rEMPERANCE PERMAN _NT BUILDING SOCIETY
'WAY ANY MEETING - - RESERVES STRENGTHENED
NI 88th annual meeting of the Temperance Permanent Building society was held on Wednesday, February 2.5th, at the Alliance Hall, Festminster, S.W. r.
Mr. Cyril W. Black, F.S.I., F.A.I. (the chairman), in the course his speech, said : The year which has recently closed has witnessed a continuation the process of adjustment to new conditions brought about by the ar, and it is doubtful whether, in all its long history, the society
s ever faced a year more fraught with complexity. Nevertheless, we T come through it with our essential strength not only unimpaired in actually increased, and though in the nature of things in our usiness the year has been largely devoid of the spectacular, it has abled us to bring about some valuable consolidation.
The balance on profit and loss account available for appropriation £128,390 compared with a figure in the previous year of £146,062.
t is not necessary to look far for the causes of the reduction of ly £18,000 in this balance. The amount payable for income tax ws an increase of nearly k14,00o, and we have incurred special penditure of a non-recurring nature as a direct consequence of war ditions of over £5,00o. These two items alone more than cover reduction in the profit. It will be noted that the appropriation t contains a new item—" War damage indemnities (1941 instal- nt) and premiums, D3,837." This is the first of five annual con- 'budons for which the society has been made liable by the War age Act, 1941, and though it is a heavy burden to be borne by society, it is gratifying to know that members whose properties ve been damaged by enemy action are now assured of compensa- . After payment of interest to shareholders and depositors, we ye made an appropriation to contingency fund of £13,031, leaving slightly increased carry forward of £27,464.
The balance-sheet shows an improved position both in regard to rves and liquidity. Our reserves, consisting of general reserve fund, ingency fund and carry forward, now amount to a grand total of or k1,070,000, an increase of over L13,000 on the previous year. ratio which our reserves bear to the aggregate of our share capital deposits has risen to approximately 21.65 per cent. During the year we have been compelled to give notice of a er reduction in the rates of interest payable to investors, the rates taking effect from October 1st last. Shareholders who ested prior to 1931 now receive 2i per cent, interest, while subse- tly issued shares earn 21 per cent. Depositors receive 2; per . All these rates are free of income-tax to the recipient. I am glad to be able to repeat the assurance I have given in previous that our borrowing members are, on the whole, continuing to our their Obligations satisfactorily. In cases of genuine difficulty ught about by war conditions, we have temporarily reduced or pended capital repayments, while in cases where properties have rendered uninhabitable through enemy action we have been Ppy to grant the utmost relief pending settlement of claims. The report was unanimously, adopted.
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