B—ls

The main fluctuations in expenses are : ,£ Salaries and allowances .. .. .. Up 61,459 General expenses .. .. .. .. Up 25,131 Kates and taxes .. .. .. .. Up 180,307 £266,897 The increase in expenses is due to the higher taxable profit, the all-round increased costs prevailing under present-day conditions, and the extra expense involved in handling a larger volume of business. The following graph clearly shows the movement in expenses during the past eight years : —•

There have been no alterations in bank interest-rates or service charges to the public. Balance-sheet Deposits : Fixed and Free (£77,698,778). —These show a decrease for the year of £2,982,503. There is a small increase in free deposits from the public—the reduction in the total being on account of reductions in Government balances of approximately £2,300,000 and in fixed deposits of approximately £700,000.

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