UNITED BUILDING SOCIETY.

Auckland Star, Volume L, Issue 253, 24 October 1919, Page 10

UNITED BUILDING SOCIETY.

SOUND FINANCIAL POSITION. Tho annual meeting of the United Permanent liu-llding and Investment Society of Auckland was held yesterday. The chairman (Mr. K. Neill) was unable to attend on account of Illness, and Mr. S. Wing presided. In his address the chairman said that during the thirteen years the society had been In existence, it had been instrumental iv enabling many .people to secure their own 'homes, and was now continually assisting many more lv this direction. Great care was exercised by the directors in granting loans, and only first-class- securities were entertained. The existing mortgages were all sound and lv good order. It would be noticed that the increase of capital was £1120 for tlie year. The directors were very desirous of considerably Increasing this amount so as to further extend the business for the benefit of both shareholders and borrowers. The more capital obtained the larger would be the revenue, and consequently the -profits for the sbarciliolilers. It was asked that all members make an effort to obtain the desired result. The charges were about the same as last year £237 against £210 and on the other aide tlie interest earned was £1443 against £1372. This was, of course, mainiv due to increase lv capital. The directors had decided to accept money on deposit to a i'luall esteut, but would only take money In this way at current rates of interest. The balance of credit cf (profit and loss for distribution was £024. which the directors proposed to deal with as follows-— Dividend at the rate of 6 per cent, and peace bonus of X per cent, £623 12/6: plus £ioi C ii rYe fund ' £200; carried forward, The report was adopted.