BIRMINGHAM CORPORATION SAVINGS BANK.

 

By Section 1 (1) (b) of the Municipal Savings Banks (War Loan Investment) Act, 1916, under which the Savings Bank was originally established, it is provided that the Bank shall not be carried on (otherwise than for the purpose of winding it up) after the expiration of three months from the termination of the war. It will, therefore, be necessary for the Council to pass a formal resolution requiring the temporary Bank, as constituted under the above Act, to be wound up, if it is intended that this should take place before the date mentioned in the Act.

 

The Council will be aware that the old Bank did not come to an end when the new bank was opened on the 1st September, and that, in order to secure continuity and to facilitate the transfer of deposits it has been necessary to run the two Banks concurrently. This necessity will no longer exist after the end of this month, and your Committee therefore recommend the Council to pass a resolution that the operations of the old Bank be discontinued as from the 31st October, 1919.

 

 

 

 

 

 

Your Committee, on behalf of the Council as liquidators of the temporary Birmingham Corporation Savings Bank, now present the final accounts relating thereto, in pursuance of the companies (Consolidation) Act, 1908, and the Municipal Savings Banks Regulations, 1916

 

The Council will recall that the temporary Bank was set up in September, 1916, under the provisions of the Municipal Savings Banks (War Loan Investment) Act, 1916, a measure limited to the duration of the War and six months thereafter. Reports have from time to time been laid before the Council on the activities of the Bank, and accounts submitted showing the financial position. The Council will recollect that the temporary Bank is now succeeded by the Birmingham Municipal Bank, which was constituted under powers conferred on the Corporation by the Birmingham Corporation Act, 1919.

 

The circumstances under which the temporary Bank had to rely upon assistance from the Borough Fund continued throughout its existence. The demand made upon the Borough Fund was attributable to the insufficient return upon investments, which were placed by the provisions of the Act of 1916 beyond the control of the Committee. Your Committee, on the Report submitted to-day relating to the Municipal Bank, deal with proposals for payment into the Borough Fund which they believe will be acceptable to the Council.

 

The furniture purchased by the temporary Bank available for use represents a value of about £230. This your Committee have taken over for the purposes of the Municipal Bank, and have also become responsible for any outstanding liability in respect of unpresented coupons, a course the Council is asked to approve.

 

It is recommended that the various ledgers, cash books, etc., belonging to the temporary Bank, now in the possession of your Committee, be handed over to the custody of the Treasurer of the City.

 

As this is the last occasion on which a report on the Temporary Bank will be presented to the Council, your Committee desire to record their appreciatioln of the services rendered in the establishment of the Bank and throughout its existance by Mr. Neville Chamberlain, M.P., and Mr. Eldred Hallas, M.P.