A SATISFACTORY YEAR

Press, Volume LXXI, Issue 21391, 6 February 1935, Page 14

A SATISFACTORY YEAR

* SYDENHAM MONEY CLUB CHAIRMAN'S OPTIMISM FOR FUTURE A satisfactory year was reviewed by the chairman of the Sydenham and Suburban Co-operative Money Club (Mr H. B. Duckworth), at the annual meeting last evening. He expressed the opinion that it was now possible to await with confidence an improvement in the money market. There was a small attendance of members at the meeting. The statement of accounts for the half-year ended December 31, showed that receipts from subscriptionsamounted to £9549 Is Id, and loans repaid amounted to £12,401 7s 3d. The principal items of expenditure were:— Withdrawals, £13,343 12s 2d; loans advanced, £9998 10s 4d. The profit and loss account showed that dividends and interest on deposits amounting to £1656 7s had been paid, assets had been written down to the extent of £7OO, and £IOO had been added to the reserve fund. Interest received amounted to £2523 16s Bd. Chairman's Review In moving the adoption of the annual report and balance-sheet, Mr Duckworth said that the position was still much the same as at the time of the last half-yearly meeting. "I I think we can confidently say now that the rot has stopped," he said. "You who have attended yearly and halfyearly meetings, have heard me comment on the difficulties with which the club has been faced in the last three years. Those difficulties are still with us. It is still difficult to find really profitable markets for money at reasonably remunerative rates of interest. We have many applications, but there are few we can accept on the basis offering." Mr Duckworth said he thought it was possible now to look forward to a gradual, although steady progress in the hardening of the money market, That was not yet definitely in sight, but it would come with returning confidence in the mortgage market. The figures disclosed in the balancesheet gave one reason to feel that while they were not yet out of the wood there was certainly a much brighter demand than 12 months ago. The report and balance-sheet were adopted. Dividend Declared On the recommendation of the committee it was decided that a dividend at the rate of 3 per cent, per annum feer the half year ended December 31 last be added to each 20s standing to members' credit; also that the committee receive an honorarium of £55 13s, and the auditors a bonus of £2O 15s 3d and that the balance, after paying interest on deposits, be carried forward. The following officers were elected:— President, Mr H. B. Duckworth; vicepresident, Mr O. Jacobsen; trustees, Messrs R. Wright and D. V. Wilson; committee, Messrs F. J. Jacobsen and T H. Munro; secretary, Mr V. Huntauditors, Messrs M. W. Woodfield and T. F. Hall. A motion of appreciation of the work of the club's officers was carried by acclamation.