MEETINGS

Ashburton Guardian, Volume XL, Issue 9203, 30 April 1920, Page 2

MEETINGS

LOAN AMD INVESTMENT

SOCBETY.

The annual meeting of the Ashburton Loan and Investment Society was held last evening, Mr W. Bryant presiding over a moderate attendance. The chairman's annual report was read as follows:—"In presenting the eleventh annual report and balancesheet, the directors have pleasure in again congratulating the shareholders on the highly satisfactory result of the year's operations. The balance-sheet shows a profit of £1696 13s 3d, which the directors recommend be allocated as under:—To payment of 9 per cent interest on A capital and B investment shares £855 ; transfer to reserve fund £250, transfer to fluctuation of securities and contingencies account £150; carry forward £441 13s 3d, making a total of £1696 13s 3d.- ,

The statement of accounts showed receipts totalling £89,060 18s lid (including subscriptions A■ capital "shares £835, balance carried forward £1020 0s lid, premiums on capital shares £112 .10s, subscriptions B investment shares £785 10s, savings bank deposits £64,998 3s 2d, fixed.deposits £8571 19s sd, redemption of loans £9894 10s 4d, interest £2692 16s 4d, entrance fees and working expenses £120 19s 3d, payments accounts clients £28 3s 6d, insurance £1 6s. On the expenditure side the items were: Loans £22,276 Bs, savings bank withdrawals £56,044 Bs, fixed deposits paid out £6845 7s 3d, B investment shares £1201 3s, interest £343 2s 7d, dividends paid on A capital shares £554 19s lOd, insurance on account clients £11 6s 10d, manager's salary £175, rent £32 IDs, directors^ fees £45, auditor's fee £i 7 17s, stationery, printing and advertising £41 7s lOd, sundries £52 4s 9d, bank balance £1429 14s Bd.

' The balance-sheet showed liabilities totalling £49,901 0s 3d (including A capital shares £7640, B investment shares with 8£ per cent interest added £2704 Us 4a, savings bank deposits and interest £28,827 14s 9d, fixed deposits, interest £8157 Os lid, reserve fund' £550, fluctuation of securities and contingencies account £325, profit and loss £1696 13s 3d. The assets included loans with interest,- less redemption ot loans £47,930 Is 7d, war loan certificates with interest £507 9s, sundry debtors 10s, furniture account £33 ss, bank balance £1429 14s Bd. hi moving the adoption of the report and balance-sheet the chairman quoted figures to illustrate the growth of the society's operations during the year. The turnover, £89,060, was a record, and over 100 per cent increase on last year (£43,410). The deposits received totalled £03,570, against £33,677, loans advanced aggregated £22,276 against £8,537. The total amount on mortgage earning interest was £47,930. m spite of increased turnover tne working expenses nau oueii Kept liowii anu amounted to £«3ti3. Hie iigures tor iyid-iy were £3:22, and tuose lor iyr/-ib iCozO. me reserve fund and nuctuation of securities accounts were steadily increasing and if the directors' recommendations were adopted to-niglit they wouiu amount to £1,275. Great-watchfulness had been observed by the directors in advancing loans, and all the securities held by the society would safely be termed "gilt-edged." The directors were in tne happy position of being able to 1 recommend the paying of 9 per cent on A capital and !a investment shares, and at the same time placing £400 to reserve and equalisation of dividend funds and carrying forward £441, which would greatly tend towards the stability of the society. Mr C. Reid 'said that anyone would be hard to please if they were not satislied with the paying of 9 per cent, in the future the directors would have tobe careful in reference to valuations as a slump was sure to eventuate in regard to produce. The cost of living had not been dealt with in a proper j manner. It was not so much the small man, who made a few shillings' profit that required watching, but it was the big manufacturers who had to be dealt with.. The cost of property would be 1 reduced when a reduction in the cost I of manufacturing was brought about. ' The report and balance-sheet were adopted. In reference to B shares, Mr T. Hayes asked whether it would be possible to make them transferable. ■ The chairman explained that the rules of the society would require, to be altered. The chairman intimated that the secretary had power to allot additional A shares to present shareholders. The two directors, Messrs W. Bryant and T. H. Undrill, retired by rotation, and were re-elected. • At a> subsequent meeting Mr W. Bryant was reflected chairman of directors. On the motion of Mr T. Morgan, _ a vote' of thanks was accorded the chairman and directors for the efficient manner in which they had carried out their duties throughout the year.