FRIENDLY SOCIETIES’ FUNDS.

Timaru Herald, Volume CXXIII, 17 March 1927, Page 10

FRIENDLY SOCIETIES’ FUNDS.

LEASEHOLD SECURITY. By Telc’-uph—Press Association. PALMERSTON N., March 15. An interestin'; discussion arose at the Druids Grand Lodge Conference to-(jay upon the rule empowering the trustees of the Order to invest money in leasehold' security in view oE the fact that the Druids have £351,804 secured by mortgages on property. The Grand Secretary read correspondence from the Registrar oi Societies which indicated that there were, some forms of leasehold that were r.ot desirable investments and should bo excluded- It was obviously in the interest of members that securities should be selected, with prudence and that no sentiment or .demands foi high interest rates should influence such selections. Delegates urged that the financial stability of the Order should not bo jeopardised in order to meet special needs and the wishes of a section of members of the Grand Lodge. A trustee pointed out that loans on leasehold mean loading that no work ing man could take up a loan.. He assured delegates that the trustees had no difficulty m finding investments in freehold. Delegates who advocated'' loans on leasehold pointed out the difficulties of a member farming land on 99!) years’ tenure, and also of, those who held property in West Coast towns, where all sections were leasehold and often carried .valuable buildings. Einally, a motion to delete leasehold was carried without a division.