STAR PROVIDENT FUND

Auckland Star, Volume LXXVI, Issue 99, 28 April 1945, Page 7

STAR PROVIDENT FUND

FAST YEAR'S ACTIVITIES

The past year's operations of the Brett Printing and Publishing Company's Provident Association were submitted to members at the annual meeting yesterday, presided over by Mr. Edward Anderson. The balance-sheet again showed that the fund is in a strong financial position, and, despite some heavy withdrawals in the past year, was steadily increasing the individual credits of members by sound investment. The report stated that 34 members of the association were still on active service overseas in the various branches of the armed forces, while a further 10 members had been discharged from military duties and had resumed their service with the company. The membership now stood at 150. In the past year nine members had resigned, including three who, having reached the retiring age, wished to take advantage of the benefits accruing from membership of the association. The trustees recorded with deep regret the death of Mr. J.. A. Sherriff, who had been a trustee and secretary of the association since its foundation. Mr. James King, of the linotype staff, had also died, and the trustees extended their deepest sympathy to the relatives of these members.

Members Congratulated The chairman congratulated members on the continued success of the association's fund. He pointed out that while the rate of interest returned to members' accounts was 3J per cent, a slight decrease from last year, it still compared favourably with interest obtainable from the Savings Bank or from many trustee securities. The finding of suitable investments was becoming increasingly difficult, but the trustees had up to the present been fortunate in having obtained for members a return which was well abreast of market interest rates. The assets of the fund now stood at £50,916, as against £52,921 at the end of March last year. But as against this reduction in aggregate funds, two of the retiring members alone in the past year had withdrawn well over £1000 each from the fund.

Mi-. W. Thomas pointed out the advantage of joining the association by young employees of the company for thrift purposes, as members' contributions were not subject to taxation, and were constantly increasing. - The retiring elective trustees, Messrs. A. Bullock. F. J. Howard and S. A. S. Elliott, were re-elected.