Page 21 Advertisements Column 4

Press, Volume CXII, Issue 33083, 25 November 1972, Page 21

SUCCESSFUL YEAR New Records Achieved The Chairman of the Northern Building Society, Mr G. S. R. Meredith, moving the adoption of the report and accounts for the financial year ending 31 August 1972, at the annual meeting on 24 November, said in his address to members: On behalf of your board of directors, it is again my privilege to address you and formally move the adoption of the annual report and accounts covering the year ended M 31 August 1972. This has been another successful year during which excellent progress has been made. Although the Society is well known and widespread, there are still members who may not fully understand the Northern’s objectives and, accordingly, I offer the following Comments. Mr - G - **• Meredith BASIC PRINCIPLES interest for the much more valu- position of their accounts in the AND PGIICIFS a^e tax *fr®® ballot win. The Society. The work involved in 2,, * Society believes that by providing this changeover was tremendous rhe Northern is, of course, a the means whereby members and now that the results are be-co-operative terminating society can and do in effect save money coming evident in increased effibut it is only the groups of regularly, it is doing a job of ciency and availability of informembers’ shareholdings . that real worth in helping them to mation for members anywhere in terminate, not the Society itself. accumulate capital sums which the country, it is appropriate We are, in effect, a savings they would not otherwise have that I commend the executives and loan institution, with sav- had. If you combine the bene- and staff responsible, ings having to come first since fits I have mentioned and add we have found that we need to them the fact that almost all TERMINATION many members interested only in our funds are invested in homes, GATHERS MOMENTUM saving to every one who borrows, you have an obvious reason for ... By* field SM « effort, success ot yoer members are recruited and en- bocrnty. far Northern is concerned> couraged to save regularly with PROGRESS termination means the opportunthe guarantee of a ballot wm or A GAIN A RECORD ity for every continuing financial tax free cash equivalent. When During the past vear there was member to win a ballot for an a new group has accumulated uunng tne past year, mere was e rest-free loan which can if Qiiffir-ipnt cavincn: ir fa then in a a substantial increase m the sale interest irec loan wnicn can u sutncient savings, it is men m a desired be sold back to the position to start offering loans to or new snares, yo, /nave oeen . f cntwtantial ra«h its members The first offer is sold during the 12 months, 16% Society lor a substantial cash its memoers. ine nrst oner is than ever before The sav- s um - During the year group 45 by ballot for an interest free more man ever oerore. ine sav terminated while ten more loan and in all m-ouns formed in gs that members will make on was terminatea wnue ten more loan ana m all groups termed business during the next groups started the increased since 1955, this offer is now re- m!S new DU smess aunng me next & r . .. termination neateri each month ten years alone will total $25 baU°“ n S leadm B to termination, peated each month. million This ls tb® largest number so far created During £24,806,488 in any one financial year. An excreate a capital sum by regular . mnr taape and almost panded statement on this subject savings, te majurip of ballot B primed in tte director's rofort hX e hnt d areent homes - Repayments on existing accompanying the annual acoffer l ' loans rose to $28,027,917 and co "" ts - w , „ * ' ’. this figure, mainly capital sav- Dn 31 May, Mr Watson, An equivalent amount is j ngs together with the remark- managing director, retired after available every month by a ten- ablc ’ sum of $15,669,020, repre- 40 y ears ’ servic e with th ® Society, dering process for members who senting members’ contributions His appointment to the staff in cannot wait for success in the on sh indicates the import- 1932 increased it to ten. Now, in ballot and are prepared to pay ant part which the Society 1972, we have 210 administraa rate of interest for their loan. j n encour aging contractual thrift tive sa l® s sta ff throughout It is this interest, as well as the However, there is 'an increasing the country. During this time, he interest earned by lending the need for capital( particularly in held hi &b officc for som ® y® ars balance of ballot loans sold back tbe pr j va t e se ctor of the economy ’ n fb® national and international to the Society, that, over the and " conse q U ently, the competi- associations of building societies, years, meets the operating ex- tion for home finance has never as well as representing building penses and provides the profits keener than it is at prescnt . societies on the New Zealand of each group. The Society’s assets have Savings Committee. We are often compared with a grown during the in keep _ As mentioned previously the savings bank but there are two ing our otber figures and Society continues to progress. To important differences between now tota j 30,578,747, an in- cope with the expanding worktne two types of savings mstitu- crease o f more than $8 million. load and with an eye to the tlons - FXTFKCTnixr nr future, the occasion of Mr Since all members’ savings are Watson’s retirement was used to lent on mortgage and repaid over SERVICE NETWORK re-organise the structure of Head a term of years, the arrangement Two years ago your board Office. The General Manager is which a building society has with laid down the policy of branch now chief executive. He has a investing members cannot be a expansion throughout New Zea- deputy, two assistant general brief one. Consequently, there land and during our previous managers and a new post of New must be a minimum contributory year, branches at Whangarei and Zealand Sales Manager was term and this is normally ten Napier were established. This created. years, after which time a mem- year a new branch in Dunedin Again, I am happy to comber may withdraw his savings opened and land was bought for mend the General Manager, his and profits. We do not pay a branches at Rotorua and Inver- chief assistants and everyone fixed rate of interest on members’ cargill. All branches are linked throughout the Society for the contractual savings. As well as by teleprinter to head office and splendid service they have rendthe major benefit which comes consequently, the exchange of ered during this record year. The from the tax-free cash value of information can be exceedingly Society’s thanks are also due in the ballot loan, each share is rapid with a minimum of delay full measure to our solicitors, entitled to its proportion of to the member. lam happy to auditors and valuers in all parts profits earned by the group. If report that the agents in the of the country for their excela member decides to withdraw towns affected by our new policy, lent support and finally, I would his subscriptions and profits all of whom have represented the like to place on record by perbefore he has won a ballot, he Northern for at least 25 years, sonal thanks to my colleagues has not received the maximum have.been most co-operative in on the. board for their wholebenefit that can accrue on his offering their assistance for these hearted co-operation in the coninvestment. Consequently, there changeovers. duct of the Society’s affairs. I is no comparison in this case The reason for the board’s now have pleasure in moving between profits earned, and the decision to centralise all account- the adoption of the annual report interest received from a savings ing at head office was, of course, and accounts. bank because the savings bank the change to the computer for There being no other nominainterest represents the total all our accounts. This change tions Messrs L. H. I. Watson benefit that becomes available on inevitably produced problems, and R. M. McCracken were money invested with it. but they have been overcome and elected to the board. It will also be clear that most our records expanded to such an Mr Frank Sweeney of the firm savings accounts with terminal- extent that each branch and of Barr, Burgess and Stewart, ing societies begin with almost a agency now has a list showing public accountant, was renil balance and capital is built not only every member living appointed auditor on behalf of up over a long period. If such within its region but a complete the shareholders. savings were invested at interest, copy of his file. This information A vote of confidence in the the amount earned would be sur- is brought up to date regularly directors and thanks to the staff prisingiy small. Most members and therefore means that mem- was replied to on behalf of the understand this and are prepared bers everywhere are ablc to have board and the staff by the Chairto forego this small amount of up-to-the-minute details of the man.

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