SUCCESSFUL YEAR

Press, Volume LXIV, Issue 19451, 26 October 1928, Page 12

SUCCESSFUL YEAR

CHRISTCHURCH BUILDING SOCIETY. ANNUAL MEETING. The fifty-fifth annual general meeting of tho Christchurch Building and. Land Society was held yesterday, Mr J. H; Seager, chairman of directors, presiding. Annual Report. The aunu3l report contains the following: The Board of Directors has much satisfaction and pleasure in presenting to the shareholders on the occasion ol the fifty-fifth annual general meeting "of the Society, the balance-sheet for the year ending September 30th, 1928:—The profit for the year after allowing' for all management and payments and expenbes amounts to £8673 10s lOd, balance to credit of profit and loss account brought forward £1137 19s lOd making a total of £9Bll 10s Bd. The Board has decided under Rules 51 and 52 to pay and allocate respectively this sum as follows:—Half-year's interest to VA" shareholders to March 31st, 1925, £2136 6s 2d; half-year's interest to "A" shareholder* to September 30th, 1928, £2193 4s 4d; interest to "B" and "D" shareholders to September iiOth, 1928. under Kule 51, *206 lis lid; profit of 1J per cent, to "A" and "B" shareholders under Rule 52, making 8J per cent, for the year, £936 l.la lid; carry to reserve fund (raising this fund to £20,000), £3000; carry forward to credit of profit and loss account, £1338 13s 9d; making a total of £9Bll 10s Bd. Applications for new issue of "B" shaves of ultftnate value oi £SO and £25 respectively (at option of applicant), will be invited by public advertisement after October 25th, 1928*. Messrs J. H. Seager and T. 1). Harman retire from the Board in rotation. Both are eligible for re-election, and have given the necessary notices of their candidatures. Chairman's Address.

"II is with a. great amount of pleasure, and X think I may be allowed to' say, with » certain degree of justifiable pride, that the Board of Directors meet you hero to-day on the occasion of presenting tho 55th annual report and balancc-fiheot for the year ending September 30th, 1928. Tho balance-sheet, as also the statement of receipts and expenditure and profit and loss account, are'-set i out in a clear and intelligent way, and for those shareholders who earn not to masticate all the figures given, the results of tho year's financial activities are gathered up and set forth in tho report in a conciso and clear way, •so that 'all who run may read'—and understand. "I do not think it needful for inc to take up your time in making any laudatory remarks .upon the balance-sheet and the result of the year's work—indeed, to do so would be very like 'painting tho lily.' Those of you who have beeu shareholders for any length of time and have studied the welfare advance or otherwise of the Society from year to year, will discern at once that the Society has never before in its whole history had such a fruitful Never has the Board of Directors lor the time being; brought its year's work to a close with such successful and happy rc-

salts for the shareholders. "[ ■would, however, like for the purpose of showing the great and important change that has taken place in the Society's standing and popularity, to draw your attention to the difference in the Volumo of business that has taken place in tho short period of three years between 1925 and the prosent time. "At the end o£ tho former year the amount of mortgages stood at £157,064. at the end of the present year £234,711, a difference of £77,647, amount of deposits in 1925, £105,414, at end of present year .€145,003, a difference of £40,089. interest received 1925 £9947, present year difference £SBBB. "The profits earned by the Society for many years past has only been sufficient to enable the Board to pay the shareholders a dividend of 7 per cent. The improvement, however, which took place in the years 1926 and 1927 enabled the Board to increase the dividend to 8 per cent., and consequent upon the increased business and moro particularly on account of the greater proportionate profits, the Board is able this year to pay the shareholders at the'rate of 8J per cent, per annum, and out of. tho year's profitß to strengthen tho reserve fund by the substantial sum of £3OOO. The shareholders will, I.um sure, consider this latter policy a wise and prudent one, proparing as it does for 1 any adverse eventuality that may occur, and at the same time hardening the value of the investment held by shareholders. ;'This improvement in the Society's position is the result not of any forced action on the part of the Board, but is a gradual and natural increase as a reward for the prompt and careful attention given to-. the Society's customers, investors, and borrowers by the Board and by the various officers of the Society. It will be a'satisfaction to the shareholders to know, that the Society's'aq- ! counts have not only been audited monthly ! by the auditors appointed by you at the last annual general meeting, but that throughout the year they have been rn constant touch with the office and its work. The thanks of this meeting are due to them for the vigilance exercised by them and for the ready advice and assistance rendered by them to the Board of Directors and to the staff. , . "It will probably be expected that I should make Bome reference to the, time of depression through which we are passing, with its accompanying regrettable unemployment, in its bearing upon the Society's mortgagors and. their securities. It was inevitable with Buch a large number of borrowing customers on our books (the bulk of whom aro of the artlsßn class), that some should fall within the ranks of the sufferers, * and hare to seek indulgence at the hands of-the Board. There have been from time to time not a few thus placed, and the '.Board has always been ready, and has been able by its advice and by clemency of treatment to* help the unfortunate ones over theiri embarrassing times, and while assisting them to retain their homes, have at the same time prevented any Joss to the Society. "It speaks well for the good judgment of the Board in the, selection of securities offered, and foi 1 the work of tfce secretary in keeping close watch over any borrowers .weakening in their repayments, that I aw now able to state that the Society has not one single property on.its hands, that throughout the year there has not been one- penny loss sustained, and that, at the present time every account is good, and so- far' as the Board knows and believes there is no security held on which the' Society is likely to suffer a loss. The shareholders and depositors may therefore rest assured that the Society is perfectly Bound and healthy, the assets of the. value set against them, and the balancesheet as good and strong as it professes to be. I have pleasure in moving the adoption of the report and balance-sheet." The annual report and balance-sheet were adopted. As no other nominations were .received for the vacancies on the Board of Directors, Messrs J. H. Seager and T. H. Harman were re-elected. Messrs J. H. Stringer, and W. S. McCtibbon were re-elected auditors. A vote of thanks was passed to the Board, of Directors .and' the staff on the excellent manner in which they had conducted the Society's affairs throughout the year.

[Extended Report, Published by Arrangement.] SOUTH BRITISH INSURANCE COMPANY. I ' | ANNUAL . MEETING. ' . ~~ — ~~ • [THE PBSSB Special Serrfce.] AUCKLAND, October 95. There was 'a fair attendance of shareholders at to-day's meeting of the South British Insurance Company. Mr Y. J. Lamer, chairman of directors, presided. In moving the adoption, of .the report and. balance-sheet, Mr "Lamer, in referring to underwriting- credit, stated that New Zealand's contribution thereto was amall. Commenting on the balance-sheet figures, ho said that properties had increased by further payments on the new building in Shortland street and by tho completion of tho Hamilton property. Government securities Were less owing to the . maturity of loans, the proceeds of which had been reinvested in municipal and harbour board debentures. 'Referring to the proposed dividend, the chairman said: "The directors recommend the payment of a dividend of Is 3d per share. This, with the. interim dividend of Is 2d paid last April, makes a distribution of 3s 5d for the year. Being- familiar with the long-established policy of the directors of paying a higher dividend when the return from .investments' permits, shareholders may have expected this recommended increase. It may not be out of place, however, to remind shareholders of the falling tendency of interest rates and of the effect it may hare on the return from investments. While on the subject of dividend, attention may bedrawn to the fact that whereas the greater part of it is distributed in New Zealand, only a- relatively small portion of the funds fiom winch it springs originated in this country. The operations of the South British throughout its wide field of activities are a source of income to New Zealand to an extent that few take the trouble to realise. The operations of the Guardian Trust continued to expand, and the business of trusteeship received the close personal' attention of the directors. It was intended to distribute a bonus to the staff. The motion for the of the report was carried unanimously. Messrs J. H. Upton and E. E. K>- Bvettll. were re-elected dixectog, ■

CHRISTCHURCH STOCK EXCHANGE. In the stock »nd. bond faction, buyeM of tie per cent. t*x froebonda, due 193S and 1939, moved up to J&9 2b Gd, but 6ellers were reticent. 3?i*e and a hali per cent. 1983 stock remained at £ 101 53, the market closing 2s 6d on either eido. In the banking section, Commercial Bank of Australia shares were bought at 30s Id, and there was further demand at that prioe, sellers at 30b 2d. National Bank of Australasia fully-paid shares had dealings at £l9 6s 6d, buyers staying in at that price, sellers asking £l9 7s. Bank of New Zealand buyers were fractionally weaker with sales at 61s Id and 61s sd, and more were offered at 61s sd, buyers at 61s 4d. Union Bank shares weakened to £ls 6s, tho market clooing £ls 6s buyers, £l6 6a (id sellers. In the miscellaneous investment section, a parcel o£ National Insurance shares sold at 163 4d. P. and 0. Deferred Stock was firmer on buyers' bids 535, no sellers. Buyers of Kaiapoi Woollens fully-paid ordinary shares moved up to 13s sd, but sellers wanted' 13s 9d. Carlton Brewery buyers' entered tlio list at 48s 6d, ..sellers at -493. New Zealand Breweries shares appeared easier with sellers at 54s lid, buyers at 54s 9d. A parcel of N.Z. Sugar of Milk shares, ex dividend of 1b (ki per Bhare, changed hands at 26s 3d, and further buyers offered 265, sellers at 2Gs 9d. Henry Jones Co-op. shares were stronger on buyers' -bida 38a M, sellers at 39s Mt. Lyells hardened to 36s Id buyers, 36s Id sellers. Mabakipawa Goldfields shares had dealings at both morning and afternoon call at Is 4d, and more wero wanted at that figure, sellers at Is sd. Wilson's N.Z. Portland Oment shares showed improvement, buyers offering 39s 9d, sellers asking 40s 6d. YESTERDAY'S TRANSACTIONS. SaUi on 'Change—Coram. Bank of Aust., 50s Id; National Bank of Australasia (£lO paid, cum div.), £l9 6s 6d (two parcels); Bank c-f New Zealand, 61s 4d, 61s sd; Union Bank of Aust., £ls 6s (two parcels); Xlahttltipawa, Is 4d (four parcels'*. Sales reported—N.Z. Govt., 5J .per cent. Inscr., 1933, £lOl ss; National Insurance, IGs id; N.Z. Sugar of Milk (ex div.), 2£s 3d., LATEST QUOTATIONS.

OTHER EXCHANGES. (IBESS AS3OCUTIOK TBLEGBAMS.) AUCKLAND, October 25. „ , v.ot Zealand Breweries, Ltd., det f7~~ "4s sd; National Insurance, 16s b j saleB); Renown Collieries, (ord.), 4d Lj ifs Sd (two sales), 16s; Taupm, HI 9d;'.Pukemiro, 68s; Waipa, 12s 3d; Auckland Gas, -3s October 15. , • -pnorted Union Bank, £ls 7s; WilJf cemCt (two parcek), 40s; National Insurance (two parcels), 16s 4d^ DTJNEDIN, October 20. „ , „nnrted—Union Bank, £ls 7b; New 7j Jmd Breweriee (shares), 55s (two); National Insurance, 16e " d - AUSTRALIAN MARKETS. (Received Octob^2sth, sss riii Pe rlour-—Tto local market is quiet at £l2 8 Bran and Pollard have been reduced 10s ea o\t?-T aS mam ? 4s 8d to 4s lOd per v >?„ i Algerian 4s 6d to 4s 9d. Mff- 1 " Tasma b nian e £7 10s to £8 ,a ton, Wheat-Growers' lots, old |s 6d to 4s 9d >iii she 1 new season s 4s Ba. lot £ll 15s a ton. Bran —£6 10s a ton.

Buyers. Sellers. £ s. d. £ B. d. K.Z. GOVT. DEBENTURES— 41 per- cent. Inscribed, 1939 99 0 0 — 4.1 per cent. Bonda, 1938 arid 1939 99 2 6 — 3 per cent. Inscribed, 1923 .. .' 99 5 0 — oi nsr cent. Inscribed, 1941 93 0 0 99 10 0 5& wor cent. Inscribed, 101 7 6 1933 101 9 6 54 per cent; Bonds, 1930 101 s 0 101 10 0 Jj per cent. Inscribed, 193G 101 0 0 — 54 per cent. Bonds, 193G .. ; •• 101 5 0 — " oi per cent. Inscribed, 90 10 0 1932 .. ■ ' ' • • — 5i per cent. Inscribed, 93 15 0 1933 — G per cent. Inscribed, 1831 101 5 0 102 10 0 OTHER DEBENTUBESVVellington City, 5$ per cent., 1930 100 0 -0 100 10 0 Heaihcote 1 County, <1J per cent., 1929 98 10 0 100 0 0 Christcliurck Dminago Board, 5J per cent., 1973 ' .. 99 15 0 — N.Z. Breweries, Inscr. 1 4 1 — ' N.Z. Breweries, Bon<M 14 3 — Booth, Macdonald, CJ per cent., 1932 61 0 0 60 0 0 BANKSAust. of Commerce 1 13 0 1 13 7 Australasia 14 14 0 14 15 0 Comm. of Aust. 1 10 1. 1 10 2 Comm. o£ Aust. (pref.) 7 5 0 — Comm.-Cf Sydney , .. 27 10 0 27 17 fi E., S., and A. 8 16 9 8 17 8 National o£ Australasia (£10 paid, cum div.) 19 6 6 19 7 0 National of Australasia > (£5 .paid), qirm div.) 912 '6 — New South Wales 51 2 6 51 7 6 New Zealand - 3 14 3 15 . Queensland 9 3 0 9 6 0 Union of Aust. .. 15 -6 0 15 6 6 INSURANCE— 0 14 9 Provident Life .. . National • ••-.' 0 16 3 0 16 6 New Zealand .. • • -3 5 3 ■' ■.— South British (« div<) 3 2 6 8 5 0' Standard ....>■. 3 4 3 LOAN AND AGENCY— IS ' 7 0 Dalgcty and ■ Co. IS 4 6 (roldsbrougb, Mori ... 2 10 10 2 11 2 National Mortgage ' 4. 6 6 4 10 0 United Building 0 14 5 0 14 10 SHIPPING— 1 4 30 16 0 2 8 /2 Howard Smith. . Huddart-Parker — P. and 0. Deferred Stock 2 18 0 1 Oil Union (pref.) 10 5 FROZEN MEAT— ■ 9 10 0, Canterbury (ord.) — Canterbury (prof.) . • 5 0 0 0 16 10 N.Z. Refrig. (£1 paid) 0 18. 3 N.Z. Refrig. (10a paid) 0. 8 8 0 6 10 WOOLLENS0 13 5 0 13 9 Kaiapoi (17a paid) Kaiapoi (7s raid) 0 4 4 0 4 6 0 14 9 Kaiapoi (pref.) 0 14 3 COAL— Taupiri •■. >• 16 0 GAS5 10 0 Ashburton — Auckland . ■ 13 0 — Christchuuch . ISO — Ckristchurch (10s paid) 0 12 4 0 12' 6 Timaru 12 0 — BREWERIES— 2 8 6 2 9 0 Carlton Monteith's 10 0 13 6 New Zealand .. 2 14 9 2 14 11 Staples •« 3 0 0 3 0 1 Timaru . 0 14 10 . i— Tooheys 111 0 — Tootba 2 8 10 2 9 3 Ward , •• >• 2 2 7 2 2 11 Swan "' 4 2 6 4 £ 0 CEMENTS— 1 M 6 J 16 8 Milburn Lime Wilson's Cement 1 19 9 2 0 6 MISCELLANEOUS1 14 9 Beath and Co. ' British Tobacco .. 2 4 1 3 4S Bums, Philp (cum div.) 2 3 6 Colonial Sugar 62 5 0 83 5 0 D.I.C. ,(10s paid, cum div.) Electro. Zinc (ord.) .. 110 12 0 1 12 i 112 7 Glenmoxo Brick and 18 8 Tile — .Henry Jones Co-op. .. 1 18 6 1 19 6 Mason, Struthers {£1 paid) N.Z. Drug Co. •• 3 9 0 10 0 3 10 0 N.Z. Farmers' Co-op. 0 2 9 (10s paid) •• 0 2 0 N.Z. Farmers uo-op. 2 11 0 ' ("A" pref.) •• — N.Z. Farmers Co-op-(6|< per cent. Stock, 1940) •• _ •• 34 0 0 ' N.Z. Farmers Co-oi».. (6i per cent. Stock, 1945) • i; ,. •• N.Z. Farmers' Fertiliser 92 0 0 0 17 0 0 18 6 0 ,8 10 N.Z. Guarantee Oorpn. 0 8 8 Iflz. Guarantee Ccrrpn. N.z! P Sugar of Milk (ex div.) •• •• Whiteombo and Tombs Mt. Lyell •• 10 4 16 0 3 13 0 1 16 1 16 9 1 16 7 100 Sanford, Ltd. mtning0 0 3 0 1 0 Ifawarau 0 14 0 15 Mahakipawa •• Waihi • • 0 13 9