1. Annual Accounts.
I have pleasure in submitting Income and Expenditure Account and Balance Sheet for year ended 31st March
1948.
The Income and Expenditure Account shows the normal working expenses to be £163,667. 18. 6d as compared with
£139,264. 2. 11d for the previous year. Salaries and Wages have increased by £16,324, mainly as a result of the adoption
of the National Charter; and Rents, Rates and Taxes by £1,476 on account of last year's increase in the General Rate. In Printing
and Stationery there is included the cost, more than £700, of special supplies for the new Schools Savings Scheme. Repairs and Decorations,
£4,215, represents deferred maintenance and repairs at Head Office and Branches.
Against the expenditure in connection with alterations
to premises, there has been claimed from the War Damage Commission the sum of £3,474, of which £1,000 has been received, while, conversely,
the previous year's charges benefitted from the fact that the interest paid to depositors included three months at 3%.
The Balance
Sheet shows the amount standing to the credit of depositors to be £80,954,001. 5. 5d,, an increase of £2,936,099 compared
with £3,736,542 during the previous year. The smaller increase is attributable, on the one hand, to the operation of the aggregate
limit of £2,000 on deposits, and, on the other hand, to the use by depositors of war-time savings for post-war needs. The amount on
deposit with the Corporation has increased by £1,564,564, which includes accrued interest. Direct investments, in accordance with
arrangements with H.M. Treasury, total £41,004,000 compared with £40,004,000 in 1947. Despite the restriction on the building of houses
for sale, and the completion of the repayments on old mortgages, and, in some cases, accelerated repayments owing to excess purchasing
power available, there has been considerable new business in the House Purchase Department. During the year £498,371 was advanced
and £338,661 repaid. The amount outstanding is now £1,440,500. 3. 5d, representing a net increase of £159,710.
The
Reserve for Repayment of Income Tax and Sundry Debtors is £253,333 against £305,841. The decrease of £52,508 is 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 £532,842, which
includes the £7,511. 17, 4d excess of Income over Expenditure for the year..
2. Depositors' Balances.
Detailed
statement of balances due to depositors is submitted with this report. The most noteworthy increases occurred at Head Office, Sutton
Coldfield, Solihull, Oldbury, Bearwood, Kings Heath, Smethwick, and Halesowen. Only two Branches, viz Bournville Works and Heybarnes,
failed to show progress.
The classification of the balances is as follows:
|
Under |
£150,000 |
|
|
3 |
Branches |
|
Between |
£150,000 |
and |
£250,000 |
3 |
" |
|
" |
£250,000 |
" |
£500,000 |
4 |
" |
|
" |
£500,000 |
" |
£750,000 |
16 |
" |
|
" |
£750,000 |
" |
£1,000,000 |
12 |
" |
|
Over |
£1,000,000 (including Head Office) |
|
|
30 |
" |
3. Open Accounts.
Detailed statement of open accounts is submitted showing
the grand total of 611,080 in the Savings Bank Department. This is an increase of 13,046 for the year. The largest increases are recorded
at Kingstanding, Oldbury, Head Office, Acocks Green, Wells Green, Smethwick and Maypole. A classification of open accounts is as follows:
|
Under |
1,000 |
|
|
2 |
Branches |
|
Between |
1,000 |
and |
5,000 |
11 |
" |
|
" |
5,000 |
" |
10,000 |
31 |
" |
|
" |
10,000 |
" |
15,000 |
18 |
" |
|
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 142,050, while Mortgage transactions have declined by 1,276. Collections of Corporation Accounts show
an increase of 39,258, There was an increase in Tuberculosis Scheme Payments of 2,631, and a decrease in Home Assistance Payments
of 2,512. Evacuation fees collected were fewer by 9,442, 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 1948
will be perceived from the following figures:
|
|
£ | |||
|
|
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) |
2,750,000 | ||
|
|
|
|
41,004,000 | |
|
|
Sales of Savings Certificates |
7,156,174 | ||
|
|
Sales of Defence Bonds, etc |
1,455,550 | ||
|
|
|
£ |
49,615,724 | |
6.Volume of Savings Bank Business.
Since the commencement of the Bank on 1st September 1919 to the 31st March 1948, the turnover
on Savings Bank accounts has been as follows:
|
|
£sd |
|
Deposits |
267,589,204. 10. 0. |
|
Interest credited |
20,837,717. 0. 3. |
|
|
288,426,921. 10. 3. |
|
Withdrawals |
207,472,920. 4. 10. |
|
Balances due to Depositors |
80,954,001. 5. 5. |
H. CARVER
May 1948