SOUTHLAND BUILDING SOCIETY.

Southland Times, Issue 18833, 28 May 1920, Page 2

SOUTHLAND BUILDING SOCIETY.

To the Editor. Sir, —One of the correspondents in your issue of to-day states that the above society paid last year the highest rate of profit earned during a decarle. He goes on to praise the directors for the way they have managed the affairs of the society in the past, in a manner which is almost fulsome. The rate of profit paid by (he society was (tl per rent: The society has been in existence 50 years at least. The Permanent Investment Society was formed six years ago, and in I9l(5 paid (i-l per tjent. dividend. Every year since then it has paid seven per cent. Vet we h.ve a person telling us that we do not want a change in the management of the Building Society. —-I am, etc., SCARES. May 27. To the Editor. Sir,, —Let Well Alone” is entitled to his opinion hut he is not entitled to distort the wording of my letter to suit his argument. He makes much of the 6| per cent, profit paid. Perhaps it would enlighten him to know that the rival society paid that in 191(5, and in 1917, 1918 and 1919 they paid seven per cent. These same hind agents that he would belittle have im.ueneed a large amount, of valuable business to the Building Society and are just as much interested in the success of the society as any of the directors. Many a person has been assisted into the society by their efforts. It would be interesting to know what qualifications are required by "Let Well Alone” to secure his approval as a candidate. Surely a practical knowledge of house and land values is a most essential condition to make a successful director. At the pre.-ent time the men he disrates are in the best position to arrive at satisfactory valuation on the basis of which the society depend-’- for its continued success. The society has admittedly done well but in spite of the fact that "Let Well Alone” is quite enthusiastic in giving great credit to the excellent work done by the directors amongst whom are land agents, yet he does not want any more land agents on the directorate —a class of men who upon his own commendation have done excellent work. Any fair minded person will admit that they have been a source of great strength to the society. "LetWell Alone” evidently does not like printers either. He mentions that all aspirants have been rejected previously. The mere fact of rejection at the poll is evidently great discredit in the eyes of “Let Well Alone.” Have not members of ihe board themselves been rejected previously? Is it not patent that the cause of the rejection in several instances is the fact of nntair advantage gained by retiring directors in having their names printed in large black type on the Voting paper amongst ihe instructions. This was the main theme of my previous letter which has been conveniently side-tracked. "Debenture Holder" is concerned about canvassing. It may lie news for him to know that in my opinion one of the directors would not originally have got on to the hoard if hj > had not actively canvassed for support. I think and feel sure that the ■andidat-’-s standing are possessed of the same ideals ns those held by the present directors, viz., the advancement of the soldi ly and the protection of the individual interests of shareholders. Be "Ex-Debenture Holder." It is obviously unnecessary for me to outline ideas of improvement on the present methods for ibis correspondent. lie is quite satisfied to receive good interest on his surplus money loaned to the Society. I suppose he is in favour also of the [cast policy of ! -.'Hit: the stall as little- as possible and

■’"i loving cheap labour—faking a young man tit a email wage and setting him adrift aim:- four years’ service as has been in ' ante. I was. however, thinking of the - t rowers, who constitute an important and vital part of the Society and who under :h- conservative methods pursued do not get as well treated as they deserve. There

- scope here for improvement. May I suggr . m pa-sing two ways. Hirst a reduc:m n of interest and secondly an extension i itie presi nt tables to embrace a 15 and 2" year- table of repayment- and also the .--.ddilion ot a two, three and four years’ term similar the Permanent Society. £1- re hhral treatment could also be granted io borrowers who withdraw before the exmrmg period of their loan is reached. The -ri'.-ict airengenn-nr merely eaters for the

moneyed .--iiareholder as he or site can con-■-‘ui mb) investing shares and those who ■■•an not sell or convert the shares are un;u!v pen.ifisrii. There is also th-p- question u mom ipohsing the insurance premiums, i-ucim; .•hareholders to insure in one olli.ee. lln ere merely points in passing. Again ru-ting that the shareholders will e.ar-L-fully tin- capabilities of the various canhdates prcrenting themselves.—l fan, etc., "SHAREHOLDER.”