figures were—depositors, 25,095; deposits, £653,599 6s 10d. The surplus profits at the close of 1897 amounted to £47,134. The bank owes much of its success to the shrewd and careful investment of its funds. At the present time, the sum of £218,361 is invested in mortgages, £150,000 in New Zealand Government securities, £8000 odd in borough securities, £70,000 odd on deposit with three banks, while the working account in the Bank of New Zealand represents £134,813 of the bank's funds. Besides giving depositors the highest current rate of interest on their savings, the Auckland Savings Bank has done much to encourage thrift by making advances on mortgage to enable borrowers to build, and in this way has assisted numbers of working men to acquire homes of their own.