C.B.S. profit rises 19.4 per cent

Press, Volume CXI, Issue 32708, 10 September 1971, Page 8

C.B.S. profit rises 19.4 per cent

In spite of economic fluctuations and rising prices and costs, the net profit of the Canterbury Terminating Building Society rose 19.4 per cent to $602,006 in the year to May 31, the chairman (Mr A. C. Felton) said in his report with the accounts.

Members’ accumulated funds increased from sl9m to' more than s2lm, all of which and more was invested by way of mortgage—in members’ homes throughout New Zealand. Advances secured by mortgage were almost s22m. Total funds employed increased from s3om to $33.5m.

Receipts for the year from members and depositors exceeded slBm, Mr Felton said, and the volume of transactions involved would force the society to keep the records by computer. This was planned to be done this year.

Total deposits with the Bank of Deposit exceeded sl2m, compared with sllm last year. In spite of the intense competition for funds, the society continued to attract support, Mr Felton said. Advances on mortgage during the year were $6,348,376, compared with the record $7,042,313 advanced last year.

Referring to lending policy Mr Felton said that the society had been unable to provide immediate finance to members wishing to buy or build a home. The current economic situation, and the serious shortage of mortgage finance throughout the country caused too much pressure on available funds. Investments increased from $5,609,517 to $6,829,846.