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Home / Whanganui Chronicle

A 54-year career in finance ends

Paul Brooks
By Paul Brooks
Wanganui Midweek·
15 Dec, 2020 08:38 PM4 mins to read

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Margaret Johnson has spent more than 54 years in the finance industry. Photo / Paul Brooks

Margaret Johnson has spent more than 54 years in the finance industry. Photo / Paul Brooks

Margaret Johnson started her career in finance on February 1, 1966.
"That's when I started at Otago Savings Bank in Dunedin."
On November 30, 2020, she left the industry, after more than 54 years.

"When I started in 1966, Dowling Street branch was the largest in Otago and it included Head Office. It is now an apartment building.
"The first job of the day was to sort deposit and withdrawal slips into numerical order, sitting around a table and having a gossip session whilst working! Each slip was microfilmed and each amount was manually posted to individual ledger cards on a Burroughs Sensimatic accounting machine.
"You worked your way to the main counter after working on ledger machines, opening new accounts at reception, and after 12 months it was an exciting moment when you made it as a teller!"

Every customer had a bank passbook and each transaction was entered at the counter. Old passbooks were hand-written.

Interest was calculated from the 7th of a month to the 7th of the next month. For weeks before the annual interest date of March 31, every staff member was expected to spend the first half hour every morning manually working the 3 per cent annual interest on to the ledger cards in pencil. Using brain power — no calculators!

On July 10, 1967, decimal currency arrived.
"People lined up to get their passbooks converted to decimal currency. I don't know what they thought would happen if they didn't!
"My next appointment was to Ledger Supervisor, in charge of all ledger machinists and responsible for balancing their work down to the last cent.
"In 1974 the General Manager's PA was about to retire and I was offered that role. I had a new small photocopier that replaced a Gestetner, and an electric typewriter!
"One of my responsibilities was preparing the agenda and typing the minutes for the Board of Trustees meetings. Setting up the boardroom included buying cigarettes for the Trustees! A packet of cigarettes was placed in an ashtray at every place setting until the General Manager of the day, who was a heavy smoker, suffered a massive coronary and then all that changed — cigarettes were no longer provided!
"I was part of the team organising bank conferences and that is where I met Gerald McDouall, General Manager of Wanganui Savings Bank."

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The mortgage approval process is very different now!
"Property used as security for a mortgage was inspected by a Bank Trustee. The written report was taken to a monthly board meeting and if it was passed for approval, I would send a letter to the customers advising the funds would be available in about 6-8 weeks!"

Staff mortgage interest rates were initially only available to male staff members.

When Margaret left Dunedin in 1995 she was the longest continuous serving full time female staff member in the Trust Bank movement in New Zealand! That year she met Brian and that led her to Wanganui.
"I joined Trust Bank here, where I worked as relief PA to the Regional Manager, and also within the branch network."

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On August 1, 2001, Margaret took the plunge into commission only work and started as a mortgage broker with Home Trust Mortgages. She stayed there until last month.
"Home Trust Mortgages has been sold and I am exploring a life outside the finance industry. My various associations, within the local community and beyond, generated a large client base and the many messages of appreciation that I have received give me very special memories to treasure.
"I had 35 years in banking, and over 19 years in broking — more than 54 years in the finance industry! What changes I have seen — BUT — it has been a great career"!
Margaret is still President of Friends of the Opera House and has lots of interests.


THANK YOU!
Having worked for over 5 decades in the Finance Industry, in Dunedin and Wanganui, it is time to explore a life outside of the industry.
I wish to acknowledge all my wonderful clients for their support whilst I was working as a Mortgage Broker for over 19 years at Home Trust Mortgages in Wanganui.
Stories have been shared and friendships formed. With your numerous messages of appreciation, I have many special memories to treasure.
Thank you also to my business associates — real estate agents, solicitors, registered valuers, and bank staff. You have all played a part in achieving successful outcomes for my clients — together we made it happen!
I have been fortunate to have had such a great career.
My very best wishes for a healthy and happy 2021.
Margaret Johnson

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