YEAR OF PROGRESS

Southland Times, Issue 21093, 27 May 1930, Page 3

YEAR OF PROGRESS

SOUTHLAND BUILDING SOCIETY.

ANNUAL REPORT.

The 61st annual report of the Southland Building and Investment Society and Bank of Deppsit which will be presented at the annual meeting of shareholders on June 4 is as follows:— In the early part of the year money was inclined to accumulate, but as the year progressed, a brisk demand set in, with the result that the loans granted exceeded those of any other year. The record sum of £314,777 10/- has been advanced during the year. Loans now current amount to £1,410,802 18/11. The number of shareholders on the register is 5213, holding 86,882 shares, an increase over last year of 615 shareholders and 99154 shares. There has been a good supply of money during the year, an increase of £72,016 3/6 being hsown. Shareholders who have shares maturing are invited to ledge their money with the society either on fixed deposit or in the Savings Department. Profits equal to 64 per cent, have been credited to shareholders in terms of Rule XV., absorbing £47,812 , 4/11. In addition' the sum of £1712 4/4 was credited to shares which matured and were paid out during the year, the balance carried forward being £1164 1/1. Owing to the reduction in the lending rate to borrowers from 64 per'cent. to 6 per cent, in November, 1928, borrowers have benefited by the lower rate, the amount saved to them

being oyer £6OOO for the year. This has necessarily affected the profits for distribution to that extent. The policy of the board has always been to extend to borrowers every facility for obtaining their requirements at lowest rates of interest, commensurate with the large margin which assures to investors the necessary safety. The sum of £462 3/4, being profits surrendered on shares withdrawn, has been K added to the reserve fund, bringing the total to £20,928 1/4. The directors recommend to shareholders various alterations of the society’s rules which will effect a more correct distribution of profits earned and generally facilitate the working of the society’s business. The retiring directors who offer themselves for reelection are:—Messrs A. S. Froggatt, J. Ward and J. R. Martin. Other candidates duly nominated for the same office are:— Messrs L. S. Alsweiler, H. T. W. Denton, A. B. Edmonds, M. N. Hyndman, E. J. K. Hawke, F. W. Pope, J. B. Reid, J. H. Reed, H. 11. Royds and D. J. Wesney. Mr John Matheson (president) and Mr C. E. Borne (shareholders’ auditor), being the only candidates for the respective positions, will be declared duly elected at the annual meeting.