SOUTHLAND BUILDING SOCIETY.

Southland Times, Issue 18832, 27 May 1920, Page 2

SOUTHLAND BUILDING SOCIETY.

To the Editor.. Sir,—‘‘Shareholder" in writing to your paper says, "Several energetic and capable young men am offering themselves as directors to the Society in the place of long tried and capable men who are seeking reelection." I have looked through the ballot paper to see who these men are and I find that one is a printer and four of them arc land and commission agents and all of them have been rejected candidates for the position on more than one occasion. Goodness only knows the Society does not want any more land agents on the directorate. In a society such as this shareholders will act wisely and consider the excellent work done by the existing board of directors, who have by their skill, patience and forethought, as well as by their business integrity and carefulness, built up an institution which has no peer in New Zealand, That they have done their work excellently and well during the past year is proved by the balance-sheet which discloses the highest rate of profit earned during a decade while no losses have been made. Can a change of directors do better? No! and my opinion is that shareholders would be committing a. grate error if they do not re-elect the three retiring directors instead of voting for young men whose business qualifications have yet to be proved.—l am, etc., LET WELL ALONE. May 20.

To the Editor. Sir, —The arguments of "Shareholder” are not at all convincing. He says "the Society offers plenty of scone for improvement in -nine of its conservative methods.” Is this ,m electioneering phrase? If not, why doesn't "Shareholder” indicate some of the "conservative methods" which are objectionable? ‘‘Shareholder” does not appear to realise that, the Southland Building Society is a financial institution depending 'argely for its success on the confidence of Capital; the bulk of the money loaned out to shareholders being received from the public who deposit it on debenture, and that from this point of view careful and “conservative” management is essential. The good name of the Society is known outside of Southland and it owes its success to careful and "conservative” management, “Shareholder” says it -is "an age of progress”; rl>is is an ambiguous phrase meaning anything or nothing. I should say it is an age of unrest, of uncertainty and of inflated values and if ever the Society required experienced and careful management, it, is now. I also think, Sir, it is in the best interests of the Society that shareholders should know clearly who are the retiring directors, because, if the management is good and satisfactory to them and they wish to leave well alone, and this applies particularly to a financial concern, there should he no doubt possible as to who the retiring men are. If they take exception to anyone nr more, the remedy is in their hands. One other point. "Shareholder” takes exception to a director going back because he happens to be chairman of what he terms a "rival society.” Nothing in it, Sir. It is a mistake to talk of a rival society; there is ample room for both without encroachment. We might as well talk of rival banks; but

•.part from this, the director referred to, is, in himself, beyond suspicion and can safely be left to do the right thing to the best of his judgment under any circumstances which may by remote chance arise.—l am, etc., EX-DEBENTURE HOLDER. To the Editor. .Sir, —Unlike ‘'Shareholder" T contend that the directors of this Society are to be commended for placing before the shareholders in a conspicuous way the names of the retiring directors. It is they, and the continuing directors who have guided and controlled the operations of the Society so successfully in the past thereby meriting the continued confidence of shareholders, and the shareholders and more especially the debenture holders are entitled to the fullest guidance. It is well known that one at least of the candidates (who is not a retiring director) is actively canvassing for votes. It may bo well asked, is he canvassing in the interests of himself and his business, or in the interests of the Society?

Shareholders in casting their votes will, I am confident, vote for the three retiring directors whose wise and prudent management (as shown by the balance sheet and report', fully justifies continued confidence. Tried men against untried men.—l am, etc., DEBENTURE HOLDER.