NEED FOR CAUTION.

Press, Volume LXVI, Issue 19888, 27 March 1930, Page 4

NEED FOR CAUTION.

BUILDING OPERATIONS. At the thirty-ninth annual general meeting of members of the Metropolitan Permanent Buildine, and Investment Society, . Wellington, Mr W. McKay presided. In moving the adoption of the annual report (already published), the chairman referred to the death of Mr A. T. Clarke, for several years a director of the Society. He had been a man oi sound judgment and ability, and his death was a distinct loss to the Society. His chair bn the directorate, had been filled by Captain J. E k Dawson, a shareholder of long , standing. The result of the year's working showed a steady advance, increases being t as follows:—B investment shares, £4936; deposits, £12.649; loans on mortgage £2l 901. This year the directors- had no hesitation in recommending a dividend at the rate of 8 per and a bonus of 1 per cent., making 9 per cent, for the year. The directors also recommended that a further sum oi £2OOO should be added to the reserve fund, which would then stand at The past year, Bald the chairman, had been a difficult one for all private tending institutions, but although rates of interest on mortgage moneys had been very competitive, the society naa bS fortunate'm finding suitable, investments for all available funds at 7 ner cent. In regard to the future, what with the drop, in the value ot exports, the economic trouble in Australia, and the house shortage locally, it behoved them to face the new year with caution and to recognise that they might have some difficulty in finding would Sin" 3 * expand and progress aff The o r fl etiring7director S . Mr J, Marchk iJMtiil rnntain J E. Dawson, were bank«andCaptamJ Kember anl WhetleTwere re-elected concluded with ~ vote of thanks to the directors and staff.

In the recent gales a big Turkey oak, said to be 150 years old, was uprooted jta. Kew Gardens.