RE-ELECTION OF DIRECTORS

Southland Times, Issue 23227, 16 June 1937, Page 3

RE-ELECTION OF DIRECTORS

Southland Building Society ANNUAL MEETING OF SHAREHOLDERS The retiring directors, Messrs T. H. Watson, John Gilkison and R. J. Cumming were re-elected for a further term of three years at the annual meeting of the Southland Building Society last evening. The voting was as follows:— T. H. Watson 1620 John Gilkison 1305 R. J. Cumming 1026 M. N. Hyndman 581 J. H. Reed 543 H. H. Royds 537 T. Pryde 519 A. J. Service 467 P. H. Nicholson 417 E. J. McLauchlan 249 L. S. Brooks 206 C. J. McEachran 177 D. A. McDonald 129 7777

There was a big gathering of shareholders and the president (Mr A. S. Froggatt) was chairman. In moving the adoption of the report and balance-sheet, the president said the balance-sheet was the most convenient epitome to show a period of prudent and spectacular advance. Its figures indicate an active year, considerable growth, and wonderful results. The last few years especially had marked an important stage in . the growth and evolution of the society, making it more necessary for constant watchfulness.

The society could expand only to the demands upon its services, and these wants were limited by the fact of population. If the population increased to the extent that some of them were hoping for, it would attain to still greater heights, for their was never more business in sight. The new year had already begun well, and £65,250 had already been advanced. The Building Society had helped hundreds to recondition their homes, when the timely expenditure on repairs and painting was necessary, and this had not only proved economical, but had given a stimulus to employment. The society was engaged in the great work of building up the material wealth of the country, and if other parts of New Zealand had such a society working as successfully, there would be little need for the Government to launch on another housing scheme. So far, it had not been necessary to regulate the income. It had come in regularly, and in sufficiently increasing quantities to cope with the growing demands. .

INCREASED DEPOSITS The confidence of the public was shown by the increased deposits in seven years of £654,889, of which £221,233 was the excess this year over the last. The total deposits were now £1,258,743. Seven years ago they were less than half this amount The depositor now occupied a very strong position in relation to the society’s activity. Mortgages had increased to £2,270,733 as shown, an increase in seven years of £859,931, a striking testimonial of popularity. For £432,295 to have been ISht in one year showed strength, prestige and stability, and hundreds had secured a definite stake in the country. The abolition of the subsidy did not curtail building operations to the degree expected. Notwithstanding the higher costs of building, the society had been flooded with applications for loans, mostly on new houses—a very hopeful sign—and in some cases it required individual enterprise and intiative, where the cash resources were limited, but by the offering of a life insurance policy as collateral security, many a loan was helped to fruition. The terms of the society’s loans were the best that could be obtained, when it was taken into account the profits credited, and the right to pay off part or the whole of a loan without any notice. The sum of £194,849 was received as repayments, and £104.436 for interest. The share money was £71,734 in excess of the previous year. The total assets had increased to £2,338,078. creating a fresh record. After providing for the expenses of management and some few adjustments on expected losses, there was a surplus profit of £60,356, out of which 6 per cent, per annum, representing £53,742, had been credited to investing and borrowing shareholders. This would have the effect of improving the financial position of many shareholders throughout the country. The total profits credited by the society to date were £866,476. A source of strength was the increase in the General Reserve Fund to £35,574, invested in securities not likely to depreciate, readily realizable if required, and reasonably termed liquid assets. The society’s reserve was gradually growing, and he would be the happier when it reached £50,000, which was not too much, commensurate with the society’s magnitude. The rhythm of growth naturally increased the number of shares, there now being 135,5771, of which 88,264 were borrowing and -*7,3134 investing, which wqs the ratio most desired.

UP-TO-DATE OFFICES

The optional combined insurance scheme had benefited several dependents through the foresight of the applicant in adopting it. The enormous increase in the volume of the transactions, the rapid multiplication of members, the undiminishing call for enlargement, had presented an acute problem of space and office technique, especially at balance time, when the premises became very cramped, and as the property was unsuitable for extension, the directors had taken steps, so that business could be transacted more comfortably and in more commodious premises. A larger staff of tellers and assistants would be required to deal with the ever-increasing numbers who come to make repayments and arrange investments, and it was hoped to have ready in a few months up-to-date offices which would be a credit to the city. It was hoped also that by the time the present premises were vacated a buyer would be found for them, so that the policy of the society to own one property only would be continued. To have built a property for the society’s requirements only would have necessitated buying land in a back street, but it was considered that its importance was such as to be centrally situated next to banks and insurance companies.

The society’s experience of properties in possession and the realization on properties through default had been comparatively rare, but the 12 that had to be sold, principally as the result of the depression, did not involve drawing on the general reserve fund. The losses represented a negligible sum in relation to th" society's total mortgages. In New Zealand there were 96 societies, whose total assets were £9,000,000 This society represented one-fourth of the whole. It was unnecessary to enlarge upon the prestige and financial strength of the society, but he contended that in time of prosperity or adversity, no investment medium ever excelled the society’s share investment, considering its degree uf security and the measure of convenience afforded.

Mr Froggatt also., affirmed that the terms of the society’s mortgage could not be bettered. Mr J. H. Reed seconded the adoption of the reform and balance-sheet, adding that the directors were to be congratulated on the care they were taking of the affairs of the society. The report was adopted unanimously. Mr Froggatt thanked the shareholders for their confidence in electing him president without opposition for the ensuing year. , , , , Mr C. E. Borne, the shareholders auditor, was re-elected. The remuneration for the auditors was increased from £125 to £135 each. DUNEDIN RABBITSKIN SALE Dalgety and Co. Ltd., Dunedin, report as follows on the rabbitskin sale:— “There was a much larger offering at the sale, about 80 tons in all. Competition from United States exporters was very keen, and the market may be quoted very firm for winter does and best bucks, 6d to 9d higher for spotted and outgoing grades of bucks and Id to 2d lower for hatters’ grades. Following are the prices realized:— Small, 23d a lb; runners, 34d; light racks, 45jd; prime racks, 46jd; dawny autumns, 57d; early autumns, 80td; late autumns, 102 d; second early autumns, 67£d; second late autumns, 89d; first incoming winters, 119 d; second incoming winters, lOOd; first early winter bucks, 153 d; first early winter does, 106 d; second early winter bucks, 131 d; second early winter does, 883 d; prime winter bucks, 178 d; first winter bucks, 178 d; second winter bucks, 150 d; spotted winter bucks, 129 d; outgoing winter bucks, lOld; spring bucks, 66d; prime winter does, 107 d; first winter does, 106 d; second winter does, 90d; spotted winter does, 77d; outgoing winter does, 63d; spring does, 46|d; summer bucks, 34Jd; summer does, 28|d; summer broken, 27|d; first milky, 3/|d; second milky, 27d; second winter blacks, 85£d; first winter blacks, 105 d; winter fawns, 99d; hareskins, 41-Jd.

FOREIGN EXCHANGES (Received June 15, 6.30 p.m.) RUGBY, June 14. The following mean closing rates of foreign exchange were quoted today compared with par:— Par Today Paris, fr. to £ — HO 29-32 New York, dol. to £ 4.886 4.93 11-16 Montreal, dol. to £ 4.886 4.93 3 ,4 Brussels, belgas to £ 35 29.24% Geneva, fr. to £ 25.221 21.56 Milan, lira to £ 20.43 93 3 ,4 Berlin, rmk. to £ 24.42 12.3114 Copenhagen, kr. to £ 18.159 22.40 Oslo. fr. to £ 19-159 19.90 Vienna schgs. to £ 34 585 2614 Prague, kr. to £ 34.585 141% Helsingfors, m. to £ 103.23 2261 s Madrid, pesetas to £ 25.15 — ulsbon. escudos to £ 110 110 3-16 Athens, dr. to £ 875 54714 Bucharest, lei to £ , 318.6 67214 Belgrade, dinars 275.31 216 Rio de Janeiro, p. to milreis 8.892 414 Buenos Aires, p. to dol. 45.577 — Montevideo, p. to dol. 57 39% Bombay, p. to rupee 10 18% NEW ZEALAND CURRENCY BASIS

The Bank ot New South Wales, Dunedin, announces the following rates of foreign exchange on a New Zealand currency basis: on Buying Selling London— £N.Z. to XstglOO T.T. O.D. 124 123/10/ 124/10/124/8/9 Australia— £A to £100 N.Z. T.T. O.D. 101 101 100/10/Fiji— £F to £100 N.Z. T.T. O.D 90/7/6 90/7/6 89 89 New York— Dollars to £1 N.Z. T.T. O.D. 3.9951 4.0051 3.9581 3.9621 Montreal— Dollars to £1 N.Z. T.T. O.D. 3.9956 4.0081 3.9607 3.9647 AustriaSchillings to £1 N.Z. T.T. O.D. 20.83 20.84 Belgium— Belgas to £1 N.Z. T.T. O.D. — 23.358 23.369 Czechoslovakia— Crowns to £1 N.Z. T.T. 112.96 O.D. —- 113.01 Denmark— ’ Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 France— Francs to £1 N.Z. T.T. -— 88.88 O.D. — 88.92 Germany— Relchmarks to £1 N.Z. T.T. — 9.815 OJJ. — 9.820 Holland— Florins to £1 N.Z. T.T. 7.316 7.166 O.D. 7.356 7.170 Italy— Lire to £1 N.Z. T.T. 75.15 O.D. — 75.20 JavaFlorins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway— Kroner to £1 N.Z. T.T. 16.183 15.893 O.D. 16.243 15.899 Sweden— Kroner to £1 N.Z. T.T. 15.785. 15.490 O.D. 15.845 15.496 Switzerland— Francs to £1 N.Z. T.T. 17.494 17.224 O.D. 17.599 17.229 Noumea— Francs to £1 N.Z. T.T. 87.51 O.D. —- 87.57 Papeete— Francs to £1 N.Z. T.T. 87.46 O.D. — 87.52 Hong Kong— N.Z. pence to 1 dollar T.T. 18 3-32 18 17-32 O.D. 18 1-16 18 17-32 India and Ceylon— N.Z. pence to 1 rupee T.T. O.D. 22% 22 21-32 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen T.T. O.D. — 17 31-64 17 31-64 Shanghai— N.Z. pence to 1 dollar T.T. 17 11-16 18% O.D. 17 21-32 18% Singapore— N.Z. pence to.l dollar T.T. 34 23-32 35 13-64 O.D. 34% 35 13-64 Chefoo— N.Z. pence to 1 dollar T.T. 17 43-64 18 19-64 O.D. 17% 18 9-32 Manila — N.Z. pence to 1 peso T.T. 29 27-32 30 11-32 O.D. 29 24-32 30 11-32 — - METAL MARKET (Received June 15 6.30 p.m.) LONDON , June 14. Metals are quoted as follows:— June 14. June 11 £ s d £ s d CopperStandard, Spot 54 6 3 54 9 4% Forward 54 6 3 54 4 4% Electrolytic 61 to 62 0 0 0 0 61 0 0 62 0 0 Wire bars 62 0 0 62 0 0 LeadSpot 22 5 0 22 1 3 Forward 22 6 3 22 3 9 SpelterSpot 20 17 6 20 15 0 Forward 21 1 3 20 18 9 TinSpot 248 7 6 246 7 6 Forward 247 7 6 245 15 0 SilverFine, per oz 20d 20d Standard, per oz 21 9-16d 21 9-16d