BUILDING CHECKED

Dominion, Volume 31, Issue 152, 24 March 1938, Page 15

BUILDING CHECKED

Demand Quiet For Mortgage Money INCREASE IN COSTS “The demand for mortgage money has been quiet during the year, private building enterprise having received a severe check through the sudden heavy increase in building costs,” said the chairman, Mr. Gordon J. Reid, at the annual meeting yesterday of sharenolders in the Metropolitan Permanent Building and Investment Society. The details disclosed in the balancesheet, Mr. Reid added, did not call for any special comment. The mortgage account showed a reduction of £8250, due to table reductions and repayments of several overdue mortgages. The B share account showed a decline of £3164, due to maturity and the restricted issue of shares. The directors had reduced the monthly issue of B shares to 25 per month, and were about to consider suspending the issue until such time as the demand for mortgage money improved. In the freehold property account the reduction in total was mainly due to the sale of the Waterloo Road property. Even though two new properties appeared in the account, the position had improved, as a high-priced property had been disposed of and two new properties appeared at amounts which should affect ready sales.

“I am pleased to report that under the operation of the Mortgagors and Lessees Rehabilitation Act the society has not suffered any capital loss,” concluded Mr. Reid, “the only amount written off being arrears of interest amounting to 4/6.” ■ Several shareholders congratulated the board on the satisfactory result of the year’s working, and a sum of £lOO was voted to the directors as a bonus.

The retiring directors, Mr. Gordon J. Reid and Mr. J. Marchbanks, were reelected unopposed.