1. Annual Accounts.
I have pleasure in submitting Income and Expenditure Account and Balance Sheet for year ended 31st March
1949.
The Income and Expenditure Account shows working expenses to be £162,583. 1. 10d as compared with £163,667. 18. 6d for
the previous year, a reduction of £1,084. 16. 8d.
There were increases in the cost of Printing, Stationery and Advertising, £320;
Heating, Lighting and Cleaning, £500, reflecting increased Gas charges; Law and Professional Charges, £714; which includes Architects'
fees; Deferred Repairs and Decorations, £3,096; Superannuation Charges, £370.
On the other hand, there were reductions
in Rents, Rates and Insurance, £1,502, benefitting from the reduced general rate; Postages, Telephone and Miscellaneous Charges, £632.
In the Salaries figure for last year there was included certain amounts of uplift antedated to the year before, so that although individual
salaries have been increased in accordance with the National Charter this year the comparative figures is less by £3 951.
Expenditure
in connection with Alterations to Premises etc, it will be seen, is also less. So far as Income Tax is concerned, the reduced charge
reflects the fact that the Bank's claim for repayment of Tax this year will be met in full, whereas in the previous year the total
Tax actually deducted at source was less than the amount reclaimable.
The Balance Sheet shows the amount standing to the credit
of depositors to be £83,368,124. 2. 2d, an increase of £2,414,122 compared with £2,936,099 during the previous year. The smaller increase
is attributable partly to the operation of the aggregate limit of £2,000, and partly to general economic tendencies.
The amount
on deposit with the Corporation has increased by £1,698,769, which includes accrued interest. Direct investments, in accordance with
arrangements with HM Treasury, total £41,004,000, the same as last year.
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. During
the year £478,414 was advanced and £366,829 repaid. The amount outstanding is now £1,552,084, representing a net increase of £111,584.
The
reserve for repayment of Income Tax and Sundry Debtors is £229,583 against £253,333. The decrease is due to a larger amount of Tax
reclaimable from the Inland Revenue being recovered prior to the 31st March.
The reserve for Deferred Repairs has been increased
to £15,000. The reserve for Income Tax, £15,000, together with a sum of £2,157. 6. 10d from current income, has been transferred to
the Reserve Fund, making a total of £550,000, while the remaining balance of the Income and Expenditure Account, viz, £9,994. 5. 6d,
is carried forward.
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, Erdington, Oldbury, Hall Green and Bearwood. Decreases
are recorded at Saltley, Ladywood and Newtown Row. Heybarnes was transferred to Yardley during the year.
|
Under |
£150,000 |
|
|
4 |
Branches |
|
Between |
£150,000 |
and |
£250,000 |
1 |
" |
|
" |
£250,000 |
" |
£500,000 |
4 |
" |
|
" |
£500,000 |
" |
£750,000 |
14 |
" |
|
" |
£750,000 |
" |
£1,000,000 |
13 |
" |
|
Over |
£1,000,000 |
(including Head Office) |
31 |
" | |
3. Open Accounts.
Detailed statement of open accounts is submitted
showing the grand total of 626,722 in the Savings Department. This is an increase of 15,642 for the year. The largest increases are
recorded at Head Office, Kingstanding, Acocks Green, Maypole, Sparkhill, Wells Green and Kitts Green.
The classification of open
accounts is as follows:
|
Under |
1,000 |
|
|
2 |
Branches |
|
Between |
1,000 |
and |
5,000 |
8 |
" |
|
" |
5,000 |
" |
10,000 |
31 |
" |
|
" |
10,000 |
" |
15,000 |
20 |
" |
|
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 facilities. Deposit and withdrawal
transactions have increased by 116,903, while mortgage transactions have declined by 109. Collections of Corporation Accounts including
Midlands Electricity Board Accounts, show an increase of 43,152. In July last the disbursement of Home Assistance Payments and Tuberculosis
Scheme Allowances through the Bank was discontinued and became the responsibility of the National Assistance Board. At the same time
the collection of Midwifery Service Fees was discontinued by operation of the National Health Service Act, 1946.
5. National
Savings.
The magnitude of the Bank's contribution to National Finance since 21st November 1939 to 31st March 1949 will be seen
from the following figures:
|
|
|
|
£. |
|
2½% |
National War Bonds |
1951-53 |
1,000,000 |
|
2½% |
" " " |
1952-54 |
4,500,000 |
|
2½% |
" " " |
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% |
" " |
1960-67 |
12,822,000 |
|
3% |
" " |
1965-75 |
9,725,300 |
|
3% |
British
Electricity Authority Guaranteed Stock 1974-77 |
1,149,225 | |
|
|
With National Debt Commissioners |
1,600,775 | |
|
|
|
|
41,004,000 |
|
|
Sales
of Savings Certificates |
7,680,654 | |
|
|
" " Defence Bonds, etc |
1,478,990 | |
|
|
|
|
£
50,163,644 |
6. Volume of Savings Bank Business.
Since the commencement of the Bank on 1st September 1919 to the 31st March
1949, the turnover on Savings Bank accounts has been as follows:
|
|
£. s. d. |
|
Deposits |
290,058,682. 11. 4. |
|
Interest credited |
23,016,696. 15. 8. |
|
|
313,075,379. 7. 0. |
|
Withdrawals |
229,707,255. 4. 10. |
|
Balances due
to Depositors |
£ 83,368,124. 2. 2. |
H. CARVER
May 1949