A.C.T. BUILDING SOCIETY.

Auckland Star, Volume XLVIII, Issue 121, 22 May 1917, Page 9

A.C.T. BUILDING SOCIETY.

A TEAK'S WORK. EFFKT OF WAR ON LOANS. The directors of t*e Auckland Co-op-erative Terrainating BuiMSng Society, in then- aniwal report presented to sharebrfders. state:-"The annual invome ot tit society strain i>ea.r¥ testimony to the satisfactory results of its prosrresrire policy. The'depletron of wase-earaers enJedby the war has not dimmehed the receipts • on the contrary, there is again » sttbstantcd increase in the fijjures. Ust rear they sunounted t<, £Jlfi.9Rl 6/9: tiiis jm.r. to £132.868 7/8. This sfcouid be" most gratifying to all con-Mrt-ed ■β-ith the Soraety. The demand for money -available for loans has been Baintained during tlie year, though the tertiaJ cessation of biiihlimr operations. aai the working ot the Mortgape Extrasion Act. better known as the " >fcratorinm Att- -, have had a powerful eflect on the money market, as reflected in tlie_ Society's affaire. This has made itself fert hi recent monfns. tending to diseoarape members from tenderinij for money, many pales thus becoming ballots irtrirh are put iDto the humi? of t.ie Society to be dealt with by private sale —a more difficult task. in the oHer jrroups. novr that buyers are not so mimeruns. Notwithstanding the difficulties, the money available in this way » disposed of steadily and without unreasonable delay m the circumstances. TTie cash advanced on l<ian durin<j the year amounts to E«fi.-!45 10/ S. an increase of £2.107 7/4 over last year's figures. Every security has been carefollr vahied. and. in every instance, an tinple marjrin provided. Taking iirto TOnsideration the unusual oonduions prevailirnr at present, shareholders are to be congratulated on the satisfactory natc of the repayments of loanholders. most of whom are carryinc out the-.r oMiSTVtions in a highly , commendatory BanDer. Tlie <':ise> of the few. who. from misfortune or other rauees. are not able to keep up their payments recrularly. arc beinp dealt with on their merits, and ercry precaution ta-ken t-o avoid any k«s. The advances made and authorised amount to £1.049564 IS/11, and fhe repajments to £304.766 n/fi. leaving the liability of loanholders €484.798 it ."i. for *£ich FeCTjrttee ample marjrin ere held by the Society. Tlie profits rfio"w a satisfactory invrea.se in fhe B"«T>r groups, hut in the older croups they have heen affected by the abaenee ff tenders. This reduors the apsTnfrate in some instances, but the individual share of the profits continues to inerpase. n-K-rn<: to there beintr fewer meml*rs left to participate in them. The profits earned durrntr the year iffl'junt to CS.S-41 5/3. making- the total profit? £IR4flO S/7. after dednctinjt the proiits withdrawn during the Year. &352 16/6.