BUILDING SOCIETY.

Auckland Star, Volume LXIV, Issue 257, 31 October 1933, Page 9

BUILDING SOCIETY.

NORTHERN CO-OPERATIVE. . i ____ SOUND FINANCIAL POSITION.. There was a large attendance at the tenth annual meeting of the Northern Co-op. Terminating Building Society held last evening in the Chamber , of Commerce. The chairman of directors, Mr. J. A. Warnock, in moving the adoption of the report and balance-sheet, which were published in the "Star" on October 20, emphasised the sound financial position of the eociety, and the continued steady growth and stability of the concern. He said although the income of the society had been somewhat affected by the adverse conditions, it had been well maintained, being £330 in advance of the total for the previous year. New mortgages for the past 12 months amounted to £131,850, bringing the total mortgages eince the inception of the eociety to almost £1,000,000, the chair- | man said. The amount advanced during the year was on first mortgage of carefully selected securities, with an adequate margin in each case. The amount could have been considerably larger had the directors been disposed to take undue risks, buj they had always declined to do so, as they looked upon the financial stability of the society as their first consideration. The adherence to this policy no doubt accounted in a large measure the excellent condition of the society's securities at the present time. Although a number of mortgagee had had to be re-arranged, or temporary variations granted, it was gratifying to report the continued steady increase in the total annual mortgage redemptions. Reference wee made to f the fact that the levy to meet working' expenses was the same as before, 1/9 a share, but was payable this year in groups 18 and 19 only, as in all other groups such costs were to be charged against realised profits. The retiring directors, Messrs. J. B. Henry and H. C. Savage, were re-elected enopposed. Messrs. T. J. Spry and Company were reappointed shareholders' auditors. In the course of a brief discussion several shareholders favourably commented upon the., work of the directors and staff, to whom a vote of thanks was unanimously accorded. At the conclusion of the meeting, appropriations totalling £10,400 were made.