1. Savings Bank Department.

Deposits for the three months ended 30th September 1943 totalled £4,137,514, being an increase of £72,429 on the corresponding amount for 1942. Withdrawals amounted to £2,872,992, being an increase of £506,886 when compared with the previous year. The net deposits for the three months amounted to £1,264,522, being a decrease of £434,457 on the corresponding amount for 1942.

At the 30th September the balances standing to credit of depositors totalled £54,149,873, exclusive of accrued interest. Open accounts total 547,317.

2. House Purchase Department.

During the three months ended 30th September 1943, mortgages were arranged in 67 cases, the advances amounting to £20,755. Mortgages paid off totalled 134. At the 30th September there were 7,059 mortgages outstanding, representing an indebtedness of £2,092,843. Repayments have been well maintained; during the period referred to £99,787 were received.

3.Investments.

During the three months ended 30th September 1943, investments through National Debt Commissioners, representing excess deposits, amounted to £1,390,000, the investments being made in 3% Savings Bonds, 1960-70. On the authority of the Chairman, the sum of £1,000,000 was taken from the balances standing to the credit of the Bank at the Joint Stock Banks during “Wings for Victory” Week and the amount invested, on the advice of the Treasury, in 2½% National War Bonds 1951-53. The total financial contribution by the Bank to the War Effort from 21st November 1939 to 30th September 1943 amounted to the total figure to £24,762,728, made up as follows:

Excess Deposits	£19,390,000
Sales of Certificates	3,709,228
Purchases of Bonds	663,500
Transfer from Bank Balances	1,000,000
	£24,762,728

4. Mr R B Clamp.

After full consideration of representations made by Alderman Sir Ernest Canning to the Chairman and myself, that Mr Clamp should be released for full time service with the local War Savings Committee as Secretary, and for personal help to Sir Ernest, it was decided to agree to the request. Accordingly, Mr Clamp was released from the 1st September 1943, on the following conditions: (1) that his full salary payable by the Bank would be met by the Savings Committee, and that he would receive in addition a sum to cover travelling and out-of-pocket expenses; (2) that his release will be for the duration of the war; (3) that his resume his duties with the Bank when the war is over, and that his Superannuation rights will be preserved; and (4) that he will be at liberty to give advice and help on Bank matters which have hitherto been his concern, should such advice and help be required.

5. Springfield Flat.

The present tenant (Mr Goodger) has vacated the flat and a new tenancy has been arranged with Mr M W Bennett, a Police Constable, on the same terms, viz: Rent £35 per annum, plus Rates and Water Charges, payable monthly in advance; tenancy to be for twelve months certain, and thereafter quarterly.

6. A W B Payne.

Application made to open four accounts in the name of (1) Tanfield, Payne and Gemman; (2) Tanfield and Payne; (3) Tanfield and Gemman; and (4) Payne and Gemman. Mr Payne’s address is Chenies, Near Rickmansworth, Herts, and he has been brought to London owing to the war. He formerly had an account in the Bank, but same is now closed. Mrs Gemman has an account in the Bank. Mr Tansfield is a Birmingham Solicitor. All are associated with the family of Howard W Wright, said to be connected for many years with the religious, social and business life of the City. I suggested to Mr Payne that he should consult Mr Tanfield, and pointed out that if the accounts related to a Trust or Executorship, it would be permissible to open accounts; but if it was intended to have the usual joint accounts, it was doubtful whether this could be agreed to. He disputes the right to enquire as to the nature of the deposits offered, and claims the responsibility of selecting a suitable designation for an account.

The peculiar nature of the application caused me to speak to Mr Tanfield, who appears surprised that it had been made, and that Mr Payne had not first consulted him.

7. Maypole Branch.

Premises consisting of a shop at 1009 Alcester Road South have been secured on rental for three years from the 29th September 1943. Rent £56 per annum, payable quarterly; Bank responsible for Rates, Water Charges, and interior repairs; gas heaters and electric points to be taken over on payment of £2 per year for the duration of the tenancy. It is hoped to have the premises ready for use as a Bank within a few days.

8. Make-up Hours of Staff.

The amount received by the Bank staff for inspection of small munition parts (work undertaken as make-up hours) compares unfavourably with the rates fixed for make-up hours of other Corporation staffs. Under the Corporation scheme, the pay for three make-up hours is 4/6d. on a basic salary of £3 per week rising to 15/-d. on a salary of £10 per week. The Bank staff receive 4/3d. women and 5/3d. men, such rates being fixed by the Munitions Firm and the appropriate Trade Union.

The Chairman, together with Alderman Barrow and Councillors Cooper and Griffith, came to the conclusion that the case existed for some contribution by the Bank over and above the amounts received direct from the Munitions Firm, and the position might be met by an allowance payable to those

9. Inspection.

Owing to illnesses of two Inspectors, and the doubt as to whether either will be able to fully discharge the duties for some time, the Chairman was consulted as to the steps which should be taken to ensure a reasonable check upon the work of the Bank. The Chairman conferred with Alderman Barrow and Councillors Cooper and Griffith, and as a result it was decided to temporarily appoint Messrs J W Raftery and F H Whitehouse as Inspectors. The General Manager will report to the January meeting of the Committee on the manner in which these officers have discharged the duties, and upon the condition of the two Inspectors they are temporarily replacing. Mr Whitehouse’s place as a Branch Manager will be temporarily filled by a Cashier, and Mr Raftery’s post as Secretary and Officer-in-Charge of the Clearing Department will be taken over by Mr Carver, who will also take over some administrative duties. For the time being Mr Parsonage (Joint Controller of Branches) will assume full control.

10.Examinations.

The usual reports relative to this year’s examinations, resignations, appointments, etc will be laid on the table. Miss Pugh and Miss Hart have completed Part One of the syllabus of the Institute of Bankers, and Miss Pugh has passed the Final examination of the Royal Society of Arts in Book-keeping. Both are entitled to the usual grant of £10.

October 14th 1943.

J P HILTON.

October 14th 1943.