SOUTHLAND BUILDING SOCIETY.

Southland Times, Issue 18835, 31 May 1920, Page 7

SOUTHLAND BUILDING SOCIETY.

T> the Editor. Sir—ln y«!>;r is-m- of ;!;i> iwrn'nj there who ev ahnilv does !;■>! i.n.iw, or does not w>h to ; -.’-.e b 1 1 1 :> • h- does know what ho z aboug Tk • Permanent Is:;.ei:' k-ty i- ■..>? mi lhe some P gd !.v s i p.-rh'die.-i payments which U i:i>r;!>•;: iis so: is;', e;,,v to loom that sh.troh ■! far. r..v givim; a fair return for it: ve.-tmeed<. In i 0. • ease of the Sot.! m' Is: Idig.g Society an in vest in" share:; I< 1 <• r ere 1 he n 1 sorrower, although eve; v b-,; rtv.vr mma he- .-me a shareholder 1 v I>:t■ share.- w!dr!t will eventually tn ;11 ;;1 the :-i:ss:::r rif hi.-, loan; ’out every sh..:s hj Id- r y - sis-so In p ofus in proportion to ! i:' - uni ;i er ■ e' o; Ins shares. latest report lie will ihat "the now ere 'd to .-harsh -hi-.-:- ht-I.tt-Y os 1e nod 10 a dividend o' ID per cent ■ on tin :r eri-ik b.denres at th:’ el m- oi our; fdoe; 1 year.' Tills is e m-idrrably better; ing--.I am, eI J., 1 11. KRSEIMK. ! President. j Liny JS. ; To the Editor. j Sir, •■Ex-Do’ - :.! nre 11-d W" returns to 1 the attack cell/hirint IT.m eh' th 'l he Ims 5 v ie ■■ • rreorii re;::;-' i'ly answered and sMtista ijv I.o'! th ‘ podi's raa-ed hy mel V.’eli, be eao ' d -1 iiae'a ;, ;a .eI.. I ie.terete the sladmm th ;! hie sis ft in the past wer* poo’-..hi : :m ehm-p labour tris in vr a;., 1. - mil re- eii'ly the secretary si ehiei inert'.:.m, were it.a ie !:; t November prove, my siaiemen; pi ;It ■ imt when it was deene-d nee- ssnry by the directors to make two ii.er.-a: e- in >■< short a space oi time. The figures "Ex Debenture Holder" t|i;-)o’s im-lu'.-' bomi-'ey which are really pay f, ■■ la: ae amount of extra time the Staff hj ;v - to work : ihe balance penon, but he eaur. it ----e ddft’orence between salary an! ovc.!.;a“ pay. II? itotv in', men- j tan to- far; mint th.- hj ■ com drew mo c j then the y hj, i;cmi:ii'C:;: MI all'll t tn = j thfV dm! not work oven inn’. I no..;' the | auditors receive very small retmineralian | for ii> -'r s •• vic's. Th-re is room here for Ei; - - lb ■ d : : v. "Ex 1 '• 1 lentce Holder” is quite v.i i : in s'aloet lio.r there is a II ye: ts •- 1: ■ V hi '"mo that the !;••••• > ■; | of kin i a a ; 1 :.. .n on hj. ■ 0..1 l j showing, oi mamin g the met tli.it ih.s j pc: mil is ji'ii s'-.-'rt in ;* m ik' s the weekly | p -it :o.i heavy tor ;t Inr re mimher of j the browers. IT' mti-'t have missed the | : ye; : roil ,-;g ! a- fines (not from tin- d ■. •;;; ;;r • h-d ieia- 1 bur r-io.-tly from the borrowers. aa-vee; i.sv-on i al! doubt th.il er least some of i;m l-->rrmvcr.< find the pay[:j,; vev to :r- nint-dn. Ho dal not tell us about I he proviso in all the j -ion - 1 by a borrower time ; out n-ul:in' o re : v m rni.-e the : rata I . no -a--.., E- m • ■ r wo! He ouitbt i to .-dp ■ : a.: 1 iy :a■ " ;): s !■' e.xerea-c- this* . p a V ; o ' i hj; ■ Pm extern. : irl lit-n the i of -aik ■ v ; w the deiemure iiojder.i win.ld be ' fmclmrha . M-- hj A redmib-n of ir.lerest is ; car:ai:hy feash 1 a A Cre: : ih the | borro-.v<-as won! i ; refer the [myiny of a slid- j linii |>r i wi j le - a > mo- aettum an cumulus; prm.i. Toe n-w niood' "K.'C-De- | bi uni:-' 5 1: I i ■ ■ r'' sue-, -n are all expeiT; bu-ine-.-e . an i ,;r- in tit • prime of their , lif-,. Men r.o; beu to ii : 'h est-ta bu; m-n j who have arc aim'd -n -s by liihr indu-try j and ali. 1 tiiiuk natives of this part of (lie count rv. The "New Id-ml" are i'l'urrsive no; i-y>a-sm‘ an 1 they stand for sound filmme n.- well. He us-s the word "(ihii-etiom.inor I, in reyan! to the features. I u; 1 "-!''il m'mb.l lie improved, but I have no he-il alion in uaillU I he Word ill eon- | m-eh'ou ■ hj .e- r;:iv ih- 1 b.rirrower is pen- | alised who v. iihdrav. - Ids shares prior to the j mature I d.-,te. He did !• -t eltemp! lo deal | wilh ! hi ; ••• ,ul-i;'.” It wul t.ifvf.* i mm: f *i h*‘ I lie i Peru;amm. y are more libe;-l hi their I treatment in -hi- re-pect. I could' enlarpo on tin- iey d.o me vrant to tresteiss on ibe p.-nd nature of ibe <■ idor. 1 ho SocielV hits taken amooa. Tim n-ei bit ; imam sum? of money in hm way and at the expense of nianv 1,.0r-over.. rt> whom every pmund was an imii. "Mon.,yoyv of li'surance Fremi-uni-h’ "Ex Detimitu’e Holder" yucssed ivronff. -My point is tlii.r. that a larite numl,er of sbaretir! hj rs arc directly or indirectly connected with different insurance companies and IT.-- trade, not monopoly, should be the rule with the sockty. What a large | .-mu to make, .fk.'2S 14/-! It is insignificant when compared with the £443 9s Od 1

that the society allowed (not to the borrower' but to tha monied man who paid hi:? subscriptions in aclvnne, thus giving h;m nine per cent on his investment. The society should slop thU expenditure which is unnecessary and to n:y mind unjustified. The directors in their report state. “A much larger amount of debenture money could have bean secured.” Thera 'ore, there was no necessity to pay away that amount of money to a privileged few shareholders. I wonder if “Ex Debenture Holder” participainl .' In conclusion 1 would urge every . h.ircholder to make a point of getting his voting paper completed and rationed to the o.Txv bi fore Tup,-day night and 1 hope that at least one of the raw candidates standing will bo returned to the Board.—-I am, etc., tiIIAdI.HOLDiL.iI.