Pru. Building Pays 9% Despite Drop

Press, Volume CIX, Issue 31922, 25 February 1969, Page 20

Pru. Building Pays 9% Despite Drop

Shareholders in the Prudential Building and Investment Society of Canterbury will have received a higher dividend when the recommended 4| per cent final payment for 1968 is made, but the society’s profit eased slightly.

The final dividend makes a total of 9 per cent, compared with 8J per cent the previous year, when the net profit was $357 higher than last year's $23,574. The profit represents a return of 11.7 per cent on the society’s steady capital of $200,000. The dividend takes $lB,OOO, and the undistributed surplus

transferred to the reserves is $1357 lower at $5574, which raises shareholders funds to $302,315. The balance sheet to December 31 shows that deposits held by the society have declined by $14,627 to $511,584, of which $432,853 is repayable within 12 months. Savings bank deposits are $33,860, a fall of $5457. Advances on mortgage declined by $24,478 to $680,814 and investments in Government stock rose by $10,364 to $137,141. Fixed assets are down by $5l to $38,007. The directors said in their report that the present capital structure of the society was restricting its expansion. They were considering future growth, and would submit proposals to shareholders later this year.