1. Savings Bank Department.

Deposits for the three months ended 31st March 1944 totalled £4,699,321. Withdrawals amounted to £2,375,740. The net deposits for the three months amounted to £2,323,581.

At the 31st March, the balances standing to credit of depositors totalled £57,911,273, exclusive of accrued interest. Open accounts total 557,792.

2. House Purchase Department.

During the three months ended 31st March 1944, mortgages were arranged in 64 cases, the advances amounting to £26,490. Mortgages paid off totalled 210. At the 31st March there were 6,757 mortgages outstanding, representing an indebtedness of £1,987,049. Repayments have been well maintained; during the period referred to £103,882 were received.

3. Investments.

During the three months ended 31st March 1944, investments through the National Debt Commissioners, representing excess deposits, amounted to £2,500,000, of which £1,000,000, has been invested in 3% Savings Bonds, 1960-70; £1,000,000 in 2½% National War Bonds, 1952-54; and £500,000 remains in the hands of the National Debt Commissioners. The total financial contribution by the Bank to the War Effort from 21st November 1939 to 31st March 1944 amounted to £29,026,721, made up as follows:

Excess Deposits	£23,140,000
Sales of Certificates	4,178,581
Purchases of Bonds	708,140
Transfer from Bank Balances	1,000,000
	£29,026,721

4.Promotions and Increases.

Mr Tooby (Branch Manager) has asked for his case to be reconsidered for an increase in salary. He is 52 years of age, and has passed eight out of ten subjects under the Institute of Bankers. He is at the maximum rate of £450 for Grade D. In considering his request, the Chairman has also re-examined all the cases where no increase was put forward at the annual revision in January last. He does not consider any variation called for except in the undermentioned cases:

W K Robottom	Branch Manager to Grade F Increase £25	Promotion from Grade E
W J R Tooby	Branch Manager to Grade E Increase £15	Promotion from Grade D
E C Neighbour	Accounts Clerk to Grade D Increase £15	Promotion from Grade C
J Dempster	General Clerk to Grade B Increase £15	Promotion to Grade C
J Manners	Branch Manager	Increase £10
C Selwyn	“ “	“
G T Edwards	“ “	“

5. Temporary Branch Managers.

Two Cashiers (Hannan and Crowley) have been in charge of Branches for a short period, and have done the work well. They have been paid an allowance of 10/-d. per week which is the usual rate for persons acting as Relief Officers. As these men are likely to remain temporary Branch Managers for the duration of the war, it is recommended they be paid an allowance of £1 per week from 1st April 1944, which is the rate received by other temporary Branch Managers.

6. Increases within Scales.

In March 1943 the Committee deferred putting Grades E and F on the same footing as other Grades as regards increases within a fixed number of years, which is the policy laid down by the Salaries, Wages and Labour Committee. The reason for this deferment was that a revised Grading Scheme was desirable but it is unlikely Salaries, Wages and Labour Committee will deal with revised Grading Schemes until after the war, it is recommended that the three Grades mentioned be included in the arrangement whereby officers reach their maximum rates within the period of years fixed by the Salaries, Wages and Labour Committee.

7. Annual Leave.

The Salaries, Wages and Labour Committee have issued directions governing annual leave for 1944. One of the decisions is to grant ½ day’s privilege leave immediately preceding the annual leave. We have repeatedly stated that such privilege leave cannot be applied to the Bank staff, as it is impossible to provide reliefs. Saturday – which is the day involved – has always been the Bank’s busiest day, and now that all our offices are open until 4pm in lieu of evening openings, the position is more acute than in peace times. It will therefore be understood that the privilege leave clause cannot apply to the Bank staff.

8. Mr Clamp.

The arrangement for Mr Clamp to be seconded to service with the Local War Savings Movement has been terminated at his request, and he returned to Bank duties on the 1st April 1944. Mr Clamp will, however, give service to the Movement he formerly did in a voluntary capacity.

9. Examination of Munition Parts.

The Man Power Board have been acquainted of the official termination of the arrangement for members of the staff to work extra hours in examination of small munition parts, but a number of them are still doing such work in a voluntary capacity. The Board have asked whether an invitation could be extended to outside people to take up such work on our premises. Some time ago a similar request was turned down, as it was felt undesirable to have strangers about the premises at nights, and it is suggested that that view be re-affirmed.

10. Limit of Deposits.

Applications continue to be made for an extension of deposits beyond the limit of £500 per year. The National Debt Office invariably consent to the applications, in some cases fixing a total limit of £2,000, while in other cases increasing the yearly limit as applied for. The General Manager asked for an explanation of the policy of the National Debt Office. The reply is that all cases are treated on their merits, but they have, in general, given more favourable treatment to applications regarding this Bank than in the case of applications from Trustee Savings Banks or the Post Office Savings Bank. They do so mainly on the ground that this Bank does not keep a Government Stock Register on which an alternative investment in Government Stock could be held. The National Debt Commissioners assume the Bank is desirous of securing as large amounts of deposits as possible; but if the Bank would prefer to receive smaller amounts than are now being authorised, they will be glad to know, and will take such views into account when dealing with future applications.

11. Tenancy of Flat at Stechford.

It has been agreed to let the flat over the shop 175 Station Road, Stechford, to Mrs Butler, who is the tenant of the shop. The tenancy will be for twelve months certain, from 24th June 1944, and thereafter determinable by quarterly notice. The Rent will be £40 per annum, plus Rates and Water Charges; Rent to be paid monthly in advance, and to accrue from date of possession.

J P HILTON.

April 17th 1944.