Annual Reports - 1965
The Report for the year-ended March 31st 1965 contained several notable announcements. The rate of interest payable on No 1 Department was increased from 2% to 3% with effect from April 1st 1965; a rate of 2% had applied since July 1st 1946. Since the introduction of the No 2 Department in 1957, the balances in the No 1 Department had fallen from 86-million to 71-million so that the annual cost of a % increase was approximately 175,000. The decision to increase the rate payable was made against a background of steadily increasing interest income received by the Bank. The rate of interest to be charged on new Mortgage Advances is now 5%. Reflecting the growing desire of holidaymakers to travel abroad, the Bank introduced a service to supply Travellers' Cheques and Foreign Currency - no statistics were provided, but the next year saw over 2,000 orders handled. Reference is made to the possible provision of a cheque book facility. A number of branch improvements and relocations are detailed and notice is given of major developments at Maypole branch and the establishment of a city centre office. The Bank ended the financial year with Mr S A Guy as its General Manager - he was appointed following the retirement of Mr H J Sutherland due to ill health, and the sad death of Mr J W Raftery.
Published Report
Annual Reports
Published  Report (cont.)