BUILDING SOCIETIES’ PROBLEM

Dominion, Volume 29, Issue 255, 24 July 1936, Page 11

BUILDING SOCIETIES’ PROBLEM

——« Government Housing Plan The sixteenth annual meeting of members of the Wellington Co-operative Building Society was held at the Accountants' Chambers last Wednesday evening, where there was a large attendance. The chairman of directors. Mr. W. M. Wright, in moving the adoption of the annual report, said -that the total amount loaned on mortgage up to April 30 last, the end of the financial year. was £279,329, of which £134,167 had been repaid. The whole of this monej’ had beeu used by members for the erection or purchase of homes. The society had also been useful in providing temporary financial assistance. The total income for the year was £31,725, and the working expenses were £929. The former item showed an increase and the latter item a decrease as compared with the previous year. The sum of £5415 had been returned to members of groups Nos. 1 and 2 out of premiums received by the sale of appropriations, and it was proposed to make a similar distribution to members of group No. 3. “The prospects of extending the society’s operations by the formation of a new group are little better than they were a year ago, and in view of the Government’s projected housing scheme it may be desirable to postpone a decision in that connection until the details and scope of such a scheme is known." said Mr. Wright. What their effect would be on societies of this kind it was difficult to forecast, but there was a danger that they might detrimentally affect such societies by making it possible for prospective home builders to acquire ownership without initial effort or contribution on their part, so discouraging that form of thrift on which the success of such societies had been based. There was still a hope that the Government might see fit to enlist the co-operation of building societies in carrying out its _ housing scheme, as was done by the British Government during the post-war building operations. In the meantime, the uncertainty of the position did not warrant the directors incurring further expenditure in an attempt to form a new group. The executive of the Building Societies’ Association had waited on the Minister of Finance and offered to co-operate with the Government in any house-building scheme which was in view, and the Minister had replied that if the Government thought fit to enlist the aid of budding societies it would do so. Tlie retiring directors, Messrs. G. Mitchell and Janies Mclntosh, were re-elect-ed unopposed. Messrs. V atkins. Hull Wheeler and Johnston were re-elected auditors for the ensuing year. A vote of thanks to the directors and to the secretary and his staff was carried unanimously-