A SATISFACTORY YEAR

Evening Post, Volume CVII, Issue 66, 18 March 1924, Page 2

A SATISFACTORY YEAR

:metropolitan building

SOCIETY.

The thirty-third annual meeting of the Metropolitan Permanent Building and Investment Society, held last night, was presided over by Mr. W. Mackay.The annual report and balance-sheet have already been published in "The Post," and, in moving their adoption, Mr. Mackay said that the society had had a very satisfactory year, the"profits being such that it was" again able to pay a- dividend of 7 per cent, and 1, percent, bonus. The directors considered that the building up of a strong reserve fund was not only prudent but necessary, creating increased confidence in the society and giving greater security to shareholders and depositors. Owin<r to building costs remaining high the society had again adopted a very conservative policy in the year's working. P KU .. tically in all cases a portion of each advance had'beeu placed under table, which further safeguarded the society ;in the event of a drop in building costs arid land values. The steady increase of deposits had enabled the society to take lull advantage of the remmierativce rate ™ ""terest offering and the sum of £39,9/7 had been advanced during the year on first-class freehold security. It would be noted ' that practically "every item vi the balance-sheet showed an increase Deposits had increased by £14 . 10,; L shares by £4156; and .loans oil mortgage by fi17,694. During the year the sum of _-9105 had been paid to shareholders on matured B .shares A large proportion of that sum would not have been saved but for the encouragement of thrift offered by this excellent class ot investment. The late chairman, I W. M. Hannay, had frequently stressed the importance of B shares especially to wage-earners, as the best investment he knew of for small saving He (the speaker could not think of a better start ,„ hfe for a young man or woman than the taking up o £° a !e% l °J these shares, whereby they were forced to save something f rom theil . e - rili and get interest thereon. The board had now under consideration a further issue of A shares. \\ hen the issue was decided on, shareholders would be duly -,d vised. Jhe directors had every confidence i,, the continued prosperity of (lie

The report and balance-sheet we're adopted, only one votiiv a"ainst Messrs T. CJlarke anil Muekay were rc-ekcled directors.