Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698072478163.pdf (Guyana)
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.. 527 BRITISH GUIANA ••••••••• ANNUAL REPORT OF THE POST OFFICE SAVINGS DANK FOR THE YEl¥- 1958 • PMG: 4054/3/11.

529 GENERAL POST OFFICll:, Georgetown, British Guiana, April J5 , 19 .59. iSir, .,.

I have the honour to submit the Annual Report of the Post Office Savings Bank for the financial year ended 31st December, 19.58, as required by Seotion 12 of the Post Office Savings Bank Ordinance, Chapter 133.

The following statements are appended:­ (1)Income and Expenditure Account.
(2) Account of Deposits and Withdrawals.

(3).

Investment Adjustment Account.

(4)Reserve Account • (.5) Capital Deficiency Account.

(6)Balance Sheet.

(7)Reconciliation of Post Office Savings Bank Accounts with Colony Accounts.

(8)Statement Savings Bank.

of Investments held by the Post Office (9)Comparative Office Savings Bank Statement showing of Post progress Reaume of Business -1958.

2.

(a) At 31st December, 1958, there we?

"e 126,646 depositors whose balances totalled $19,993,261.
as against 125,828 with balances of $18,979,073• in 1957.

The number of depositors increased by 818, i.e.

10,179 accounts were opened and 9,361 closed.

The depositors• balances showed an increase however, of $1,014,188.

-over the previous year.

This increase of course, incl1.1des interest oredited to their aocounts for the year.

(b)Deposits $601,951.

when compared amounted to $11,767, with the previous 510. refle�ting an increase of year's figure of $11,165,559.

Withdrawals to�alled $11,295,.511.


showing an increase of $118,940.

over The Honourable Financial Secretary Public Buildings, Georgetown.

the/ •••••••••• - 2 - 531 the 1957 figure of $11,l'?t;,571.

.. Depo�its exceeded withdrawals by $471,999 .for the year.

(c)The number of transactions for the year was 276,093, of which 147,163 related to deposits and 128,930 to withdrawals.

(d)The face va1ue of investments at the 31st Deoember, 1958 stood at $18,701,386.
on which, the average earning rate of interest was 3.

7J$,.

The value of seouri ties at mean market quotations at '31st Deoemboi·, 1958 was $15,541,371, s·1owing an appreciation of $815,743.

Income and Elcpenditure.

3.

(a) The income for the year amounted to $702,203,of which $701,268.

represented interest on investments.

(b)Expenditure totalled $669,997.

Of this, the.sum of $.541,648.

VTas paid or credited as interest to depos�tors at the statutory rate of , 3)6 per annum.
(c)The operating profit for the year amounted to $32,206., as against $77,405.

for 1957.

The deorease of $45,199.

reflected, was mainly caused by the increase in the rato of inteµ-est from 2.4% to Y/o per annum, with effect from January 1, 19.58 • Capital Deficiency Account.

Investments appreciated by $815,743.

at 31st December, 1958, This amount together with a gain of$1,951.

on the sale and maturity of investments, reduced the Capital Deficiencu with to $2,424,239.
Compared the 1957 figure of $3,274,139, there was a decrease of $849,900.

The 1958 deficiency of $2,424-,239.

represented approximately 12',,b of the depositors' capital, Frauds, 5, Six cases of fraud amounting to $777,,50.VTere reported during the course of the year, Police investigations rasulted in the prosecution and conviction of the majority of the offenders.
The cases may be classified as under:- (1)Attempted Forgery -$50,43 TVlo persons accused, were convicted to two and sentenced 'BZla/ ••• � •• ·· •••••••• - 3 - 533 and four months imprisonment respeotively.

One other accused person nas discharged.

No m�n&tary l -$!2• (2).

Forgery of Withdrawa loss was suffered.

One accused person was convicted Q.J'ld fino.d $75.

Rostitution o� thP.

a.mount fraudulently withdrawn was made.

(3)Forgery of Withdrawal -$J 2.


One accused person was convicted and sentenced to four months imprisonment .

Restitution of amount was unsettled at 31st December, 1958.

(4)Forgery of Withdrawal -$40.

One accused person was convicted and fined $.50.

Restitution of the amount fraudulently withdrawn was made.

(5)Alleged Fraudulent Withdrawal - $384 • At 31st December , 1958, this case uas still under Police investigat ion.

(6)Giving false inf'ormation to a Public Servant -$276.07.
A depositor reported that the �um of $276.07 was illegally withdrawn from her account.

Police investigation discloaedhor report was false and �ne was prosecµted for giving false inf'ormation to a public servant.

The accused was reprimanded and discharged.

At 31st December, $396: 19.58, items (3) and (5) totalling remained unsettled.

General.

6.

The statutory Bank Rate of interest was increased from 2.4,% to 3% per annum with effect from the lat January, 1958.
The increased rate of interest seemed to have encouraged more saving during 1958, in view of the reflected withdraw excess of deposits over als by $471,999.

At the end of the year, 1957, in comparison·, v1ithdrawals by $11,012.

had exceeded deposits ·The Stock Investments of the Bank on the other hand, appreciated gratifyingly at the end of 19.58, a.f'ter suffering depreciative values at mean market quotations from 1955.

Staff/ •••••••••••••• - 4 :.

Sta.:f'f.

535 The staff bade farewell to Mr. K.I.R.


Kirkpatrick ., Postmaster General, who retired in November.

During the year., three ott·oera proceeded on six months vacation leave., two clerical assistants r�aigned on the grounds of marriage, and two vacant posts were filled.

I desire to plaoe on recor�, my appreciation of the loyal service rendered by the staff throughout 19,58.

I have the honour to be, Sir, Your obedient servant, e��c.w.B.� Postmas't$�neral (Ag.)

_,,,,,,,, .
_,,,,,,,, .

- I POST OFFICE SAVINGS BANK STATEMENT I Income and Expenditure Account :for the year ended 31st December ,.
1958. ;Expenditure Income $ ¢ ¢ Re-imbursements to General Revenue :in respect Head -39 -Post O:f:fice Savings o:f provision under To: Personal Emoluments - Personal Fixed Establishment Emoluments - Unfixed Establishment 7,425.05 Bank $ ¢ 48,331.ll By: Interest on Investments 701,268,47 ¢ Sale o:f Duplicate Passbooks 257.28 Telegraphic Withdrawals Fees 78.80 55,756.16 Miscellaneous Receipts 179.94 Sale of Home Safes 418.92 702,20.3.41 to General Re-imbursement Revenue in respect of service by Sundry Departments Indirect Charges.
and To: Rent Upkeep of Premises Stationery Travelling Penaion Liability Proportion o:f Treasury 7,478.00 1.50.00 1,800.00 6o.oo 13,499.00 Proportion Proportion Salaries Officeri o:f Audit O:f:ficers' Salaries ' of Postmasters 2 , 750.00_ -- -- 30.00 Proportion o:f Administrative Officers' Salaries,G.P.O.

17,670.00 :60.oo Salaries Postage Telegrams Telephones 6,000.00 2.50.00 240.00 50,537.00 Ca?Tied forward $106,293.16 Ca?Tied forwar!}

STATEMENT I (contd.).


Expenditure Brought Forward Direct Expenditure $ ¢ $106.,293.16 Brought Forward $702,203.41 Income .

- To: Temporary Clerical Assistance 526.00 54].,647 .67 5,145.99 153.50 of Expenses to Sundry Depositors Interest Incidential Publicity and Thrift Cost of Cables and Transfers to London for Remittances by Crown Agents Investment Equipment and Stationery for Accounting Maintenance Overtime Leave Passages Purchase Cash Shortages Intransit Adjustment (Director No.

1718/P.B.
1718/P.B.

Amount of Overstated of Audit Query and Proof Machines of Accounting 1956 Withdrawals Entitlement of Home Safes Machines 3/57; PMG: 405Li/3/9) .

so 6,1"$).

'86� 2,979.68 3,010.05 3.,066.26 492.80 10.00 54].

.52 Profit transferred to Reserve .A/c.

563.,703.97 669,997.13 32,206.28 $702,203.41 .$702,203.41 Account of Deposits and Withdrawals for the year ended 31st Decembe�.

195§.
195§.

STATEMENT II To: Withdrawals -19 58 �11,295,510.73 By: Balance at credit o� Depositors -31.12.57 $18,979,072.69 Adjustment Withdrawals Query No.

1718/P.B.
1718/P.B.

Intransit of Audit 3/57; PMG: 4054/3/9 of Overstated -19.56 -Director Deposits - 1958 ll,767,.509.88 Interest paid and credited to DI��itors - ·541,647.67 To: Balance at credit of Depositors -19,58 19,993.,261.03 $31.,288,771.76 STATEMENT III ·To: Transfer to ReseI'Ve Account - 1958 $817,694.12 By..: G-ain on sale and maturity of Investments -1958 Investment Adjustment Account.
By: J\i,preciation on Investments - 1958 $817,694.12 STATEMENT IV Reserve J:i..ccount To: Balance at 31.12.58 transferred to Capital Deficiency Account $849,900.40 $849,900.40 By: Profit transferred and Expenditure Account from Income Balance tra.nai'erred from Investment Adjustment Account $31,288.,771.76 $ 1,951.09 815,743.03 $817,694.12 $ 32.,206.28 c.,, � 817 .. �94.12 ...... $849,900.40 To: Balance at 31.12.57 $3,274,139.02 By: Balance transferred from Reserve Account -31.12 • .58 Balance at 31.12 • .58 3 .
849�900.40 2,424,238.62 $3,274,139.02 $3,274,139.0 2 STATEMENT V Capital Deficiency Account Liabilities Depositors' Suspense Account Capital - $19,993,261.03 41.32 819,993,302.35 STATEMENT VI Balance Sheet.

Assets Investments � $141725�627.n - Appreciation Capital Due by Accountant General Deficiency 815,743.03 $15,541,370.00 2�424�238.62 2,021,@,.93 819,993,302.35 $19,993,302.35 STATEMENT VII :Qeconciliation of Post -u:r:f.ice Savings Bank Account� with Colony Accounts.
Colony Accounts for Investment Invested Deposits Deposits Net amount due by Accountant General Capital Deficiency $17,569,063.73 15,541,370.80 2,027,692.93 2,424,238.62 $4.,451.,9.31.5.5 Post Office Savings Bank Accounts.

Due by Accountant General Capital.

Deficiency d _u3 1 by Colony $2,027,692.�3 2,424,238.02 - $4,451,931.55 545 VIII STATEMENT ..

Statement of Investments at December 31.
1958 • Face Va+ue before after Ledger Value Ledger Value Adjustment Adjustment Denomination , at 2� Investment New Zealand 1956/71 96,ooo.oo 89,280.00 92,160.00 British Debentures Guiana !nvestmen'b3 at 4ey%•Ceylon Gold Coast Kenya Kenya 1967/87 226,8.50100 226,8,50.00 226,8.50.00 1965 83,217.80 70,735.13 71,983.40 1960/70 22,462.i40 18,980.73 1971/78 720,000.00 565,200.00 196)/71 130,928.18 108,015.75 572,400.00 ll4,562.16 18,531.48 British Guiana Debentures•British Investments at �M 1966/86 525,000 .00 525,000.00 525,000.00 Electricity 1967/69 71,619.04 66,247.61 68,396.18 British Electricity 1974/79 l4,598.08 12,116.41 12,846.31 I ' Tanganyika , Investments at�� 1967/72 19,760.U.
15,709.55 16,302.36 ' British Transport 1972/77 220,068.84 173,8.54-.38 184,857.83 Cyprus A ustralia 1956/66 9,600.00 8,016.00 7,920.00 196)/64 l4,788.30 13,235.53 l4,048.88 Consols 1957 or af'ter 171,046.98 118,877.65 124,864.30 East Af'rica H. Com.

1968/71 342,863.14 272,576.

'20 276,004 .83 East .Africa H. Com.


1972/74 9,530.04 7,195.18 7,385.78 British Gas N igeria 1969/72 729,301.56 612,613.31 645,431.88 1963 273,871.70 242,376.45 2.50,592.61 Carried forward 3,681,506.50 3,146,879.88 3,230,138.00 547 - 2 - STATEMENT VIII ( contd. )

Denomination Face Value before after Ledger Value Ledger Value adjustment adjustment Brought Forward 3,681,506.50 3,146,879.88 3,230,i3B.oo at ,Zt'/4 Investments Australio.
19.5V59 44,212.88 42,223.30 44,212.88 Australia 1961/66 296,614.44 244-,706.91 253,605.35 1963 14,609.74 12,491.33 13,952.30 Eurton-on-Trent Guiana 1966/68 76,857.88 59,564-.86 61,102.01 British British Electricity 1976/79 445,775.50 320,958.36 345,476.01 Ceylon Cyprus 1951/59 70,712.78 67,530.70 70,359.22 1969/71 67,608.58 49,692.31 47,664-.05 •East .Africa H. Com.1966/68 182,487.92 139,603.26 144 ,165.46 East Africa H. Com.1968/70 61,947.98 46,151.25 47,699.94 HUddersfield19.58/63 12,948.06 11,523.77 12,365.40 Jamaica ' Jamaica Jamaica Essex Kenya 1955/59 13,584.50 12,905.28 13,448 .65 1958/68 130,479.92 102,426.74 105,036�34 1968/73 46,185.94 33,484.81 34,408.53 1957/62 28,399.74 25,275.77 27,121.75 1957/67 17,223.54 13,520.48 14,123.30 1973/78 38,847.56 26,999.05 26,999.05 •Kenya London Cou!l.ty Q:uncil 19.58/68 30,966.66 25,392.66 26,940.99 Sierra Leone 1958/63 34-,835.02 29,783.94 31,525.69 Middlesex 1957/62 72,914-.94- 66,717.17 71,092.0 NeTI' Zealand 1955/60 50,265.82 4-6, 74-7 .21 4-9,763.16 New Zealand 1960/64 143,047.16 123,735.79 134,4-64�33 North Ireland 1968/70 20,264-.04- 15,299.35 16,515.19 66,735.19 69,222.22 Nigeria Northern Rhodesia 1955/65 19,349.34 15,963.21 16,543.69 Northern Rhodesia 1970/72 154,901.82 113,852.84-117,725.38 Sierra Leone 1968/70 115,84-1.22 88,618.53 89,776.95 Salford Sheffield South Rhodesia 1961/66 71,731.46 59,178.4-5 62,04-7.7 1953/63 21+,960.oo 22,214.40 23,836.80 1963 25,875.72 23,029.39 21+,970.07 1961/66 82,900.86 7 1 South Rhodesia 1967/69 68,320.96 52,607.14
 56,023.19 I 5,105,813.33 5,282,325.68 i 6,146,178.48 .
.

Carried Fornard 549 - 3 - STATEMENT y;rrr (contd.)

Denomination Face V,uue before after Ledger Value Ledger Value CJ.djustment adjustment 6,14-6,178.48 5,105,813.33 5,282,325.68 Brought Investments Forward at � �oonta.l Tanganyika 1970/73 1966/69 Uganda Union of South Africa 1954/59 War Loan l952 or af'ter 2,42�.86 1,756.57 56,425.02 43,729.39 27 ,54.3.84 26,166.65 108,19(;).48 68,160.00 1,792.92 44,575.77 27,543.84 71,946.67 Investments at� 64 51,003.94 Australia 1956/61 56,987.

Australia.
Australia.

1965/69 298,549.06 228,390.03 Bootle Ceylon Leeds Luton Ne� Zealand 1962/65 99,963.70 83,469.69 1957/62 18,363.58 16,251.77 Plymouth 19.58/62 23,910.34 21,399.75 1959 63,592.20 58,186.86 1958/62 43,572.10 38,561.31 1964 24,000 "00 55,278.01 238,839.25 22,834.37 62,002.39 41,611.36 21,840.00 87,468.24 17,537.22 20,640.00 1!

!,veatments at .3"& Electricity 1968/73 356;984.36 257,028.74 Guiana 1975/80 120,000.00 British Australia.
1963/65 66,922.82 53,872.87 Australia 1964/66 46,040.84 37,062.88 Australia.

1965/67 151,183.68 ll5,655.52 British Ceylon Australia.

1958/60 196,764.

Glasgow Federated Funding G<.,ld Coast Jamaica.


.�8 106,632.38 Stock 1966/68 800,400.92 628,314.72 82 176,104.51 1963/66 9,976.�2 8,080.58 1963 13,2ll.82 11,163.99 1956/61 43,130.54 38,601.83 73,800.00 1959/64 198,786.76 160,023.34 Maley-Stat.oo 1960/70 153,427 276,662.88 57,219.01 39,364.92 123,970.62 75,000.00 163,999.08 192,829.52 8,579.38 112,769.49 668,334.77 ll,428.22 40,974.01 I I 7,746,727.62 Carried Forward 9,126,529.7� 7,429,870.65 4 551 STATEMENT vr:r.r-( contd. )

( Denomination ,.
( Denomination ,.

Face Valfe - Ledger Value Ledger Value before adjustment.adjustment after 9.,126.,52f.76 7,429,870.65 7,746,727.62 13,430.42 11,348.70 12,221.68 Brought Forward at 3% (conW.)
Inv:stments Lanarkshire 19.54/64 London County Ca.rci1 Federation New Zealand 1966/68 New Zealand 1973/n 1975/n of Mala;ya •Nigeria 1962/67 152.,llf.84 120,172.30 129.,299.31 254,12$.48 1,58.,828.43 177,887.84 1974/76 181,625.82 158.,37t•&O 103.,733.53 112.,443.98 62,8 l .38 140,760.01 147,116.91 39 ,891.,58 41,776.22 Rhodesia1963/65 319,7 .96 250,988.80 260,580.73 Noz·thern Palestine 1962/67 10,13�.92 8,060.44 8,466.00 834,916.95 898,763.54 Savings Bonda Savings Bonda Savings Bonda Trinidad Trinidad 1955/65 982,25f-24- 1960/70 3,799,076.66 1965/75 2,316,436.44 1,633,0 1965/70 51,308:90 36,685.86 38,225.13 1967/71 198,934-.56 136,270.17 146.,216.90 1955/59 92,52f.60 88 3,077,252.09 87.69 1,737,327.33 89.,288.17 92,989.23 2,868,302.
Exchequer Stock 1960 259,47�.96 247 ,800 • .50 2,58,179.5 8 •War Loan at 2!
!_ Investments Australia 1967/71 57,633.78 Belfast n:enya 39,479.14 42,072.66 1963/66 34,.548.06 27,292.97 29,020.37 1971/76 25,93�.04 15.,691.30 16,728.75 Investments at� Australia 1970/75 48,009.00 Funding Loan Savings 30,480.00 32,160.00 1956/61 527,47�.76 480,001.12 511.,649.55 1964/67 28,887.36 22,676.,58 24,265.38 Bonds I 18,701.,385.74 14,725.,627.77 15.,.541,370.80 • STATEMENT IX COMPARATIVE STATEMENT SHOWING mE PROGRESS OP 1HE GOVERNMENT AND POST OFFICE SA VINOS BANK SINCE ITS INAUGURATION IN 1819, AND ITS TRANSFER TO Tim 1 Year � 3 No, of Ae<:<>unts 4 DEPOSITS 5 wrrHDllAW ALS No.. Aalolmt No.
Amount.

POST OFFICE IN 1911, ' Total Do- � to 31.C Decemller Decel!lber Tot.I � vestments to 311t llecemd 1DmJtll / Oil blffll.

Allowed 10 Do- pOIIIDra � g::, $ c. Piofit Nott.- $ c. •• c, $ c. $ .

c. $ c .
$ C. 6 1889 1S90 9 1895 20 25 1900 1905 34 1910 48 1915 50 1920 51 1925 52 1930 42 1935 44 H40 47 1945 53 1950 54 tttt 1952 55 1953 56 1954 56 1955 58 195; 58 195 58 53 136 929 197 2,279.00 2 X 3,258 39,169.22 850 14,187.41 27,648.46 19,680.00 107.50 393.lE 5.44 3,104.78 2,776.45 4,853 10,478 123,789.37 7,949 101,080.60 X 8,263 17,328 177,981.74 12,562 170,424.75 222,589.13 208,800.00 6,507.48 5,681.45 825.47 .... 2,196.17 19,060 254,788.96 14,479 203,731.29 319,650.72 306,072.90 8,316.37 5,678.69 30,169 662.769.99 23,888 378,321.90 728,088.75 424,299.43 13,628.01 15,616.39 39,778 562,117.20 40,119 717,682.04 962,571.37 1,139,511.72 38,511.58 27,591.39 ,..J,908,228.90 1,774,232.57 60,202.37 45,870.82 9,966 18,004 29,305 36,658 11,m I, X 10,000,235.84 287,899.81 207,880.96 X 92,609 134,524 7,917,178.42 120,995 7,803,727.19 13,503,047.22 413,742.90 310,634.21 103,731 l:19,743 8,249,902.98 122,626 12,930.170.44 433,552.64 317,024.88 109,617 153,786 10,093,868.13 136,860 9,009,260.52 15,959,706.67 14,156,191.84 465,568.76 344 ,691;07 112,82' 143,513 10,545,093.85 137.468 11,225,517.51 15,544.971.69 15,858,990.26 509,613.76 359,117.17 115,390 148,705 U,057,779.24 123,917
 10,784,153.45 17,184,209.12 16,699,138.68 538,019.78 364,503.86 16,61H,729.49 572.459.88 403,288.21 15,540,290.17 627,994.93 419,486.52 105,279.13 14,929,597,50 623,902.85 420,868,58 77,404.63 119,931 .
163,044 14,472,340.02 133,107 13,342,041.39 18,717,835.81 122,819' t�.428 11,644,4&}>.86 133,218 12,216,208.23 125,828 153,645 11,165,559.22 131,770 11,176,571.03 2,361,220.12 2,716,866.13 9,912,818.05 13,754,578.3'1 14,526,332.65 15,119.62 23,358.03 10,855.47 15,661.35 27,288.68 23,851.56 37,169.55 .34 1,909,639.77 82,758.71 53,247.33 39,903.07 71,968.55 36,479.26 18,567,677.44 18,979,072.69 7,438.00 10,660.02 X 4,959.055.10 7,195,173.58 334.33 125.17 , 14,986.16 ..... • Pi,u res not avallablo, 1958 � li7J63� .88 � D.�73�315 70l,28Jil ,-:1..Qi .
'1 •••• ••• •