BUILDING SOCIETIES.

Auckland Star, Volume LXV, Issue 256, 29 October 1934, Page 4

BUILDING SOCIETIES.

UNITED PERMANENT. At the annual meeting of shareholders of the United Permanent Building and Investment Society of Aucklandj the chairman of directors, Ml - . A. M. llowden, presided. 11l reviewing the accounts the chairman said the increase in net earnings of over X iOO during the year was accounted for by a reduction in working expenses. Business had been steady and satisfactory. A new item on the balance-sheet was properties at £2222. This comprised three properties, all of which were occupied and revenue producing. The society's holding of New Zealand Government stock and local body debentures had been increased during the year. The extra holdings were purchased at a very satisfactory figure, considerably below the present market value. They were, however, shown at cost price. Deposits had been purposely kept at a moderate figure. Owing to the improvement in the building trade, the chairman said, he felt justified in looking forward to a further increase in the number of applications for loans during the ensuing year. The retiring directors, Messrs. A. M. Howcleu and W. N. Lcatham, were reelected. NORTHERN COMPANY'S GROWTH. Continued steady growth and stability of the Northern Co-operative Terminating Building Society were stressed by Mr. J. A. Warnock, chairman of directors, at the annual meeting of members. There w.-vs a large attendance. Mr. Warnock said that the income for the year at £140,330 showed a substantial increase, and group 19 now had its i'uli 2000 shares applied for and allotted. In addition it was pleasing to report further substantial increases in the total assets of the society, and also in the total reserves. New mortgages for the year amounted to £125,681, making the total mortgages since the inception of the society £1,105,538. The amount advanced during the year was on first mortgage of carefully selected securities with an adequate margin in each case. Although a number of mortgages had to be rearranged, or temporary variations granted, there had been a continued steady increase in the total annual mortgage redemptions. The profit for the year was £11,108, bringing the accumulating total to £157,480, Mr. Warnock said. This should ultimately provide a very pleasing return to those continuing as subscribers. The report and balance-sheet, which appeared in the "Star"_on October 11. were adopted. Messrs. J. A. Warnock and G. Winjtonc were re-elected directors. A vote of thanks to the directors and staff was passed. i