PROVIDENT FUND

New Zealand Herald, Volume LXXVIII, Issue 23966, 16 May 1941, Page 11

PROVIDENT FUND

GROWTH OF MOVEMENT WILSON AND HORTON STAFF SOUND POSITION SHOWN "The directors, as well as the trustees, are proud of the position attained, and I am sure that members must also be gratified at the result arising from the comparatively small weekly deductions from their salaries," said Mr. W. R. Wilson, when presiding at the tenth annual meeting of contributors to the Wilson and Horton Staff Provident Association and Pension Fund, yesterday. There was a large attendance of members of the association, and a review of The activities and growth of the association over the first decade of its existence revealed a highly satisfactory position.

in moving tin: adoption of the annual report and statement of accounts, M.r. Wilson, who presided in the absence of the chairman of trustees. Sir Henry Morton, said that at the end of the first year of the association there were 367 members, and their balances amounted to £SOBB. "The end of 'ten years shows a membership of 488. members' balances total £57.009. and there is a reserve fund of £'1575." said Mr. Wilson. "As wo grow older, the refunds to members on severing their connection with the company naturally tend to increase. Last vear 37 members were paid £3131.

Members in Army "Summarising tor the whole period, contributions and the company's subsidy amount to £60,68:'!, interestcredited totals £10.625, and refunds to members amount to £11,864. In addition, the reserve fund has been drawn on to the extent of £lllO in providing ex gratia payments, such as increases to pensions and grants on retirement, etc. The payment of £3212 to 33 pensioners during the year, together with the subsidy of £3740 to the Provident Association, gives a total of £6952 provided by the company for the benefit of its employees." Reference was made by Mr. Wilson to the fact that the directors were continuing the policy of preserving the interests of members serving with the armed forces by paying their contribution and subsidy. At March 31, 66 members were benefiting in this way, while many others were similarly treated during the year while in camp as territorials, etc. The earnest hope was expressed that those serving overseas might be spared to return fit and well. It was also mentioned by Mr. Wilson that the trustees felt that the funds of the association should participate in the war effort, and accordingly £IOOO had been invested in the national savings scheme, and a similar sum would be invested in the second period of the scheme. The annual report and statement of accounts were adopted. Assistance of Company Several members spoke of the generous assistance given to the association by the company, and it was mentioned that m many cases (lie company was augmenting the military pay of men serving with the forces, both abroad and in the Dominion. A vote of thanks to the trustees was carried. Following the annual meeting, an extraordinary meeting was held, at which several amendments to th-:> articles of association were passed. The general effect of these amendments was that the total amount payable to retiring contributors would be substantially increased