SUCCESSFUL YEAR

Southland Times, Issue 22157, 27 October 1933, Page 5

SUCCESSFUL YEAR

PERMANENT INVESTMENT ASSOCIATION CHAIRMAN’S REVIEW. The annual meeting of the Permanent Investment and Loan Association of Southland was held last night, Mr C. J. Broad presiding over a fair attendance. “We have met this evening to deal with the nineteenth annual report and balance-sheet of the association,” said the chairman. “The year under review has necessitated exceptional care and supervision in the working of the association, especially when regard is given to the conditions of the money market, and the world-wide trade depression. There are, however, encouraging signs that the economic conditions which have prevailed since 1930 now show signs of recovery. Especially is this the case in Great Britain, where industrial production and consumption are increasing, while the contraction in world trade appears to have been arrested, at any rate in the meantime. The slackness in the building trade, due to the depression, has adversely affected the operations of the association during the year. The amount advanced on mortgage being £23,198 4/10, but as advances repaid were in excess of that figure, the total amount lent on mortgage has been reduced by £4819, and now stands at £149,885 1/- net. To counter balance this, however, the association has made investments amounting to £8415 16/- in trustee securities with a view of strengthening the liquid assets. The profit for the year was £4199 5/2 compared with £5113 17/1 last year, a reduction of £914 11/11. This is acounted for through the reduction in interest under the National Expenditure Act which operated for the full twelve months of the year, as against only the last six months of 1932. The result of the year’s operations, taking into consideration the difficult times experienced, cannot be regarded as other than satisfactory. "Our reserve fund has been maintained at £15,500, any losses sustained during the year having been met from the security depreciation reserve account. This account, with the proposed transfer of £456 16/2, will stand at £lOOO, and with £B6O 10/2 carried forward, makes a total reserve of £l7,— 360. To our country agents the board tenders its thanks for the interest they have shown in the association’s welfare, and takes this opportunity of testifying to the efficient manner in which each and all have performed their respective duties. I have to thank my co-directors for the time and attention they have devoted to the business of the association, and for the cordial manner in which they have assisted me in the execution of my duties, pertaining to my office, during the past twelve months which I much appreciate. I have also to thank the staff for the efficient manner in which they have performed their respective duties. The success of an institution such as ours, greatly depends upon the staff employed, and I can with confidence state that for efficiency and earnestness of purpose, our staff is all that we can desire, and the directors appreciate the good work they have done during the year.” On the motion of Mr W. N. Stirling, the report and balance-sheet were adopted. The Hon. A. F. Hawke and Mr W. N. Stirling were re-elected to the directorate.

Messrs C. E. Borne and F. A. Webb were reappointed auditors. On the motion of Mr Stirling, a minute of appreciation of the unremitting attention of the staff was recorded.