SIX YEARS OLD.

Auckland Star, Volume LXIV, Issue 99, 29 April 1933, Page 11

SIX YEARS OLD.

"STAR" PROVIDENT FUND.

ASSETS OVER £28,000,

Eounded but six short years ago, the funds of the Brett Printing and Publishing Company Provident Association liaye "•rown until to-day the assets reach the substantial amount of £23,085. Of this sum £27,000 is invested in New Zealand Government Inscribed stock and £1700 on fixed deposit in the banks. Founded for the benefit of employees of the "Auckland Star," members' contributions be in" 5 per cent of their wage or salary, the amounts to the credit of members have, with the subsidy paid by New Zealand Newspapers, Ltd., and interest, increased rapidly, so much so that there are credits to some members of over £-100. These items were mentioned at the annual meeting of association members held yesterday, when in_ the unavoidable absence of the chairman of the board of trustees, Sir _ Alfred Bankart, Mr. E. Anderson presided. In moving the adoption of the report and balance-sheet, Mr. Anderson said that in spite of adverse conditions of business economically, the fund showed that very satisfactory progress had been made during the year. This progress was due to the continued interest of the members and to the liberal subsidy of the company. Members' contributions were subsidised during the year by the company to the amount of £15G3, and the total amount standing to the credit of members was £25,085, an increase for the year of £3149. The balancesheet showed that the assets included investments in ' Government Inscribed stock of a par value of £27,000. Interest for the year reached the substantial amount of £1200. Towards the end of the year the Government launched its conversion scheme, in which the trustees concurred by submitting the total amount of Government stock for conversion, the capital amount received being £27,217. Interest received from Government stock ranged from 4J per cent to 54 per cent, but in futuro the rate would be 4 per cent. Mr. Anderson asked all members to. stand by the association. It was compulsory saving on their part, the contributions being subsidised by the company, and til© total funds carried compound interest. "I can assure you it is the best and safest investment you can secure, and personally I should like to get a similar interest return on any savings of my own," said Mr. Anderson. During the year one of the retired veteran servants of the company, Mr. R B. Walrond, and a member of the association, Mr. C. H. Pyke, passed away, and to their relatives members of the association as well as the trustees expressed their sympathy. The report and balance-sheet were adopted. Referring to the resignation of Mr. T. H. Macky from the board of trustees, Mr. Anderson paid a warm tribute to the sterling work he had accomplished for the association. A motion by Mr. T. Clarkson expressing the thanks of the meeting to, the directors of the company for their support given to the fund and to the trustees for their very careful administration, was carried by acclamation.