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Annual Reports - 1947 (cont.)
 
The General Manager's Report presented to the Bank Committee May 19th 1947.
 
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 1947.

 

The Income and Expenditure Account shows the normal working expenses to be 139,264 compared with 124,926 for the previous year.  While there was a reduction in the rate of interest receivable on a considerable part of the Bank's investments from the 1st April 1946, it was not before 1st July, after the expiration of three months' notice, that the reduction in the rate of interest to depositors became affective. The increase of 13,109 in salaries and wages is mainly the result of the adoption of the National Scales for Salaries. Of the Repairs and Decorations, the sum of 15,000 has been debited to the Reserve for Deferred Repairs. With regard to Income Tax, a claim for 15,263 was conceded by the Inland Revenue for tax on certain items relating to the years 1941-1945. The surplus for the year 1947 is 5,204 compared with 14,031 for 1946.

 

The Balance Sheet shows the amount standing to credit of depositors to be 78,017,901, an increase of 3,736,542 compared with 6,538,387 during the previous year. The reduced increase is in some measure attributable to the imposition by H.M. Treasury of an aggregate limit of 2,000 on deposits as and from the 1st April 1946, and also to the withdrawal of the proviso for the replacement once in any Bank year of money previously withdrawn in one entire sum during that year. The amount on deposit with the Corporation has increased by 1,737,659, which includes accrued interest. Direct investments, in accordance with arrangements with H.M. Treasury, total 40,004,000 compared with 37,754,000 in 1946. It will be remembered that during the year the First National Housing Trust Ltd discharged the balance outstanding on the Pheasey Estate mortgages, viz, 451,648. Although building restrictions have limited the activities of the House Purchase Department, every endeavour has been made to help applicants who had the opportunity of purchasing houses, and, moreover, since the effective rate was reduced to 3% the number of applications for advances has increased.

 

The Reserve for the Repayment of Income Tax and Sundry Debtors is 305,841 against 618,950 last year. The decrease of 313,109 is mainly due to a larger amount of tax reclaimable from the Inland Revenue recovered prior to the 31st March. The total of the Reserve Fund is now 525,330, which includes the 5,204 surplus for the year..

 

2. Depositors' Balances.

 

Detailed statement of balances due to depositors accompanies this report. Every Branch records an increase, the most noteworthy being Head Office, Bearwood, Erdington, Sutton Coldfield, Oldbury, Acocks Green, and Solihull. A classification of the balances shows as follows:

 

Under

150,000

 

 

4

Branches

Between

150,000

and

250,000

2

"

   "

250,000

"

500,000

5

"

    "

500,000

"

750,000

19

"

    "

750,000

"

1,000,000

9

"

Over

1,000,000

(including

  Head Office)

 

 

    29

"

 

3. Open Accounts.

 

Detailed statement of open accounts is submitted showing the grand total of 598,034 in the Savings Bank Department. This is an increase of 12,171 on the previous year. The largest increases are recorded at Head Office, Oldbury, Kingstanding, Wells Green, Acocks Green, Maypole and Smethwick. A classification of the accounts gives the following: 

 

Under

1,000

 

 

2

Branches

Between

1,000

and

5,000

12

"

    "

5,000

"

10,000

31

"

   "

10,000

"

15,000

17

"

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 116,086, while Mortgage transactions have declined by 4,991. Collections of Corporation Accounts show an increase of 47,047, and there are increases of 2,327 in Home Assistance Payments, and of 2,538 in Tuberculosis Scheme Payments. Evacuation fees collected are fewer by 3,353, and will eventually cease when outstanding fees are collected.

 

5. National Savings Campaign.

 

The magnitude of the Bank's contribution to National Finance from the 21st November 1939 to 31st March 1947 will be perceived from the following figures:

 

Excess deposits:

 

2% National War Bonds

1951-53

1,000,000

 

2% National War Bonds

1952-54

4,500,000

 

2% National War Bonds

1954-56

1,000,000

 

2% Savings Bonds

1964-67

2,500,000

 

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

    (awaiting investment)

1,750,000

 

 

 

40,004,000

 

Sales of Savings Certificates

6,370,815

 

Sales of Defence Bonds, etc

1,430,930

 

 

47,805,745

 

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.

 

 

 

May 1947

 

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