NORTHERN BUILDING
£3.5m Rise In Assets (N.Z. Press Association) AUCKLAND, Nov. 9. Total assets of the Northern Co-operative Terminating Building Society rose further by £3,474,000 to £31,211,000 during the year ended August 31, which directors described as the most successful in the history of the company. This included mortgage securities of £26,849,427, shown in the consolidated balance-sheet after deduction of £4,607,470 in provision for unrealised premiums. Investments were £732,000 higher at £3,588.518. and included £3,259,286 (£2.606,162 last year) in Government Stock and £lll,OOO (£50,000) in local body debentures. Total income for the year rose from £7,859,000 to £8.918,000 —a new peak for the society. The chairman, Mr W. L. Wyber, said in his report that 2476 members were assisted with home finance loans during the year, the amount advanced rising from £5,510,000 to £5,936,000.. During the last five years, said Mr Wyber, total home finance loans by the society had exceeded £25,000,000.
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Press, Volume CII, Issue 30286, 12 November 1963, Page 25
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152NORTHERN BUILDING Press, Volume CII, Issue 30286, 12 November 1963, Page 25
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