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The Cyclopedia of New Zealand [Otago & Southland Provincial Districts]

[introduction]

The five banks carrying on business in New Zealand are each represented in Dunedin, which has, also, a local savings bank and the Post Office savings bank. These institutions conduct their business in handsome buildings, and the Bank of New Zealand and the Union Bank of Australia are noteworthy specimens of ornate architecture. For the year 1902 the total average liabilities of the five banks in the colony, in respect to New Zealand transactions, were £18,701,063, and the average assets, £18,999,180. The average amount on deposit during that year was £17,231,767, of which £1,090,174 belonged to the Government of New Zealand. Excluding this sum, deposits to the value of £8,531,614 were hearing interest, and a total of £7,609,979 was lying at call. The value of the notes in circulation was £1,375,788. At the end of 1902 the deposits in the five banks of issue and in the two classes of savings banks, amounted to £24,018,470, exclusive of Government moneys. In addition, there were deposits lying with building societies, and also with financial companies. The known deposits amounted to an average of £30 0s 9d per head of the population, exclusive of Maoris.