NORTHERN BUILDING SOCIETY

Auckland Star, Volume LIX, Issue 248, 19 October 1928, Page 4

NORTHERN BUILDING SOCIETY

FIFTH ANNUAL MEETING

A SATISFACTORY REPORT

About five hundred members attended the annual meeting of the Northern Co-op Terminating Building Society held in the |° Wn *-HaII concert chamber last evening. Mr. A. G. Lunn, vice-president, occupied the chair. In moving the adoption of the report and balance-sheet, already dealt with in these columns, Mr. Lunn said the fifth year in a Terminating Society was generally looked upon ais a critical period, and in addition they had had in common with the rest of the business community to meet the difficulties consequent on two years of serious trade depression. It was particularly gratifying, therefore, that the society had been able to maintain the extraordinary progress experienced since its inception. Id • few cases the directors had made advances against share subscriptions to tide members over a difficult time.

Mr. C. H. Furness, in seconding the motion, stressed the high standing of the shares on the financial market. They were, he said, readily saleable. He also emphasised the wisdom of seeing that all groups were kept full, rather than commencing fresh ones. Inter alia, he said:— I would remind you that our success is due to the fact that so far we have not made a penny loss on our investments, notwithstanding that our total mortgages exceed £400,000, and we have been five years in business. This success has been achieved by the directors making iu> !«■•"<• until at least one of them has personally inspected the security una is sau* • it is a safe investment for your monev." A number of questions were asked, and wwvr er V e « to the acting-secre-hnw th„ r " \i j w ' lo explained tions fh S< ? C ! etj , ad embodied in its operations the latest approved developments of co-operative bulming societv svtenis adopted . rePOrt a " d balance -sheet were

(Messrs W C u l^ olß in rotation uviessis. <_ H. Fmness an-1 Oeortre WinMessrs Thn Were unopposed. IEK « Thon \Pf on ' Gray and Rodger were elected as auditors on behalf of the direcon Messrs. Carlaw Esam and Spry on behalf of the shareholders A vote of thanks to the directors, the acting-secretary (Mr. A. E. Knowles) and the statt was earned.

At the close of the annual meetinc an appropriation meeting was held, 29 anm-o-priations, of a total value of £23,200, beinir made by sale and tender. -