PERMANENT BUILDING SOCIETY

Southland Times, Issue 24888, 30 October 1942, Page 2

PERMANENT BUILDING SOCIETY

Shareholders’ Annual

Meeting

“The main duty of the society is to assist in every possible way the homemaker, and now that many are returning from the war we will be pleased to give special consideration to those desiring to establish their homes in Invercargill and the district,” said the chairman (Mr W. A. Ott) in moving the adoption of the report and balancesheet at the annual general meeting of the Invercargill Permanent Building Society last night. Mr Ott said that the total shareholders’ funds employed, exclusive of’reserves, amounted this year to £101,531. Last year’s figure was £102,576. Despite the fact that building during the year had been considerably restricted, the amount advanced was £61,008, a satisfactory figure, but somewhat less than in the previous year. The total deposits now stood at £202,442 (last year’s figure was £209,978) and investments in Government and local body securities, including subscriptions to war loans, now totalled £21,591. Net advances now current, all invested in Southland, were £311,934. The directors recommended that the security depreciation reserve be again brought up to £lOOO and that £5OO be transferred to the general reserves fund, making it £21,500. No. 2 reserve remained at £670. After payment of a dividend at the rate of 5 per cent, per annum, absorbing £3313, there remained to carry forward £1960, making a grand total in reserve of £25,130. The report and balance-sheet were adopted. The retiring directors, Messrs E. B. Pilcher and R. C. Cook, were re-elected unopposed. Messrs Webb and Stark were re-elected auditors. A vote of thanks was passed to the directors, to which Mr E. E. Broad replied. On the motion of the chairman a vote of thanks was passed to Mr R. C. Cook, secretary, and members of the staff.