A PROSPEROUS SOCIETY

Evening Post, Volume CXVII, Issue 127, 31 May 1934, Page 14

A PROSPEROUS SOCIETY

SOUTHLAND BUILDING

(By Telegraph—Press Association.) INVERCARGILL, May 30. Mr. A. S. Frbgatt, president of the Southland Building Society, stated at the annual ' meeting this evening that the value of shares matured at the end of the society's financial year was £56,125, which could be obtained by the shareholders concerned tomorrow morning. This, he said, could be reinvested with the society; but for the sake of business he hoped a proportion would be lifted and spent with the shopkeepers. The president also stated that after making provision for doubtful securities, the profits, including £1842 16s 4d brought forward from ■ last year, amounted to £48,133 17s 9d, of which £44,110 14s 5d was credited to borrowing and investing shareholders at a rate of 5% per cent, per annum. There remained a surplus of £4017 8s 4d. From this amount a sum of £518 19s Cd was credited to the office* premises account, and £260 12s 6d to furniture and equipment account, thus reducing the net profit to £45.505 9s sd. The reserve fund was increased to £30,613 6s lOd, which 'represented for 65 years, an' average annual appropriation of a little more than , £460. For 30 years less than £25 has been withdrawn from the reserve fund, but it could not be expected that this good fortune would continue for ever. : ; Mr. ■ Frogatt was re-elected president. It was decided to vote £100 to the staff as a bonus to be allotted at the discretion of, the directors.