SOUTHLAND BUILDING SOCIETY.

Southland Times, Issue 18834, 29 May 1920, Page 3

SOUTHLAND BUILDING SOCIETY.

j To tlie Editor, i Sir. •-• Shard.older” cites a few of the I ob.cei ion,tine tea tun's and adds "these are ' on.y points io p,..-.-in clearly meaning a I l-.w out ol non. ." who ,i might be named. It ] |o in . .-ir. tout even tltese few sclteivd i dints are rather lar ■ ;f. ,n Let Us cxnio.i.e them. ; l- list "lu.yin;; me .-tad as little as [.os I , : ihe and uapmyins cheap htliour." The lo.lanei sheet ,-avs "stall salaries and bonus, tHdTi"; Bn- surely bursts a bubble. .-‘loud "Bonowers not. treat id as well ■ tit- v .iesicee. suggests "reduction in rate i;f inter st an! treat am of a B1 tutu 20-year -■■rie- „f repayments.’’ This is plausible and ; ..m.ulil score with shareholders, but as re'g.u.i* ivduc -tit, it, is it teas;ble? I find on | tury, that the hulk of the debenture 1 n„,ney eo -ls ■) i per cent, mid that a ; margin of U j er cent, is necessary for safe "none. "tHtar.- holder.” by reducing this ; ;:i.t ..• n. wr.'.iio i ndenger the stability oi the '.-.r liiv, "New 1.100 i" of ".Sliareholder’s" jturn ot mind iiuglll be belter termed "new j ;;,i mil;," from which "Good Lord deliver jus." ' Td and 20 yeats." Another bubble; I ;’m >v i - i. -w a 1 ! year series, a term quite ■ •:,*■ Bag m g. o ; for citLcr hot rower or ■ i n.k r. I:, r.!, -'Muiopidising the insurance pre- !. it. I." i :f , li.mi (i.e balance sheet tliat Bd'i I’. 1 I v. a., earned m eoinmisHon lust (m- u- mci t hot witlmct loss or injury to me :u>r‘"v. . i.-. mis is one. of the "“conservative n.et'ioi.,*" to which "Shareholder” obi )•■(•'■>. 1 rather think, sir. that "ShareI'.olfP r” has (mi Ids foot in it here. His l inlere. t is eli ariy nut the Society’.* interest, i i tit tiiid of an in. uriiiwc eyent who is deprivigl of his chances for business— in this hj“ has given eimsaTf wav, —I am, etc., EX-DEBENTURE HOLDER.