NORTHERN BUILDING SOCIETY

Auckland Star, Volume LXII, Issue 243, 14 October 1931, Page 4

NORTHERN BUILDING SOCIETY

EIGHTH ANNUAL REPORT.

SOUND FINANCIAL POSITION,

Remarkable expansion has. been attained by the Northern Co-op. Terminating Building Society during the comparatively brief term of eight years over which it has been operating. Progress has naturally been checked as a result of the depression, but the results of the latest year ending August 31, are considered to be eminently satisfactory. As instances of ' the important position attained by the company, it may be stated that the total amount of accumulated profits is £132,048, and the total of mortgages to-day are valued at £731,128. In their annual report to be presented to shareholders on Thursday, October 29, the directors state, inter alia: "The income of the society has been well maintained during the past year., the amount for the period being £130,944. Advances made and authorised during the year were £84,135. These are very satisfactory figures considering the adverse conditions existing at present. "Although there is a continued demand for shares in the society, the number

applied for is naturally hot so great as in more prosperous years, and in addition the directors, with a view to maintaining the activity and stability of existing groups, have refilled a number of the vacancies in these groups. This has necessarily delayed the opening of a new group, but a considerable number of applications have been received for the group now being formed, namely, No. 19. Groups 13 and 14 became five years old during the year, and withdrawals are being paid out in the terms of the rules. The net profits earned during the year amount to £15,673, making the total profits to August 31, 1931," £132,048." The report states that, in furtherance of its confidence in co-operation, the directors have interested themselves in the formation of a provident society incorporated under the name of the Northern Co-op. Investment Trust, to handle on a cooperative basis financial work outside the scope of a building society. The retiring directors, Messrs. J. A. Warnock and Geo. Winstone, jun., are nominated for re-election. The following table shows the progress of the society since its inception:'— Annual Accumulating Income. Profits. Tear. £ £

1024 39,476 6,605 1025 55,143 18,083 1926 ........ 72,532 34,031 1927 88,092 55,147 1028 10S.700 75,063 1029 121,406 96,18S 1930 138,317 116,375 1931 130.944 132,048