THE POSITION ELSEWHERE.

Manawatu Standard, Volume XLIX, Issue 251, 21 September 1929, Page 8

THE POSITION ELSEWHERE.

Australia lias been passing through a time of severe depression, the coal dispute, the maritime and timber workers’ strikes, etc., having depreciated the purchasing power of sections of the industrial community on the coalfields and in working-class suburbs. But in New South Wales, according to facts and figures compiled and tabulated by the Daily Guardian, that State, during the year ended 80th June, touched a high level of trade and prosperity, in Sydney alone the amount expended upon new buildings in 1928-29 reached the high water mark of .£17,556,257, being an increase of £2,262,477 on the amount* expended in 1928, whereas, in the pre-war year ending 80th June, 1914, the value' of the new buildings erected in the metropolitan area was only £6,929,994. While that expenditure does not probably represent any very large investment by small capitalists of the class referred to in Britain, ]t is of interest to note that the deposits in the New South Wales Government Savings Bank actually increased during the year ended 30th June, 1929, by £3,269,207, with an increase in the number of depositors of 15,130, the total deposits in the bank in 1929 amounting to £73,900,678 and the depositors numbering 1,012,122. In addition to tfiis, the total deposits in the Commonwealth Savings Bank for the year ending 30th June, 1928, amounted to £47,499,289, an increase during the year of £2,543,310. The figures for the State savings banks operating, in "Victoria, South Australia, West Australia, Tasmania and the. private savings banks; the building societies, life assurance funds, provident, friendly, co-operative societies, etc., are not at present available, but they must represent a - very considerable addition to. the wealth' accumulated by small holders. In New Zealand, .taking the figures for the Post Office Savings Bank alone, the total amount to the credit of depositors at the end of March 31st, last, stood at £48,644,217, an increase of close upon £900,000 on the previous year’s record, the number of depositors having risen from 804,725 in 1928 to 828,296 in 1929. At the same time there has b.een an excess of withdrawals over deposits during the last five years amounting, during 1928-29, to £859,559. The trustee savings banks, on the other hand, have shown a steady increase in both the excess of deposits over withdrawals and the total amount to the credit of depositors at the end of each yearly period since 1925, whica suggests that in the centres in which they are operating they are very popular with the small investors, the total amount to the credit of depositors having risen from £5,740,132 in 1925 to £8,478,119, distributed through the five savings banks not connected with the Post Office. One reason, and the most important one, for the excess of withdrawals over deposits in the Post Office Savings Bank is found in the increased sale of Government securities over the counter, bearing a higher rate of interest than is paid by the Post Office Savings Bank. We have only dealt with a portion of the investments made by the smaller class of capitalists in New Zealand, but there is ample evidence to show that, when the figures are available, it will be found that the wealth of New Zealand is proportionately as great as elsewhere and probably more evenly apportioned than in any other country, State, or colony, included in the British Commonwealth of Nations.