P.S.I.S. funds optimism
PA Wellington The last 5 per cent of funds frozen for members of the Public Service Investment Society could be released by the end of this financial year. The statutory manager of the P. 5.1.5., Mr R. W. Stannard, said: “It will all depend on members’ savings reaching a higher level.” He said the society earned a trading surplus of $1,048,000 for the year ended March 31. This compared
with a trading surplus of $354,000 for the previous year. Capital profits of $989,000 ($1,691,000 in 1984) increased the total result to a surplus of $2,037,000 for the year. “The accumulated deficit, which peaked at $6.5 million three years ago, has now been reduced to $810,000,” Mr Stannard said. He hoped the deficit could be eliminated and the remaining 5 per cent of frozen funds released by the end of this financial year.
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Press, 2 July 1985, Page 8
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145P.S.I.S. funds optimism Press, 2 July 1985, Page 8
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