An economic history of the New Plymouth Savings Bank, with some implications from this for trustee savings banks in New Zealand

Abstract

An adequate level of savings is of vital importance to New Zealand. This was recently stressed at the Industrial Development Conference in July 1960. Report of Committee I It was pointed out that New Zealand's rate of capital formation is below that of a number of the more advanced countries in the world which enjoy similar standards of living. Despite the strains already associated with the present level of capital investment, the Conference was of the opinion that savings must be stepped up as a pre-requisite of increased investment. Otherwise, New Zealand will suffer a decline in relative living standards. Furthermore, the competitive position of domestic primary and secondary industries will deteriorate as a result of the advantages of heavier investment in other countries.