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Annual Reports - 1921
 
The report of the Bank's first full year of operation refers to a severe industrial depression. A sudden rise in Bank Rate to 7% in April 1920, coupled with systematic cuts in public expenditure, aggravated the downturn and by the middle of 1921 Britain was in the midst of one of the worst depressions in its recent history (British Unemployment 1919-1939 by W R Garside of the University of Birmingham). Against this background, the Committee were able to record remarkable progress, with deposits reaching 1.4 million. The report to the City Council expands on the continuing problem regarding branch premises, and also records the fact that the new Bank has written off part of the deficit incurred by the temporary Birmingham Corporation Savings Bank.
 
(1) Published Report
(2) Council Report
 
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