LOAN SOCIETY.

Ashburton Guardian, Volume XLV, Issue 10384, 1 May 1925, Page 6

LOAN SOCIETY.

A SUCCESSFUL YEAR.

"WORKINGMAN'S FRIEND." The sixteenth annual meeting of shareholders in the Ashburton Lioan and investment Society and Bank ot Deposit was held last evening, the chairman of directors (Mr W. Bryant) presiding over a good attendance. In presenting the sixteenth annual report and balance-sheet, the directors congratulated the shareholders on the highly satisfactory result of the year's operations. The balance-sheet showed a profit of £2556 19s lid, which the directors recommended to be allotted as under:—To payment of 9 per cent, interest on "A" capital and "B" investment shares, £1232; to transfer to reserve fund, £700; to transfer to fluctuations of securities and contingencies account, £100; to carry forward, £524 19s lid. The statement of accounts showed a total of receipts of £77,812 Is 9d, the chief items of which were: Subscriptions "A" capital shares, £1020; "B" investment shares, £1227 10s; savings bank deposits, £49,345 10s 7d; fixed deposits, £16,875 15s sd; redemption on loans, £4849 12s lid; and interest, £4125 Is Bd. On the expenditure side the chief items were: Loans, £6805 10s 6d; savings bank withdrawals, £50,374 10s od; fixed deposits, £15,592 8s 6d; "B" investment shares, £695 3s 2d; dividends paid "A" shares, £875 13s 3d; interest. £826 7s; costs of management, £598 8s 3d. The balance was £1691 4s 9d. The balance-sheet showed : —Assets: Loans, £62.247 lis lid; War Loan certificates, £SOO. Liabilities: "A" capital -shares, £11,4.70; "B" investment shares, plus 8$- per cent, interest,; £3581 lis 4d; savings bank deposits. plus interest, £27,973 14s lid; fixed deposits, plus interest, £15,973 5s 7d; reserve fund, £2100; fluctuations of securities and contingencies account, £BOO.

The chairman, in moving the adoption of the report and balance-sheet, the steady progress of the society, despite the slump period of the war. They had weathered the storm, and were now sailing in I smoother waters. Their balance was a matter for satisfaction. If the society went on as it had done, it would soon be able to conduct its business on the money derived from the reserve fund.' It was practically a Iworkman's friend. Wherever the Government could not supply money on loan, the building societies had filled the gap. Mr W. H. Woods seconded the motion, and congratulated the directors in bringing the society through a more successful year than ever. They were pursuing a very commendable course in keeping down the cost of management, and he thought they had arrived at a period when they might review the amounts appearing in the " costs of management" portion of the balance-sheet. He paid a tribute to the work of the manager (Mr J. B. Christian) and the staff, who had kept the pettey expenses down to so small an item. He urged the directors to consider the matter of paying out as profits the sum of £2OO to the credit of profit and loss. He hoped the directors would continue to pursue the policy of building up the reserve fund. They had shown a safe manner of working in the society's affair.

Mr C. Reid said it was a surprise to him to see such a good balance-sheet, after a year which he thought might not be a good one for the society. It was pleasing to see that, despite the fact that the Government was strongly competing, there still was room for the loan societies.

The report and balance-sheet were adopted. Messrs W. Bryant and A. J. Millichamp, retiring directors, were reelected unopposed. The chairman referred to the successful working of the society, which, he added, had not yet contracted a single bad debt.

It was decided to recommend the directors to consider the revision of the salaries of the manager and staff. A vot3 of confidence in the board of directors was carried. At the conclusion of the annual meeting the directors met, and Mr Bryant was re-elected chairman.