COMPANY AFFAIRS.

Auckland Star, Volume LXVI, Issue 223, 20 September 1935, Page 4

COMPANY AFFAIRS.

SOUTHERN CROSS COMPANY. LESS PROFIT LAST YEAR. A net profit of £650 is disclosed in the annual accounts of the Southern Cross Investment and Rural Development Society for the year ended June 30. £505 was brought in from last year, giving a total of £1155, of which the directoi'6 recommend that £700 be added to reserve. The directors' report states that better results are expected from the company's building next year, as practically al! vacant rooms have become occupied during the past three or four months. The savings bank department shows a satisfactory increase of deposits over withdrawals. Progress in a settlement scheme in the Far North is reported, and a small housing scheme has been inaugurated. In addition to £474 written of! bad debts, £1500 has been transferred to mortgage reserve. The retiring directors, Professor H. W. Segar and Mr. S. I. Rossitcr, are nominated for re-election. The profit and loss account shows interest earned £5564. general expenses £1641, interest paid £22.58, building loss £474, bad debts £427, depreciation £120. Chief items in the balance-sheet are:— Liabilities.—Paid capital, £75,893; Bank of New Zealand, £20,627; Public Trust, £18,489; deposits, £46,613; "C" investment shares, £7903; mortgages, £4509; bonds, £121; sundry creditors, £150; reserve, £ 1000. Assets.—Loan on mortgage, £113,613; freehold property, £46,834: sundry debtors, £1417; home banks, £3935; rural development, £563; building sections, £517; cash. £9034. Compared with the previous year deposits on hand are £5600 higher, and on the assets side cash in hand is increased by £1611, while loans on mortgage are £2381 higher. General reserve is lower by £1000. due to £1500 having been written off loans on mortgage.