SMALLER PROFITS.

Auckland Star, Volume LXXI, Issue 206, 30 August 1940, Page 4

SMALLER PROFITS.

SOUTHERN CROSS SOCIETY. RESERVES NOW STRONGER. Slightly lower profits for the year endei June 30 are shown in the annual account of the Southern Cross Investment am Rural Development Society. The amoun this year is £853, against £909 last year and £960 in the year before that. Th report states that of the profit, £800 ha been transferred to reserves. The sum o £ 1000 was set aside for the purpose in 193{ Movements in the balance-sheet betweei this year and last are as under: — LIABILITIES. 1040 1939. £ &

Deposits show a small recession com pared with last year, but the loans or mortgage, which is the essence of thi 1 company's business, show an increase - Money invested in Government Stock if i less, which in the circumstances, is under r standable. Cash in hand at £8904 i« - considerably greater. Proportionately t< the total sum of the reserves, this iteir 1 shows a big increase on last year, £180( - having been added in the interim. Gen eral expenses show a very small increase from £1722 to £1756. The accounts art balanced this year at £183,629, against £182.716 last year. The retiring directors, Messrs. M. J. Bennett and H. W. Powell, offer themselves for re-election.

Paid capiUU 612,013 f>2 01; Bank of X.Z 12,872 10,7S' , I'ublic Trust 18.555 19,05' e Deposits 72.620 72,0«! Investment shares . . 7.031 0 44 Unrtsnifiee 3,035 3,41! Creditors 51 3< r. Reserve 5,800 4,00( 1 ASSETS. ii Loans on mortgage . 113,273 117,05* it Land and buildings . 4S.149 48,03: Q Hump banks 3.142 3,23< s iH'btors 873 84< Uoverumcut stock ... 2,003 8 74- , C'nsli 8,904 2,78'