The Bank has been reminded by the Government of the necessity of all passbooks being compared, at least once annually, with the ledgers - this Government action may have been prompted by the defalcations at certain Irish Savings Banks, referred to in the previous year's report. For the first time, the Bank's Accountant (Charles Geach) is listed in the Annual Report. The Bank is planning to move to new premises in Cannon Street and to open a branch in Smethwick, but the AGM Resolves: That the Statement of Accounts be approved and confirmed, together with the Report of the Auditors, with the exception of that part of it which relates to a Receiving House at Smethwick, and that this subject be taken into consideration at a General Meeting to be especially convened for that purpose. The Special Committee convened to provide the Bank with a new office produces a Report of the Building Committee

 

No mention is made of the opening of a branch office in Smethwick, so this planned expansion probably did not come to fruition. The first of a number of Special Committees is formed to monitor the progress of proposed legislation relating to savings banks

 

The Bank has now moved to its new premises in Cannon Street - the accounts show that the total cost of the new offices was £4,615. The Bank's Accountant (Charles Geach), who appears to have held the position since 1832, has been elected as a Member of Parliament, and subsequently resigns his position as Accountant. The Report provides the information that the Bank accepts deposits as low as One Shilling.

 

Total Deposits have increased from £371,524 to £395,822, despite "considerable sums paid .... to intending Emigrants". Reference is made to the problems caused by the large number of depositors attending early in December to have their passbooks updated with the amount of recently capitalised interest; the Bank has opened on additional days at this time to cope with the extra work. Charles Geach, MP, the former Accountant, has now become a member of the Management Committee, and is later to become a Vice-President; his position of Accountant is now held by John Williams.

 

The Auditors draw attention to a Savings Banks Bill introduced into Parliament - the Committee appointed to monitor its progress produced the following report:

 

This year's Report records the death of Charles Geach (on November 1st 1854, at the age of 46) who at that time was the Member of Parliament for Coventry. Charles Geach had served as the Bank's Accountant for over twenty years and was probably the person (together with William Bolton, the Secretary) mainly responsible for the Birmingham Savings Bank being considered the best managed savings bank in the country, due to his extensive banking and commercial background which included a major involvement in the establishment of the Birmingham and Midland Bank in 1836 - the forerunner of the Midland Bank. Although the deposits of the Bank have continued to grow, the causes operating against a more rapid growth again include emigration, plus the impact of Building Societies (an institution that began in Birmingham in the late 18th-Century). The Bank's opening hours have been extended to include two extra hours on Saturdays. Reference is made to the Government's failure to implement an Act that will increase supervision of the savings banks and the consequent actions of the National Debt Commissioners to obtain such supervision by the method of weekly returns.

 

For only the fifth (and to be the final) time in the Bank's 29-year history, the amount of total deposits has fallen over the year. The high cost of living (the rate of inflation in 1854 was 14.61%) is given as a factor and it is noted that the past accumulation of savings has assisted depositors in a difficult financial period. The benefit of saving by any mode is applauded and employers are requested to encourage their employees to save rather than spend "enormous sums upon intoxicating liquors". An alternative method of providing for the future (particularly old age) is mentioned, viz: the purchase of an Annuity, which it is hoped will be more earnestly sought after, following the end of the Crimean War.