SOUTHERN CROSS SOCIETY

Sun (Auckland), Volume II, Issue 386, 21 June 1928, Page 14

SOUTHERN CROSS SOCIETY

SUCCESSFUL YEAR A successful year is recorded in the. fifth annual report of the Southern Cross Permanent Building Society for the year ended March 31. The profits are shown at £5,311 4s sd. The directors recommend payment of the usual dividend of 6i per cent., absorbing £4,910, and the transfer of £250 to the reserve. The balance-sheet shows assets totalling £142,439, compared with £139,998 last year. The major items are as follows, the previous year's figures being given in parentheses: Loans on mortgages, £93,826 (92,333); freehold land and buildings, £47,168 (£45,566); sundry debtors, cash and furniture, £1,445 (£1,099). Liabilities, as compared with the previous year’s items, include: Shares, £75,976 (£79,959); Bank of New Zealand, £25,472 (£29,958); Public Trustee. £20,000 (£20.000); deposits, £9.883 (3,622); mortgages, £3,330 (£3,330); reserve, £2,000 (£1,750); sundry dividends, bonds and creditors, £467 (£120). Last year the society’s profit was £5,248 15s 2d. The sum of £4.910 was absorbed by the dividend and £250 was transferred to the reserve. The retiring directors, Messrs. S. T. Ross iter and E. A. Price, offer themselves for re-election, and Mr. M. J. Bennett has also been nominated. The annual meeting of shareholders is scheduled for June 28.