SOUTHERN CROSS BUILDING SOCIETY

Sun (Auckland), Volume IV, Issue 1002, 19 June 1930, Page 13

SOUTHERN CROSS BUILDING SOCIETY

NET PROFIT OF £5,079 A gain of £430 in interest earnings, in comparison with the previous year, is shown in the seventh annual report of the Southern Cross Building Society. The report states that the society has benefited by tho introduction of tho recording home safe in connection with tho savings blink department, over 6,000 accounts having been opened, with an excess of deposits over withdrawals, including interest credited, of £25,697 for the year. Branches have been opened at Hamilton, Motueka and Pukekohe for savings bank business, and further extensions are under consideration. Owing to the surplus of office accommodation in Auckland at present the society has, for the first time, to show a. loss on its office building for the year, the amount being £526. The directors recommend a. dividend at. the rate of 61- per cent., and that £2OO be transferred to reserves. Following is a comparison of the society’s results for the past three years:— 1927-28. 1925-29. 1929-30. £ £ £ Net profit .. .. 5,223 5,089 5,079 Dividend, 6?; p.c. . . 4,910 4,935 4,935 The balance sheet shows assets totalling £156,563, compared with £141,708 last year. The major items are as follow, corresponding items for last year being given in parentheses: Loans on mortgage, £103,693 (£92,476); freehold land and buildings. less sinking fund, £47,048 (£47,062): furniture, £555 (£550); home banks, £3,460 (£415); sundry debtors, £656 (£817). Liabilities include shares, £75,931 (£75,930); Bank of New Zealand, £13,187 (£23,210); Pub!lb Trustee, £20.000 (£20,000); deposits. £39,421 (£13,724); reserve, £2,500 (£2,250): mortgages, (£892); bonds and creditors, £389 ( £461). The retiring directors. Mr. S. T. Rossiter and Professor I-I. W. Segar, offer themselves for re-election.