SOUTHLAND BUILDING SOCIETY.

Southland Times, Issue 18838, 3 June 1920, Page 2

SOUTHLAND BUILDING SOCIETY.

To the Editor. Sir, —While thanking your reporter for an unusually good report of my remarks at last night's meeting will you kindly allow me to explain two matters referred to that arc not clearly put. In reference to the contention of a shareholder that the fines imposed for non-payment of .subscriptions when due, was a hardship I suggested the case of a holder of 20 shares of the five years series who had not paid any subscriptions for six months before the close of the year and whose fines could not exceed £3 (is Sd who would, if he paid his arrears on the last pay day of the year be credited with £3 7s 7d profits on money which had not been out of pocket and I asked where was the hardship. And in reference to a suggestion (hat shareholders paying a year in advance and getting a discount of 2A per cent were getting an undue advantage, I painted out that, while it was good business for the society, the shareholders so paying only got 0 per cent per annum, while those who did not pay in advance got 13 per cent per annum.— I am, etc., H. ERSKINE. June' 2.