SUCCESSFUL YEAR

Ashburton Guardian, Volume 55, Issue 167, 29 April 1935, Page 3

SUCCESSFUL YEAR

LOAN SOCIETY'S MEETING. TURNOVER INCREASE OF £9OOO. ELECTION FOR DIRECTORS. The annual meeting of shareholders in the Ashburton Loan and Investment Society and Bank of .Deposit was held on Saturday evening, the chairman of directors (Mr W- Bryant) presiding over a small attendance, which included Messrs A. J. Millichamp, E. H. Orr, R. G. Shearman, W. H. Rundle, and T. Wilson (directors). The twenty-sixth annual report stated that the directors considered the balance-sheet would be highly satisfactory to members, in view of existing conditions. The profit and loss account showed a surplus of £2633 14s 6d, which the directors recommended should be allocated as under: —To payment of 6 per cent, interest on “A” capital and “B” investment shares £956 2s 7d, transfer to reserve fund £3OO, transfer to fluctuation of securities and contingencies account £2OO, carry forward £1177 11s lid. The financial statement showed:— Receipts: Bank balance April 1, 1934 £917 9s, subscriptions “B” investment shares £971, premiums thereon £1 15s, loans repaid £4264 12s 2d, interests £4214 15s sd, deposits received £93,603 17s lOd, schools’ savings bank £306 17s 3d, Bank of New Zealand deposits repaid £IOOO, stamp duty £4l 10s, insurance repaid by clients £35 8s lid, entrance fees, working expenses, etc., £47 18s; total, £105,405 3s 7d. Items of expenditure were: New loans £4729 12s lOd, interests £1052 10s 4d, deposits repaid £91,719 9s 2d, “B 1 ” investment shares paid out £1829 12s Bd, schools’ sayings bank withdrawals £253 3s sd, deposits Bank of New Zealand £2OOO, stamp duty £6O 11s 2d, insurance on account clients £37 4s 3d, dividends “A” capital shares £/56 12s, costs management £BBO 6s, balance at Bank of New Zealand £2086 Is 9d; total, £105,405 3s 7d. The balance-sheet was as follows : Liabilities: “A” capital shares £12,610. “B” investment shares £3891 16s lid, schools’ savings bank deposits £1053 6s lid, call deposits £825, fixed deposits £60,601 16s 4d, interest thereon £479 12s 4d, reserve fund £6761 12s 6u, fluctuation of securities and contingencies account £2IOO, unclaimed dividends £3 12s, profit and loss £2633 14s 6d* total, £90,960 11s 6d. Assets: Loans £75,211 16s 3d, interest £387 2s Bd, Government debentures £6015, interest £64 11s lOd, Ashburton Borough Council debentures £IOOO, interest £l3 19s sd, fixed deposits at Bank of New Zealand £6OOO, interest £IOB 13s 9d, office furniture £33 14s Bd, sundry debtors £39 11s 2d; cash at Bank of New Zealand £2086 Is 9d; total, £90,960 11s 6d, Tbe profit and loss account was as follows: —Interest on deposits, etc., £2026 18s 2d, costs management £BBO 6s, balance £2633 14s 6d.; total, £5540 18s Bd. Balance April 1, 1934, £2647 17s lOd, less appropriations at last general meeting £1475 Is Id, interest on loans, etc., £4314 17s 2d, entrance fees, working expenses, etc., £53 os; total, £5540 18s Bd.

Sound policy Adopted. Aloving the adoption of the report and balance-sheet, which he felt confident would be regarded as highly satisfactory, the chairman congratulated shareholders on the splendid results achieved during the past year and the sound position the Society was in. Ihe present position was no doubt due to the safe and sound policy adopted by the directors and by the continued confidence expressed by the depositors, together with the valued assistance and co-operation of shareholders and borrowers. , . , The turnover for the year, he added, showed an increase of £9006 over tlio previous year, while the deposits ant loans also showed an advance. m surplus to profit and loss account showed the substantial sum of £26Jd 14s 6d, and out of this amount the directors had recommended that a dividend of 6 per cent, be again paid to “A” and “B” shareholders, that £3OO he transferred to reserve fund, and £2OO to fluctuation of securities and contingents account, leaving the balance of £1177 11s lid to be carried forward. He thanked the members on the board and the manager and hi* staff for their loyal and! valued assistance to the Society and to lnmsclt duiing the year. . The motion for the adoption ot tho report and balance-sheet was seconded, by Air ,S Mitchell, who paid a tribute to the work of the directors and the staff for the excellent position m which the Society stood. These sentiments were endorsed by Mr C. H. F. Maynard. ' Alessrs E, H. Orr and R. G. Shearman, the retiring directors, and Mi - L Crooks, contested the two vacanc e. on the hoard of directors, and a ballot was taken, the result being m favour of Alessrs Orr and Shearman, wl thanked the shareholders for the renewal of their confidence. The ballot resulted as follows: Sheaiman 236 Orr 235, Crooks 54. On the motion of Alessrs Crooks an Maynard a hearty vote of thanks was accorded the hoard of directors, who it was stated, had closely watched the interests of shareholders. Reply was made by the chairman who said. th _ directors were conscientious m thei endeavours. f The meeting closed with a vote thanks to the manager and his staff.