1. Savings Bank Department.

Deposits for the three months ended 31st December 1943 totalled £4,406,969, being an increase of £162,066 on the corresponding amount for 1942. Withdrawals amounted to £2,969,150, being an increase of £309,499 when compared with the previous year. The net deposits for the three months amounted to £1,437,819, being a decrease of £147,432 on the corresponding amount for 1942.

At the 31st December, the balances standing to credit of depositors totalled £55,587,692, exclusive of accrued interest. Open accounts total 551,395.

2. House Purchase Department.

During the three months ended 31st December 1943, mortgages were arranged in 80 cases, the advances amounting to £23,455. Mortgages paid off totalled 207. At the 31st December there were 6,906 mortgages outstanding, representing an indebtedness of £2,044,035. Repayments have been well maintained; during the period referred to £98,690 were received.

3. Investments.

During the three months ended 31st December 1943, investments through National Debt Commissioners, representing excess deposits, amounted to £1,250,000, 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 31st December 1943 amounted to £26,282,357, made up as follows:

Excess Deposits	£20,640,000
Sales of Certificates	3,958,747
Purchases of Bonds	683,610
Transfer from Bank Balances	1,000,000
	£26,282,357

4. Maypole Branch.

This Branch was opened on the 1st November 1943. Up to the 31st December the business transacted was as follows:

Deposits	£5,713
Withdrawals	£1,000
New Accounts opened	280
No of transactions	1,179

5.Branch for Rowley Regis.

While District is one in which a Branch may be established, with the consent of the Local Authority. Recently, Mr G T Dudley of 42, Park Avenue, Bell End, Rowley Regis, asked if he could become a depositor in the Bank and I took advantage of the opportunity to ask whether a Branch in Rowley Regis would be the appreciated by residents in the Borough. In his opinion residents would support a Branch, and he thinks Blackheath Ward a likely area. As the matter would be of general interest, he suggests a discussion with the Mayor (Councillor E L Fletcher, JP). The views of the Committee are desired on this matter.

6. Stechford Premises.

The lock-up shop adjoining the Bank at Stechford has been let to Mrs B M Butler, of 41, Monk Road, Ward End for 12 months certain from 25th December, 1943, and thereafter.

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.

 

J P HILTON.

January 13th 1944.