ANNUAL REPORT

Southland Times, Issue 18832, 27 May 1920, Page 6

ANNUAL REPORT

SOUTHLAND BUILDING SOCIKTV. The following is the fifty-first annual report to the shareholder!' to be presented at the annual meeting on June 1 : Your directors have much pleasure in again submitting a balance sheet showing the continued success and increasing volume of the society’s business. Last year’s lendings have been largely exceeded, and although the demand for loans has been great, it has been met without difficulty by the society's steady income, and the large amount of refunds made during the year by shareholders, who, tempted by the high prices offered, have sold their properties, and repaid thr-ir loans. Your directors arc not confident that the present high values will be maintained, and have exercised what they consider reasonable discretion in making advancer. Shares.—The number now on the Register is 23.597, held by I!) 43 shareholders. This is an increase over the previous year of 1034 shares and 18 shareholders’. During the year there were 5350 new shares issued; 24 were forfeited, 20094 were withdrawn and 16284 matured. Loans.—The sum of £149,075 was applied for on mortgage of properties by 358 applicants. of which £100,037 10s was advanced to 286 shareholders. There was also £0575 15s lent on the security of shares and dedchentuns. The total amount lent exceeds that of the previous year by £32,101 15s. The loans now current amount to £380,525 10s. Debentures.—The total of the debenture issue has only increased by £10,622 os since last year. A much larger amount could have been secured if required. Reserve Fund.—This fund benefited to an unusual extent during the year owing to numerous sales by shareholders of their mortgaged properties, and the forfeiture of portion of their profits consequent on the withdrawal of shares, £64 has been transferred to Profit and Loss Account leaving the balance at credit £3746 2s 9d as required by the rule.s. What may be considered as practically an additional reserve has been made by writing off the balance of 1 £974 17s 9d, which formerly stood to the debit of the society’s office premises, and these are now shown as “Property Reserve Fund”, in Liabilities and Assets at £1625, the Government valuation. Profits.—The total now credited to shareholders £14,952 os lid is equal to a dividend of 84 per cent, on their r.redit balances at the close of our financial year. This is an increase of 4 per cent, over last year’s profits. A balance of £613 7s 8d is carried forward to Profit and Loss new Account. ‘ Candidates for the various offices are; President, Mr R. Erskine; shareholders’ auditor, Mr C. E. Borne. There being no other candidates for these positions, ijjpy will be declared duly elected at the annual meeting. Yhe directors who retire by rotation are Messrs A. S. Froggatt, G. C. A. Todd, and J. J. Wcsney, who offer themselves for re-election. Other candidates for the office, of director arc, Messrs C. E. Hannah, A. W. Jones, R. P. Meek, D. M. Scandrett and James Ward.