AUCKLAND BUILDING SOCIETY.

Auckland Star, Volume LXIII, Issue 123, 26 May 1932, Page 8

AUCKLAND BUILDING SOCIETY.

35TH ANNTJAIi MEETING. ELECTION ,OF DIRECTORS. Mr N M. Spencer, chairman of directors/presided over a large gathering at the thirty-fifth annual meeting of shareholders in the . Auckland Co-op. Terminating - Society, held in St. James' Hall last evening. In moving the adoption of the annual report and balance sheet, already renewed, Mr. Speiiper said :-"The past year liasbeen an exceedingly difficult one for those who have, been in charge_ of the affairs of the society. Conditions have been difficult, perhaps more so than ever before in the society's history. However, taking into account this fact and the fact that the society has over £750,000 advanced" on" real estate, values of which have, of course, depreciated, shareholders can be justly congratulated upon the sound state of its finances. Mr. Spencer said that in proportion to the total amount advanced by tne society, the amount written off as a loss was very small. Every lending institution in New Zealand was bound to experience a few losses at a time luce the present, but the society was fortunately placed regarding its mortgages. The difficult times had resulted in an increase in the number of withdrawals of shareholders and a decrease in the society's income from the redemption of mortgages, both of which were due to. the reduced spending power oi shareholders. As a co-operative concern it had been intended to propose an alteration in the society's rules providing for a reduction in the fortnightly repayments <u loans by 10 per cent, thus lengthening tne period. However, the Government, through the National Expenditure Adjustment Act, had enforced a 20 per cent reduction in building society premiums. This applied to only a fewshareholders, and no relief was given to the body as a whole. The Government was now considering the question or exempting building societies from the Act on the understanding that repayments be reduced. Many savings had been made during the year, Mr. Spencer said. Referring to the wages "cut." he said this had not been put into effect with regard to the office staff, owing to the fact that more work was being done by a reduced stall, and payment for overtime, formerly sanctioned, was now disallowed. The report and balance sheet were adopted. The ballot taken among members tor the appointment of three directors resulted in the following being elected:— Messrs. J. C. Grierson, J. C. Entncan and S. J. Harbutt. Appreciation of the services of Mr. T. Macky, who was replaced by Mr. Grierson, was expressed. Messrs. Morris. Duncan and Gyllies were re-elected auditors. f Amendments to reduce the directors fees by 25 per cent and by 10 per cent were defeated, but it was decided that no payment should be made for a meeting in the case of non-attendance. A resolution expressing appreciation of the work of the staff was passed. At the close of the meeting appropriations totalling £14,000 in 27 grou\i»were ! distributed by ballot and sale.