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Annual Reports - 1946 (cont.)
 
The General Manager's Report presented to the Bank Committee May 20th 1946.
 
The statistics referred to in the report are reproduced at Branch Statistics.
 
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1. Annual Accounts.

 

I have pleasure in submitting Income and Expenditure Account and Balance Sheet, together with statements showing Depositors' balances, open accounts and transactions, for year ended 31st March 1946.

 

The Income and Expenditure Account shows the normal working expenses to be 124,926 compared with 114,536 for the previous year. Income Tax figure has been increased by 16,620, but 15,000 of this has been set aside as an Income Tax Reserve to equalise the annual charge when necessary. Provision has also been made in the sum of 15,000 to meet the cost of Repairs and Maintenance of Head Office and Branches, which have been deferred during the War years. Excess of income over expenditure is to 14,031 compared with 6,001 for 1945.

 

The Balance Sheet shows the amount standing to credit of depositors to be 74,281,359, an increase of 6,538,387 on the year. The amount on deposit with the Corporation has increased by 1,038,432. Direct investments, in accordance with arrangements with H.M. Treasury, total 37,754,000 compared with 31,572,000 in 1945. The amount outstanding on loans for House Purchase is reduced by 107,728. In view of Government restrictions on the building of houses by private enterprise, fewer depositors been able to take advantage of the Bank's House Purchase facilities, but as more houses gradually become available, business in this department will recover. Reserve for Repayment of Income Tax and Sundry Debtors is 618,950, as against 496,712 last year. The increase of 122,238 is due to the larger amount of tax reclaimable from Inland Revenue and to the increased reserve of accrued interest on direct investments. The total of the Reserve fund is now 520,126, which includes the 14,031 excess of income over expenditure for the year and 5,604 profit made on sale of investments.

 

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, Erdington, Bearwood, Solihull, 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

7

"

   "

500,000

"

750,000

18

"

    "

750,000

"

1,000,000

9

"

Over

1,000,000

(including

   Head Office)

 

 

    27

"

 

3.Open Accounts.

 

Detailed statement of open accounts is submitted showing the grand total of 585,863 in the Savings Bank Department. This is an increase of 12,918 on the previous year. The largest increases are recorded at Head Office, Sutton Coldfield, Kingstanding, Wells Green, Acocks Green and Alum Rock. A classification of the accounts gives the following: 

 

Under

1,000

 

 

2

Branches

Between

1,000

and

5,000

13

"

   "

5,000

"

10,000

32

"

    "

10,000

"

15,000

15

"

Over

15,000

(including

   Head Office)

 

 

6

"

 

4. Transactions,

 

Detailed statement of transactions, which is also submitted, shows the number of people who use the Bank's facilities. Deposit and withdrawal transactions have increased by 150,797, while Mortgage transactions have declined by 7,670. Collections of Corporation Accounts show a decrease of 4,018, but there are increases of 4,141 in Home Assistance Payments and 3,779 in Tuberculosis Scheme Payments. Evacuation Fees collected are down by 26,747, and will eventually cease when outstanding fees are collected.

 

5. National Savings Campaign.

 

The magnitude of the Bank's contribution to the War Finances from the 21st November 1939 to the 31st March 1946 will be perceived from the following figures:

 

Excess deposits:

 

2% War Bonds

1946-48

1,000,000

 

2% War Bonds

1951-53

1,000,000

 

2% War Bonds

1952-54

4,500,000

 

2% War Bonds

1954-56

1,000,000

 

3% War Loan

1955-59

206,700

 

3% Savings Bonds

1955-65

6,500,000

 

3% Savings Bonds

1960-70

12,822,000

 

3% Savings Bonds

1965-75

9,725,300

 

With National Debt Commissioners

1,000,000

 

 

 

37,754,000

 

Sales of Savings Certificates

5,629,279

 

Sales of Defence Bonds, etc

1,035,150

 

 

44,418,429

 

The above figures do not include sales of National Savings Stamps or Municipal Bank Coupons, because these eventually merge into Certificates or deposits, unless encashed beforehand.

 

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 pleased to record my appreciation of the excellent services rendered by the staff in carrying through the work of the Annual Balance.

 

As in previous years, every endeavour was made to bring the work forward as far as possible so that the actual Balance should be facilitated. Preparatory work was begun on Thursday, March 28th, when the staff worked from 9am until between 7 and 8pm. The same procedure was followed on Friday, March 29th when the staff worked until 10pm, and again on Saturday (which as actually a half-day holiday) work was continued until 10pm. The following morning (Sunday) work was resumed at 8am and continued during the day until 10pm, by which time all Branches and Head Office had balanced.

 

On the next day (Monday), April 1st, the staff were instructed to leave not later than 5:30pm, in order to gain a brief respite, but during the remainder of the week from Tuesday to Friday, the staff worked from 9am until between 8:30 and 9pm each day, in order to complete the work of adding interest for the current year on the 585,863 ledger accounts. Considerable overtime has been worked since that date, owing to pressure of business, and the additional work inevitably associated with the end of the Financial Year.

 

I should also like to express my appreciation of the assistance given by various firms, who loaned to the Bank Comptometers and Operators. 

 

The Committee have for some years now authorised a grant to be divided amongst the staff for this extra work, and below I give the number of open Savings Bank accounts for the last five financial years and the amount of the grant:

 

 

Number of

Accounts

 

Amount of

Grant ()

1941

489,165

 

850

1942

512,114

 

850

1943

537,030

 

850

1944

557,792

 

850

1945

572,945

 

900

1946

585,863

 

 

 

In addition to the above accounts, balances have had to be extracted in respect of 5,434 House Purchase accounts.

 

Owing to the 31st March falling on Sunday this year, the Depositors suffered no inconvenience, the result, however, was that the staff had to work throughout the whole of Sunday.

 

 

May 1946

 

[NOTE: the Bank Committee granted 1,000 to be distributed amongst the staff in relation to the March 31st Balance.]