Annual report on Northern Rhodesia / Colonial Office.

  • Colonial Office
Date:
[1951]
Catalogue details

Licence: Public Domain Mark

Credit: Annual report on Northern Rhodesia / Colonial Office. Source: Wellcome Collection.

    36/126 page 24
    accepted by the Legislature. During 1951 a committee was appointed to advise on problems connected with the establishment of a land bank and its report is under consideration by Government. The Barclays Overseas Development Corporation and the Standard Bank Finance and Development Corporation, subsidiaries of Barclays Bank (Dominion, Colonial and Overseas) and the Standard Bank of South Africa Limited respectively, provide finance of a medium or long term character for purposes of agricultural and industrial develop¬ ment and loans to local government bodies of a type which a commercial bank cannot be expected to undertake. A Northern Rhodesia Industrial Loans Board has been formed and is financed by funds provided by Government. Its objects are to assist industry, except the farming section, with capital for varying purposes of development where other existing means of assistance are not available on reasonable terms, and for such time as may be necessary to achieve the object for which the aid has been given. During 1951, loans were approved to a total of £117,500, for such varying enterprises as engineering works, brickworks, joinery works, quarrying, dry cleaning and a tile factory. The First Northern Rhodesia Permanent Building Society, which commenced operations in 1950, had a successful year. Deposits and loans received during 1951 amounted to £312,677 and £676,856 was advanced on mortgage. Total assets at the end of the year amounted to £959,874. Government has contributed to the share capital and has two representatives on the Board. POST OFFICE SAVINGS BANK The number of Post Offices conducting Savings Bank business increased in 1951 from forty-three to fifty, the offices to which facilities were extended being Chisamba, Feira, Kabompo, Kafue, Kapiri- Mposhi, Pemba and Shiwa N’gandu. New accounts registered during the year totalled 6,297 while 2,388 accounts were closed, increasing the number of depositors from 26,792 to 30,701. Transactions con¬ tinued to increase and comparisons with the 1950 figures are given below: Deposits Number Amount Withdrawals Number Amount 1950 1951 47,012 52,719 £492,507 £531,096 24,523 27,163 £325,677 £427,975 It is estimated that the balance due to depositors at the end of the year will approximate £1,000,000. War Savings Certificates. Repayments during the year were 22,995 units of a face value of £17,247 15s. 0d., the interest added being £5,170 3s. 2d.
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