1. Annual Accounts.
The Income and Expenditure Account for the year ended 31st March 1945 submitted herewith, shows the normal
working expenses to be £114,536 compared with £108,778 for the previous year. Income Tax is down by £40,580, due to the larger amount
of the reclaim on investments where tax is deducted at source. Excess income over expenditure amounts to £6,001 compared with £19,722
for 1944.
The Balance Sheet, also submitted, shows the amount standing to credit of depositors to be £67,742,971, an increase
of £8,232,673 on the year. The amount on deposit with the Corporation is up by £731,878. Direct investments, in accordance with the
arrangement with H.M. Treasury, are £31,572,000 compared with £24,140,000 in 1944. The amount outstanding on loans for House Purchase
etc. is down by £204,689. Business in the Mortgage Department was quiet during the year, but there are indications of more activity.
Reserve for Income Tax and Sundry Debtors is £496,712, as against £845,689 for 1944. The drop is accounted for by a large proportion
of the reclaim being received before the 31st March. It has been the practice of the Inland Revenue to meet the reclaim some months
after the end of the year, but as a result of discussions with the Local Inspector of Taxes, and with his co-operation, a more satisfactory
arrangement was made for dealing with our reclaim.
2. Depositors' Balances.
Detailed statement of balances due to depositors
accompanies this report. Every Branch records an increase. the most noteworthy being Head Office, Sutton Coldfield, Bearwood, Erdington,
Acocks Green and Hall Green. A classification of the balances shows as follows:
|
Under |
£150,000 |
|
|
5 |
Branches |
|
Between |
£150,000 |
and |
£250,000 |
2 |
" |
|
" |
£250,000 |
" |
£500,000 |
9 |
" |
|
" |
£500,000 |
" |
£750,000 |
19 |
" |
|
" |
£750,000 |
" |
£1,000,000 |
8 |
" |
|
Over |
£1,000,000 (including Head Office) |
|
|
25 |
" |
3. Open Accounts.
Detailed statement of open accounts is submitted showing
the grand total of 572,945 in the Savings Bank Department. This is an increase of 15,153 on the previous year. The largest increases
are recorded at Head Office, Acocks Green, Sutton Coldfield, Kingstanding, Wells Green and Maypole. A classification of the accounts
gives the following result:
|
Under |
1,000 |
|
|
3 |
Branches |
|
Between |
1,000 |
and |
5,000 |
15 |
" |
|
" |
5,000 |
" |
10,000 |
30 |
" |
|
" |
10,000 |
" |
15,000 |
14 |
" |
|
Over |
15,000 (including Head Office) |
|
|
6 |
" |
4. Transactions,
Detailed statement of transactions
submitted herewith. Deposit and withdrawal transactions are down by 19,321 compared with last year. Mortgage repayment transactions
are down by 7,296. Collections of Corporation Accounts show an increase of 13,510, and there are increases of 5,974 in Home Assistance
payments and 10,087 in T.S.A. payments. There is a fall in payments for Civil Defence and Fire Service to the extent of 18,543, and
a drop of 21,162 in collection of Evacuation Fees.
5. War Finance.
The Bank's contribution to the War Financial Effort from
the 28th November 1939 to the 31st March 1945 amounts to £37,450,694. 15. 0d, made up as follows:
|
Excess deposits: |
£sd | ||
|
|
3%
War Loan |
1955-59 |
206,700. 0. 0. |
|
|
2½% War Bonds |
1945-47 |
1,793,300. 0. 0. |
|
|
2½% War Bonds |
1946-48 |
1,000,000. 0. 0. |
|
|
2½% War Bonds |
1951-53 |
1,000,000. 0. 0. |
|
|
2½% War Bonds |
1952-54 |
4,500,000. 0. 0. |
|
|
3%
Savings Bonds |
1955-65 |
6,500,000. 0. 0. |
|
|
3% Savings Bonds |
1960-70 |
12,822,000. 0. 0. |
|
|
With National Debt
Commissioners |
3,750,000. 0. 0. | |
|
|
|
|
31,572,000. 0. 0. |
|
|
Sales of Certificates |
5,010,174. 15. 0. | |
|
|
Purchase of Defence Bonds, etc |
868,520. 0. 0. | |
|
|
|
£ |
37,450,694. 15. 0. |
The above figures
do not include sales of National Savings Stamps or Municipal Bank Coupons, because these eventually merge into Certificates or deposits,
unless encashment takes place.
6. General.
The Bank has had another successful year, but it has been a heavy strain upon
the staff. All the officers (both permanent and temporary) have responded willingly to the calls made upon them and done the work
well. "Salute the Soldier" Campaign involved much hard work and long hours for most of the staff, but they had the satisfaction of
sharing in the success achieved.
Now that the European War has come to an end, it would be wise that the Committee should consider
their programme for providing better accommodation at several Branches. The present facilities are inadequate in some cases, and in
particular the very limited space for the public and the cramped working conditions for the staff at Harborne and Sparkhill Branches
are, and have been, a serious concern. I hope to present a full report on this matter at an early meeting.
Other matters which
should also receive early consideration by the Committee include the policy regarding examinations and the effect on promotions; the
desirability of having a Welfare Sub-Committee to deal with staff matters; the conditions governing the use of the Assembly Hall,
and the position of the Welfare Fund. On these matters I shall be prepared to submit reports to a later meeting.
7. Excess and
Short Cash.
During the year ended 31st December 1944, excesses in cash amounted to £227. 8. 10d, and shortages to
£438. 5. 5d, the latter figure including £48. 2. 2d in reimbursement of wrongful withdrawals. In accordance
with practice, it is recommended that a cheque be drawn on the General Account to meet the shortages, viz. £438. 5. 5d,
and placed to the credit of the "Under and Over" Account.
8. Extra work in connection with Annual Balance.
I am able to
testify to the excellent way in which the Balance was carried through. Preparatory work began on the 27th March, the staff working
to late hours on that day and on the following day. On Thursday, 29th March, the Bank remained open for business until 4pm instead
of closing at 12 noon, and afterwards the Balance procedure was resumed. All Good Friday and the following Saturday until 4pm the
work continued. It was again resumed after normal closing hours on April 3rd, 4th, 5th and 6th. The total hours involved in this extra
work amounted to 12,461. we were greatly helped in the work by the public spirited action of several firms, who loaned to us Comptometer
Operators and machines.
It has always been the custom to make a grant to the staff for this extra work, and I give below the
number of accounts for the last five years and the amount of the grant:
|
|
Number of Accounts |
|
Amount of Grant (£) |
|
1940 |
472,157 |
|
800 |
|
1941 |
489,165 |
|
850 |
|
1942 |
512,114 |
|
850 |
|
1943 |
537,030 |
|
850 |
|
1944 |
557,792 |
|
850 |
|
1945 |
572,945 |
|
|
In
addition to the above accounts, balances have had to be extracted in respect of 6,069 mortgage accounts.
The Committee will,
doubtless, have regard to the circumstances existing in connection with this year's Balance, falling as it did at Easter. Normally,
the staff would have ceased duty at 1pm on Thursday, March 29th, and would have had Good Friday and Saturday as holiday. Actually
they worked all through the day from 9am to 8:30pm on Thursday, 8am to 8:30pm on Friday, and 8am to 4pm on Saturday. They cannot be
paid on salary basis for working during recognised holiday periods, but will be given equivalent days off later during the year.
J.
P. HILTON.
May 1945
[NOTE: the Bank Committee granted £900 to be distributed amongst the staff in relation to the March
31st Balance.]