SYDENHAM MONEY CLUB.

Star (Christchurch), Volume XLIV, Issue 522, 3 August 1932, Page 12

SYDENHAM MONEY CLUB.

The half-yearly meeting- of the Sydenham Money Club was held last night, the president, Mr H. B. Duckworth, -presiding over a good attendance of members. The chairman stated that the period had been a very difficult one, but the club was finite sound and had made good progress considering the general conditions. The Government had reduced, by 20 per cent, the rate of interest on mortgages and rents had had to be reduced causing a slight falling off in the amount of interest earned. He would like to see the reserve fund built up, and recommended a lower dividend for that purpose. The meeting decided to pav a dividend at the rate of 5d in the C on sums up to £3 00 and at 4 per cent over £IOO, and after the payment of interest on deposits £165 could be added to the reserve fund and the balance carried forward. Mr O. Jacobsen, vice-president, stressed tlie need for caution. The dividends at the rates mentioned by the chairman were adopted. The accounts showed that the capital of the club had increased by over £4OOO to £119,369 in the half-year, which was a record total. There had been an increase of twenty-seven in the membership. bringing the total number of members up to 1839. and the total number of shares was 8984. Receipts, for the half-year amounted to £22,974 14s 10d.