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the replacement once in any Bank year of money previously withdrawn in one entire sum during that year.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 3½% 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: |
£ | |||
|
|
2½% National War Bonds |
1951-53 |
1,000,000 | |
|
|
2½% National War Bonds |
1952-54 |
4,500,000 | |
|
|
2½% National
War Bonds |
1954-56 |
1,000,000 | |
|
|
2½% 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