Competitive year for United B.S.
The United Building Society of Christchurch (Permanent) faced a highly competitive financial market in the year to March 31, said the chairman (Mr J. L. Neale) in the annual report.
Interest rates for funds borrowed again increased during the year, and lending rates were increased to compensate.
As members were aware, the Northern United Building Society and the Canterbury Building Society, through Canterbury Superannuation Nominees, Ltd, had moved to acquire a controlling interest in United.
Because of the success of this move, the resignations of all the present board- members were submitted, and the nominations of Messrs C. S.
Jenkins, H. F. Redmond, C. J. R. Tippins, and Ei. A. Schnauer had been received for four directors permitted under the present rules. The net profit rose 13.4 per cent o $42,063 on income 11.4 per cent higher at $144,101. A steady annual dividend rate of 18c a share (18 per cent) has been paid on the A shares. The, dividend requirement was $30,694, and it is covered 1.4 times... after allowing interest on- subscribing shares to B shareholders.
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Press, 16 July 1982, Page 8
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183Competitive year for United B.S. Press, 16 July 1982, Page 8
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