REPORT OF THE MUNICIPAL BANK COMMITTEE
FOR PRESENTATION AT THE SPECIAL MEETING OF THE CITY COUNCIL ON
TUESDAY, 7th OCTOBER,
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.
REPORT OF THE BANK COMMITTEE
In reference to the Birmingham Corporation Savings Bank,
PRESENTATION AT THE
QUARTERLY MEETING OF THE COUNCIL, ON TUESDAY, 3rd MAY, 1921
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
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.
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.