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Report on the Singapore Post Office Savings Bank for the year ...

Material Information

Title:
Report on the Singapore Post Office Savings Bank for the year ...
Alternate Title:
Report on the Post Office Savings Bank, Singapore for the year ...
Creator:
Singapore Post Office Savings Bank
Place of Publication:
Singapore
Publisher:
Govt. Printer
Publication Date:
Language:
English
Physical Description:
1 volume
Materials:
Paper
Measurements:
25 cm

Subjects

Subjects / Keywords:
Singapore Post Office Savings Bank ( lcna )
Post Office Savings Bank (Singapur) ( dnb )
Postal savings banks
Genre:
Periodicals
Government publication
National government publication
serial ( sobekcm )
Spatial Coverage:
Asia -- Singapore
Asia -- Singapura
亞洲 -- 新加坡
亚洲 -- 新加坡
ஆசியா -- சிங்கப்பூர்
Coordinates:
1.3 x 103.8

Notes

General Note:
At head of title [1950-1957] : "Colony of Singapore".

Record Information

Source Institution:
SOAS, Univerity of London
Rights Management:
This item is licensed with the Creative Commons Attribution, Non-Commercial License. This license lets others remix, tweak, and build upon this work non-commercially, as long as they credit the author and license their new creations under the identical terms.
Resource Identifier:
223822424 ( OCLC Number )

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Full Text
REPORT ON THE SINGAPORE
POST OFFICE SAVINGS BANK

1950

Printed at the Government Printing Office, Singapore,
by V. C. G. Gatrell, Government Printer

To be purchased from Government Publications Bureau,
General Post Office, Fullerton Building, Singapore

1951

Price: 50 cents




REPORT ON THE SINGAPORE POST OFFICE SAVINGS BANK
FOR THE YEAR 1950

The volume of Savings Bank business remained at approximately the same
level as in 1949. The number of transactions, however, increased by 2.8
per cent to 182,489.

2. During the year the value of transactions was $25,855,849 of which
$13,374,720 represented deposits and $12,481,129 withdrawals. The excess
of deposits over withdrawals was $893,591 as compared with $1,462,920
during 1949.

3. The number of accounts remaining open at the end of the year was:
80,862 as compared with 74,246 in 1949; an increase of 8.9 per cent.

4. The amount standing to the credit of the depositors on the 31st
December, 1950, was $28,957,428 as compared with $27,405,156 on 31st
December, 1949. The average amount at the credit of each depositor was
$358 as compared with $369 in 1949.

5. The surplus of the Bank at the end of the year was $890,856 as
compared with $808,885 in 1949.

6. A statistical table is included with this report showing the progress
of the former S.S. Savings Bank from 1936 to 1948 and the Singapore
Savings Bank for the years 1949 to 1950.

Kuala Lumpur, 9th August, 1951.

J. GREEN,
Postmaster-General,
Malaya.


2

REPORT BY THE DIRECTOR OF AUDIT ON THE ACCOUNTS
OF THE SINGAPORE POST OFFICE SAVINGS BANK FOR THE
YEAR ENDED 31st DECEMBER, 1950

The accounts of the Singapore Savings Bank which was established under
the Ordinance No. 38 of 1948 and which came into operation on the 1st
January, 1949, have been audited under my direction, and subject to the
comments made in this report, the Balance Sheet, in my opinion, presents
a true picture of the financial position of the Bank as at 31st December, 1950.

2. The balance of the Ledger account for Depositors has been recon-
ciled with the Summaries of the individual Ledger card balances. Deposits
for the year totalled $13,374,710.13 while withdrawals amounted to
$12,481,123.92. Included in the Balance Sheet as part of the Liability
Balance due to Depositors is an amount of $19,502.43, including interest
reserve, held on Suspense Account against Ledger cards which are missing
and which have not yet been restored. The corresponding figure as at the
31st December, 1949, was $20,043.45.

3. The liability Unclaimed Overseas Payments by Crown Agents was
reduced during the year from $2,296.43 to $296.43.

4. The asset Sundry Debtors Overpayments fell from $550 to $410.

5. In the Income and Expenditure Account, Miscellaneous expenses
amounted to $12,416.96 as compared with $3,199.79 as at 31st December,
1949. The increase was due to the purchase of 25 Chubbs Cabinets from the
Crown Agents at a cost of $17,530.78 and on the printing of booklets $4,975
and cost of Cinema Slides $757 in connection with the Savings Bank
Campaign, the total expenditure being shared between the Singapore and
the Federation of Malaya Savings banks on the basis of the number of
transactions. The cost of 25 Chubbs cabinets should have been shared
between the two savings Banks in proportion to the number of accounts
as at 31st December, 1949, and not to the number of transactions. The
attention of the Chief Accountant has been drawn to this and an adjustment
should be made in the 1951 accounts.

6. The balance of cash and investments held by the Crown Agents
have been verified from the Comptroller and Auditor-Generals Certificate.
Other Cash balances and investments have been verified from the appropriate
documents and records.

Kuala Lumpur, 21th July, 1951.

R. MACDONALD,
Director of Audit,
Malaya.


SINGAPORE POST OFFICE SAVINGS BANK

REVENUE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 ST DECEMBER, 1950

EXPENDITURE INCOME
$ c. $ r.
To Interest capitalized and credited to Sundry De- By Interest on Investments 958,700 42
positors Accounts as at 31st December, 1950 ... 658,681 01
By Miscellaneous Receipts (Fees on duplicate pass-
Brokerage on Investments ... 1,534 10 books, etc.) 145 60
Working Expenses 155,713 00
Miscellaneous Expenses 12,416 96
Interest credited to Labuan Savings Bank Account ... 217 87
Interest Reserve on Suspense Account not yet
reconstructed ... 557 55
Interest Reserve on Japanese Occupation With-
drawals 17,877 27
,, Balance carried to Reserve Account being profit
for the year 1950 111,848 26
958,846 02 958,846 02


SINGAPORE POST OFFICE SAVINGS BANK

ACCOUNT OF DEPOSITS AND WITHDRAWALS FOR THE YEAR ENDED 31 ST DECEMBER, 1950

$ c. $ c.
To Balance at credit of Depositors on
1st January, 1950 27,405,156 23
Deposits received 13,374,710 13
Transfer from Suspense Account ... 7 59
Interest credited on Suspense Ac-
counts for Ledger Cards re-
constructed 1 67
13,374,719 39
Interest credited 658,681 01
* 41,438,556 63

By Withdrawals

Transfer to Suspense Account

Balance at credit of Depositors on
31st December, 1950 ...

% c. Sc.

12,481,123 92
4 69

12,481,128 61
28,957,428 02

41,438,556 63

Examined. See my report of even date.

R. MACDONALD,
Director ,of Audit, Malax a.
21th July, 1951.

j. macintosh,

Acting Chief Accountant,
Postal Services Department,
Malaxa.

23rd April, 1951.


SINGAPORE POST OFFICE SAV1NU5 bank

INVESTMENT ADJUSTMENT ACCOUNT

Dr. Cr.
$ c. $ c.
To Depreciation on Investments 367,030 50 By Appreciation on Investments 333,187 70
Profit on Sale of Investments 3,965 35
Balance carried to Reserve Account 29,877 45
367,030 50 - 367,030 50
Dr. RESERVE ACCOUNT Cr.
$ C. $ c.
To Investment Adjustment Account 29,877 45 By Balance on 1st January, 1950 808,884 70
Balance on 31st December, 1950 890,855 51 Revenue and Expenditure Account 111,848 26
920,732 96 920,732 96

Examined. See my report of even date.

R. MACDONALD,
Director of Audit, Malaya.
21th July, 1951.

j. macintosh,

Acting Chief Accountant,
Postal Services Department
Malaya.

23rd April, 1951.


SINGAPORE POST OFFICE SAVINGS BANK

BALANCE SHEET AS AT 31ST DECEMBER, 1950

LIABILITIES ASSETS
$ c. $ c. $ c. $
BALANCE DUE TO DEPOSITORS: cash:
Ordinary Accounts 28,957,428 02 At Bank 8,352 51
Suspense Account 14,040 04 With Chief Accountant, Postal Ser-
Interest Reserve on above Suspense vices Department, Malaya 845,629 32
Account ... 5,462 39 With District Officer, Christmas
28,976,930 45 Island 1,661 36
Unclaimed Overseas payments by Crown A'X With Crown Agents, London, (Joint
Agents ZVO <40 Colonial Fund£13,931.1 Is. 5d.) 119,416 04
DUE TO LABUAN SAVINGS BANK: 975,059 23
Balance as at 1st January, 1950 ... 8,901 13 Sundry Debtors Overpayments 410 00
LessWithdrawals 275 45 Investments at Market value as per state-
ment attached (Less accrued Interest) 29,304,324 50
8,625 68
AddInterest credited 217 87 Accrued Interest orr above Investments 330,101 26
8,843 55 29,634,425 76
Reserve for Japanese Occupation with-
drawals 605,922 30
Interest Reserve on above withdrawals 127,046 75
732,969 05
Reserve 890,855 51
30,609,894 99 30,609,894~99~


SINGAPORE POST OFFICE SAVINGS BANK

STATEMENT OF VALUE OF SECURITIES AS AT 31ST DECEMBER, 1950

Book Value on 1st Jan., 1950 Nominal Value Name of Stock Market Rate
$ c. £ s. d.
181,304 64 20,737 9 2 Australia 31% 1951/54 1001 x d
45,821 25 5,223 7 10 do. 31% 1952/56 1031
33,156 00 3,834 12 11 do. ... 3 % 1955/58 101
86,086 61 9,798 9 6 do. ... 4 % 1955/70 1021
320,156 57 37,266 4 0 do. 3i% 1956/61 101
101,367 79 11,796 15 0 do. 3 % 1958/60 100
161,021 71 17,891 6 0 do. 4 % 1961/64 1051
465,791 11 53,893 3 9 do. ... 31% 1961/66 1011
97,698 29 11,690 7 10 do. ... "... 3 % 1963/65 981
378,596 32 46,250 17 2 do. ... 3 % 1965/67 971
927,544 86 110,988 5 6 do. 31% 1965/69 1001 x d
60,660 25 7,896 5 4 do. 21% 1967/71 921
93,575 71 12,338 13 8 do. 21% 1970/75 891
264,526 85 33,056 3 10 British Electricity 3 % 1968/73 961
29,130 64 3,840 4 0 do. Guiana 3 % 1975/80 961
254,925 54 31,555 15 4 do. Transport 3 % 1968/73 961
18,209 00 2,121 14 8 Burton-on-Trent 3 % 1953 102
2,196 39 256 1 9 do. do. 31% 1963 103
175,812 39 20,254 1 1 Ceylon 31% 1954/59 1021
152,877 46 17,859 17 9 do. 31% 1959 1001
90,329 71 11,009 4 7 do. 3 % 1959/64 981
57,675 75 5,928 9 10 do. 5 % 1960/70 114
146,940 18 15,204 9 1 do. 41% 1965 113
17,184 54 1,975 4 8 Consols 4'% 1957 or 1021 x d
after
89,810 54 10,026 13 11 Cyprus 4 % 1956/66 105
30,164 83 3,491 3 1 East Africa High Commission 31% 1966/68 103
511,367 32 66,380 11 0 Federated Malay States 3 % 1960/70 921
4,793,932 25 572,565 12 3 Carried forward ...

Market Value
on 31st Dec., 1950

$ c.

178,638 39
46,268 96
32,991 64
84,406 86
321,753 71
100,862 21
158,721 39
463,481 39
98,199 32
380,578 50
956,084 71
61,675 46
94,104 50
272,005 25

31.352 47
259,658 89

18,481 79
2,251 29
176,680 43
153,642 89
91,533 89
56,871 18
146,288 57

17.353 82

88,951 11
30,647 32
525,591 72

4,849.077 66


STATEMENT OF VALUE OF SECURITIES AS AT 3lST DECEMBER, 1950Continued

Book Value on 1st Jan., 1950 Nominal Value Name of Stock | Market Rate Market Value on 31st Dec., 1950
% r. £ ,v. d. $ c.
4,793,932 25 572,565 12 3 Brought forward 4,849,077 66
208,528 25 27,144 10 10 Federation of Malaya o o' -> JO 1974/76 924 % 214,344 93
85,297 07 10,787 6 10 Fiji 3 L j JO 1960/70 95 87,608 64
94,618 32 11,403 10 9 Funding -l o/ J JO 1959/69 99 96,156 29
217,349 96 25,357 9 11 Funding 3 % 1966/68 994 x d 216,263 22
8,489 29 1,000 0 0 Gateshead ... 34% 1960/70 102 8,617 86
266,893 32 29,305 18 8 Gold Coast ... 44% 1956 107 263,125 43
95,044 71 10,167 3 0 do. 44% 1960/70 1094 94,608 97
128,481 00 15,553 5 2 do. 3 % 1963 100 ; 131,813 86
137,428 57 16,000 0 0 Hull 34% 1958/63 103 j 140,857 14
32,188 14 3,786 0 11 Ilkeston 34% 1959/64 102 i 32,674 93
50,453 97 5,756 1 9 Jamaica 4 % 1952/62 1024 50,406 89
9,939 29 1,150 0 0 do. 34% 1955/59 104 10.136 43
73,805 07 8,610 11 10 do. 34% 1968/73 102 xd i 75,281 18
28,793 93 3,352 6 2 Kent 34% 1960/70 ! 101 28,937 61
10,907 18 1,263 16 4 Kenya 34% 1957/67 j 1024 ! 10,961 36
331,775 68 35,592 15 10 do. 44% 1961/71 1104 330,250 25
414,840 29 54,076 0 4 do. 24% 1 1965/70 1 904 x d 419,475 39
43,071 43 5,000 0 0 Leeds 34% 1957/60 1024 xd 43,928 57
197,451 96 24,051 16 9 London County 3 % 1962/67 984 201.575 11
104,001 43 12,050 13 0 Mauritius 34% 1957/62 1014 103,484 96
124,188 50 14,534 1 6 Middlesbrough ->4 /O 1957/62 101 124,811 39
57,217 21 7,784 13 1 Newcastle-on-Tyne 24% 1970/75 894 58,885 36
491,599 64 57,353 5 10 New Zealand 3 % 1952/55 1014 ! 491,599 64
178,255 00 20,831 2 8 do. do. ... 34% 1960/64 1024 180,933 29
184,609 96 21,884 6 7 do. do. ... 34% 1962/65 101| 188,361 57
64,044 11 7,783 2 10 do. do. ... 3 c/ J /O 1966/68 98 64,711 25
198,636 93 23,030 7 5 Nigeria 3 % 1955 103 201,598 00
424,064 89 46,600 10 9 do. 4 % 1963 109 432,053 57
9,055,907 35 1,073,776 11 0 Carried forward ... 1 9,152,540 75


STATEMENT OF VALUE OF SECURITIES AS AT 31sT DECEMBER, l9$0continued

Book Value on 1st Jan., 1950 Nominal Value Name of Stock Market Rate Market Value on 31st Dec., 1950
$ c. £ 1,073,776 .V. 11 d. 0 $ c.
9,055,907 35 Brought forward ... 9,152,540 75
104,382 54 12,162 15 2 Northern Rhodesia 34% 1955/65 103 106,467 57
71,574 71 8,743 17 2 do. do. 3 % 1963/65 984 x d 73,823 14
418,660 71 50,000 0 0 St. Lucia 3*% 1965/70 98"r 418,660 71
2,621,719 46 310,919 14 4 Savings Bonds '1 o / J /O 1955/65 ioh 2,668,357 43
2,736,202 74 332,392 13 10 do. do. 3 % 1960/70 98f 2,784,975 93
3,014,681 32 374,660 15 10 do. do. 3 % 1965/75 97 3,078,908 86
53,451 50 6,181 18 4 Sierra Leone 3 % - 1954 1014 53,451 50
61,501 32 6,729 6 8 do. do. 44% 1955 1094 62,943 32
31,216 39 3,611 1 4 do. do. 2>i% 1958/63 1024 31,680 64
20,822 39 2,441 9 9 do. do. 'IXO/ 2 /o 1968/70 103 21,249 68
154,309 32 18,230 12 9 South Africa 1J.O/ J 2 /O 1954/59 102 156,653 25
274,605 21 30,223 16 11 do. do. A 1 O/ +- /o 1955/75 1064 272,014 61
26,533 21 3,134 14 7 Southgate 3 % 1956/61 100 26,667 57
83,207 75 9,886 15 4 South Shields 34% 1955/58 103 86,597 50
38,265 04 4,481 1 2 do. do. 3 % 1956/58 102 38,841 18
12,073 57 1,409 3 5 Stockport 34% 1954/64 101 12,133 97
113.908 36 13,423 10 11 Stockton 3 % 1956/58 101 114,483 68
52,343 39 6,231 7 2 do. 3 % 1960 100 52,610 47
93,561 11 10,890 10 1 Stoke-on-Trent 34% 1958/63 101 94,027 82
110,209 25 13,324 1 9 Swansea 3 % 1955/65 99 113,064 39
12,921 43 1,500 0 0 Tanganyika Territory ... 4 % 1952/72 102 12,857 14
163,643 04 18,825 0 0 Trinidad 3 4% 1958/68 1014 162.836 25
90,507 71 11,027 18 4 do. T 0/ -* /O 1965/70 98" 91,925 57
1,259,444 29 154,465 7 1 do. t o/ J o 1967/71 98 1,292,544 00
144,480 54 16,471 14 5 Uganda (AssentedE.A.H.C. 34% 1968/70) ... 5 % 1951/71 103 143,068 64
25,148 86 2,956 16 6 Walsall 3i% 1954/64 100 25,275 57
388.820 11 44,118 9 0 War Loan ... 3 % 1955/59 1044 391,866 36
92,293 75 10,700 14 6 Western Australia H% 1935/55 1014 92,293 75
21,326,396 37 2,552,921 17 4 Carried forward ... 21,632,821 25


SINGAPORE POST OFFICE SAVINGS BANK

STATEMENT OF VALUE OF SECURITIES AS AT 31ST DECEMBER, 1955

Book Value on 1-1-55 Nominal Value Name of Stock Market Rate Market Value on 31-12-55
$ c. £ s. d. Per cent $ c.
40,090,262 84 4,818,586 17 3 Brought forward .. 35,706,732 36
157,188 75 18,825 0 0 Trinidad 3* 1958/6* S6-j 138,632 68
87,671 93 11,027 18 4 do. 3 1965/70 ISi 73,493 21
1,725,028 58 218,456 16 1 do. 3 1967/71 17i 1,444,155 52
296,396 14 33,736 2 11 do. 4 1973/76 87i 251,575 29
43,012 47 5,247 14 2 Uganda 3* 1966/69 86i 38,514 43
25,275 57 2,956 16 6 Walsall 3* 1954/64 S4i 21,347 21
1,351,480 78 157,475 18 3 War Loan 3 1955/59 94i 1,267,118 68
43,776,317 06 5,266,313 3 6 38,941,569 38
Rs.
250,050 73 375,000 Ceylon 31 1957/62 102 247,311 28
Rs.
464,017 13 715,500 India 4 1960/70 1011 463,728 63
44,490,384 92 Carried forward .. i i 39,652,609 29


^Singapore only.

1936 1937 1938 1939 1940 1946 1947 1948 1949* .. 1950* .. Year ended 31st December
1 No. of Post Offices trans- it! go 1 acting 8a v 111 g s Sank oo-owoMoscnM business open at end of | year
86,949 98,422 100,291 91,789 78,017 133,399 145,879 150,391 104,272 113,389 No. of deposits received during the year
6,058,846 6,513,778 6,808,984 6,503,297 6,370,845 18,206,647 19,924,870 18,637,227 13,886,982 13,374,720 Total amount of deposits received during the year
70 66 68 71 84 136 137 124 133 118 Average amount of each deposit received during the year
51,298 53,020 61,239 63,637 54,656 57,772 99,759 101,963 73,191 69,100 No. of withdrawals made during the year
5,086,880 5,201,694 5,816,159 6,778,742 5,997,459 7,533,720 13,108,786 14,362,642 12,424,062 12,481,129 Total amount of with- drawals made during the year
99 98 95 107 110 128 131 140 170 181 Average amount of each withdrawal during the year
971,966 1.312.084 992,825 373,386 10,672,927 6.816.084 4,274,585 1,462,920 893,591 Excess of deposits over withdrawals during the year
275,445 Excess of withdrawals over deposits during the year
65,323 79,864 72,225 68,001 67,376 106,375 126,836 190,406 140,898 155,713 Cost of management during the year
47 53 45 44 51 56 52 79 79 85 Average cost of each transaction deposit or withdrawal
274,998 315,420 357,405 382,204 400,533 379,201 617,826 736,165 632,155 658,681 Total amount of interest for the year
9,365 11,896 13,021 12,011 8,362 26,309 18,482 16,187 9,770 10,215 No. of accounts opened during the year
5,895 6.685 9.686 9,569 6,613 5,763 5,483 5,200 4,629 3,599 No. of accounts closed during the year
00 M cc OC M on C* OT Crt tP*. oe c-i j 10,319,033 11,946,537 13,296,767 13,403,527 14,328,293 22,891,535 30,325,445 35,336,195 27,405,156 28,957,428 Total amount standing to the credit of all open accounts inclusve of of interest at the end of the year
230 238 249 240 248 303 342 355 369 358 Average amount stand- ing to the credit of each open account at the end of the year

ii

TABLE SHOWING THE PROGRESS OF THE STRAITS SETTLEMENTS SAVINGS BANK FROM 19361948 AND
SINGAPORE POST OFFICE SAVINGS BANK FOR THE YEARS 1949 AND 1950


Singapore only.

1946 1947 1948 1949* 1950* 1951* 1952* 1953* 1954* 1955* Year ended 31st December
35 40 41 19 19 21 23 25 28 29 No. of Post Offices trans- acting Savings Bank business open at end of year
133.399 145,879 150,391 104,272 113,389 180,566 164,305 174.399 188,060 201,210 No. of deposits received during the year
$ 18,206,647 19,924,870 18,637,227 13,886,982 13,374,720 19,410,676 22,372,206 23,615,439 25,977,800 26,525,531 Total amount of deposits received during the year
$ 136 137 124 133 118 108 136 135 138 132 Average amount of each deposit received during the year
[ No. of withdrawals made b S t 3 S 5 is s a b during the year 4k,U)£oovOO~U^OK> |
$ 7,533,720 13,108,786 14,362,642 12,424,062 12,481,129 13,016,403 16,413,107 17,912,200 22,009,470 25,278,120 Total amount of with- drawals made during the year
$ 128 131 140 170 181 178 192 188 206 219 Average amount of each withdrawal during the year
$ 10,672,927 6,816,084 4,274,585 1,462,920 893,591 6,394,274 5,959,099 5,703,239 3,968,330 1,247,411 Excess of deposits over withdrawals during the year
I III Excess of withdrawals over deposits during the year
$ 106,375 126,836 190,406 140,898 155,713 202,018 212,177 206,624 229,493 254,511 Cost of management during the year
o i Average cost of each trans- action, deposit or with- £ | drawal
$ 379,201 617,826 736,165 632,155 658,681 755,402 945,186 1,107,128 1,252,848 1,336,414 Total amount of interest for the year
26,309 18,482 16,187 9,770 10,215 25,869 16,317 17,370 17,456 16,803 No. of accounts opened during the year
5,763 5,483 5,200 4,629 3,599 3,490 3,961 4,128 3,914 4,516 No. of accounts closed during the year
75,632 88,631 99,618 74,246 80,862 103,241 115,597 128,839 142,381 154,668 No. of accounts remaining open at the end of the year
I $ 22,891,535 30,325,445 35,336,195 27,405,156 28,957,428 36,106,667 43,010,952 49,821,319 55,042,497 57,626,322 Total amount standing to the credit of all open accounts inclusive of interest at the end of the year
$ 303 342 355 369 358 350 372 387 387 373 Average amount standing to the credit of each open account at the end of the year

Zl

TABLE SHOWING THE PROGRESS OF THE STRAITS SETTLEMENTS SAVINGS BANK FROM 19461948 AND
SINGAPORE POST OFFICE SAVINGS BANK FOR THE YEARS 19491955




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