1. Savings Bank Department.

Deposits for the three months ended 30th June 1943 totalled £5,233,496, being an increase of £734,810 on the corresponding amount for 1942. Withdrawals amounted to £3,145,151, being an increase of £302,766 when compared with the previous year. The net deposits for the three months amounted to £2,078,345, being a gain of £422,045 on the corresponding amount for 1942.

At the 30th June the balances standing to credit of depositors totalled £52,885,351, exclusive of accrued interest. Open accounts total 542,099.

2. House Purchase Department.

During the three months ended 30th June 1943, mortgages were arranged in 51 cases, the advances amounting to £21,415. Mortgages paid off totalled 229. At the 30th June there were 7,210 mortgages outstanding, representing an indebtedness of £2,147,196. Repayments have been well maintained; during the period referred to £104,914 were received.

3. Investments.

During the three months ended 30th June 1943, investments through National Debt Commissioners, representing excess deposits, amounted to £2,000,000, the investments being made in 3% Savings Bonds, 1960-70. The total financial contribution by the Bank to the War Effort from 21st November 1939 to 30th June 1943 amounted to the total figure to £21,964,991, made up as follows:

Excess Deposits	£18,000,000
Sales of Certificates	3,361,881
Purchase of Bonds	603,110
	£21,964,991

4. “Wings for Victory” Week.

The Bank’s contribution to this effort amounted to £3,000,000, including £2,000,000 excess deposits above referred to. The additional £1,000,000 was taken from balances outstanding at Joint Stock Banks. After consulting Chairman, and upon advice of Treasury, this contribution of £1,000,000 was invested in 2½% National War Bonds, 1951-53, it being considered prudent to have this investment in a security with a shorter maturity date than Savings Bonds.

A very heavy task fell to the staff during “Wings for Victory” Week and following week; long hours had to be worked to cope with volume of business. Counting money taken at Exhibition, Bomber site, and collecting boxes numbering over 4,000, was done by staff of Bank. Special appreciation of services rendered should be mentioned in respect of Mr Clamp, upon whom has developed the major portion of organisation arrangements; and in respect of Mr Maggs and Mr Drover, who undertook the laborious task of de-soldering collecting boxes, and the heavy task of transferring money from various collecting points to Head Office for counting, and subsequent transfer to Joint Stock Banks.

It should be mentioned that part of this collection in connection with the Lord Mayor’s effort for RAF Bomber Fund as distinct from “Wings for Victory” effort.

Every help has been rendered to Local War Savings Committee in providing facilities for meetings, hospitalisations, etc.

5. Tenancies.

Approval is sought to tenancies of premises as follows:

Shop, 159 Dudley Road. Mr L G Chapman, of 52 Kathleen Road, Birmingham, has purchased business of present tenant (Mrs Florence Mitchell), who desires Lease to be assigned to him. Tenancy expires in September 1943. Mr Wilde recommends new Tenancy Agreement at that stage for three years, on same terms as present, viz, £65 per annum, plus Rates and Water Charges. Mr Chapman agrees.

Premises at Horse Fair. Lease with Royal London Mutual Insurance Society Ltd in respect of offices over Branch Bank, ends in March 1944. Application made to continue tenancy on yearly basis on same terms and conditions as present. Present Lease was granted in March 1930 provided a rental of £65 for first seven years and £75 for second seven years.

Flat at Little Bromwich. Let to Mr G A Astley, Dentist, seven years, which expired on the 24thJune 1943. He makes application to continue tenancy on yearly basis on same terms, viz, £60 per annum, plus Rates and Water Charges.

6.Longbridge Branch.

Owner of adjoining Cafe has obtained permission for his premises, and work is proceeding. Mr Green (Architect and Surveyor) has submitted application for permission to introduce two windows in the wall which will run parallel to Bank premises on south side. There are windows to both Bank and flat on this side. Mr Surman (who was the Architect for Longbridge Branch) and Mr Wilde (who bought the land) have been asked to review this matter and report, and Town Clerk has been asked to state the legal position. It is hoped to submit their opinion at speak to Meeting on Monday.

[7432 RESOLVED: that the reports of Mr Surman and Mr Wilde be referred to the Town Clerk with directions to endeavour to enter into a suitable agreement on the question of right of light at the Longbridge Branch with Mr Jones, the owner of the adjoining cafe with authority to affix the Corporate Seal thereto.]

7. Notice Boards

Rev G Jager, Vicar of Billesley, applies for the loan of Bank notice board at present erected a junction of Hurst and Brook Lane. This board, with others in different parts of City, was erected to advertise Bank’s house purchase scheme. Prior to war they proved useful, and will prove useful again when war is over, but not necessarily at places where they are at present erected. If application is granted questions may be raised in other directions as to use of our boards, and Committee may consider it desirable to retain them for Bank purposes. We could advantageously use them at present for other Bank purposes; it is almost impossible to obtain notice boards.

8. Provision of Facilities for “The Maypole”.

Committee will be aware that land was purchased near “The Maypole” in 1940, on which it was intended to erect a permanent Branch Bank. Circumstances of war prevented building being erected, and it will be some time before permission is likely to be given.

Requests have been made from time to time for banking facilities to be provided, and recently a further request has been made. In view of the apparent desire for banking facilities, and having regard to distance to nearest Branch at Brandwood, it is suggested position might be met by placing a temporary building on land (if one can be procured) or rental of a house or premises until we can provide permanent premises.

9. Machine Posting.

Several ledger posting machines installed in 1930 are developing faults, and causing extra work in correcting errors made. They have passed their “life”, and have only been kept up to a moderate state of efficiency by constant attention on part of local engineers of Burroughs Adding Machine Co.

Erdington machine is now beyond local repair, and will have to go to Works for rebuilding. Burroughs people also tell me they cannot guarantee good performance at Handsworth, Aston Cross or Small Heath Branches. I have taken steps to at once convert Sparkbrook Branch from machine to hand posting. This will enable their machine to be used while Erdington machine is undergoing repairs. I propose to treat Balsall Heath in a similar manner, and ease position for other larger Branches. Two Branches selected are lightest in transactions, and can best stand change-over. If Government will permit purchase of ledger posting machines, I would advise some being obtained. I am satisfied repairs to some machines will only be satisfactory for a limited period.

10. Birmingham Unity Equitable Money Society.

Application made for permission to deposit a further £5,000. I do not recommend this application being acceded to.

11. Payments to Tuberculosis Patients.

Chairman of Public Health Committee approached Alderman Morland and myself with a view to arrangements being made for Bank to make these payments in a similar way to Home Assistant payments. We agreed to do so, and a letter has been received, conveying appreciation of Public Health Committee.

12.House Purchase Advances.

Having regard to substantial discharges of mortgages and smaller number of new advances being made, Committee are invited to consider some relaxation in present practice which is to advance not more than 80% of valuation. Improvements in National position, compared with 1940, appears to have created confidence in purchase of houses. It has been apparent for some time that more purchases are being effected. Restriction to 80% of valuation prevents, in some cases, business being obtained, because more favourable terms can be secured elsewhere. While it would be unwise to depart from the policy of accepting valuation made by Mr Wilde on behalf of the Bank as the basis, there are cases where discretion may be exercised, and a larger advance than 80% might be made in reasonable safety.

J P HILTON.

July 16th 1943.