Sydenham Money Club popular
The 96th annual report of the Sydenham and Suburban Co-op Money Club showed another very satisfactory (year, which resulted in a profit of $191,443, an in-; crease of 12.4 per cent over! the previous year. A total of $1,584,389 was advanced in mortgages and! loans during the year. This brings total advances to $6,028,712. A further $149,136 has been made available to lend but not uplifted as at December 31. Accumulated subscriptions amounted to $4,560,491, of which $1,389,129 was received during the year, $1,723,836 was received in repayment of loans and mortgage, and $395,162 in fixed deposits. Fixed-deposit funds were $1,242,864. Total ;members’ funds rose 9.5 per! (cent to $5,057,934. j The number of shares j taken out by members in- - creased considerably during! the year, which is an indication of the confidence placed in the club’s activities in providing finance to purchase new or existing homes. Loans against subscriptions still appears to be popular with members as this enables them to borrow against their subscriptions and repay at their convenience, and does not affect the dividend paid on their credit funds.
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Press, 7 March 1978, Page 18
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186Sydenham Money Club popular Press, 7 March 1978, Page 18
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