AUCKLAND BUILDING SOCIETY

Auckland Star, Volume LXXVI, Issue 119, 22 May 1945, Page 3

AUCKLAND BUILDING SOCIETY

CONTINUATION OF PROGRESS

The 48th annual report of the Auckland Co-operative Terminating Building Society states that despite war conditions and difficulties due to restricted housing construction there has been Increased activity in all departments of the society s work. There are now 59 groups. Membership has shown a marked increase. There has been a strong demand for building society loans, attracted by the low interest rates offered.. Total assets (including Reserve Fund) increased to £78,613 during the period. Four new groups commenced operations during the financial year, and others are being formed. Income increased substantially, and appropriations (£189,200) show an increase of £29,800. Advances for the year total £170,757. The society's facilities for temporary advances to shareholders on the security of their shares have been used extensively throughout the period. Total net profits for all groups substantially increased, and profits range from 11/ per share in a group which has been In operation for a full year, to £45 14/ per share in the case of a group in its 23rd year. Undisturbed profits now amount to £207,290. Again shareholders are not called upon to make any annual contribution towards the expenses of the society. consideration is being g ,ve " holders serving with the forces both while serving and on being civilian life. This assistance is being much appreciated. . M on The annual meeting will be he.a on