BUILDING SOCIETY ACTIVITIES

Evening Post, Volume CX, Issue 131, 1 December 1930, Page 16

BUILDING SOCIETY ACTIVITIES

The sixth annual meeting, of the Weliington-, Permanenfi Building Society was held last' Friday, with a good attendance oi! inembers,'Mi1.-W. M. Wright being in tha ehairv The "chairman, in moving the adoption of the directors' report, stated that the new shares offered to members during the year had been over-subscribed and that no difficulty had been experienced'in obtaining money on deposit The funds of the society were fully invested in first-class securities, and borrowers were prompt in the payment of their interest and instalments. "The present depression had affected property values'to some extent throughout the Dominion, but not so seriously in Wellington as in some of tho other centres, and the directors oi; the society anticipated no trouble so far as the securities held were concerned. The bulk of the amount on deposit is held for fixed periods. Members had reason to be satisfied with' the result of the society's operations since .its inception, aiid to rest assured that the "finances ai-e in a sound basis. During the' discussion which followed it was urged that further capital be obtained and that part of the new money be invested in liquid securities. The report and balance-sheet were adopted. A dividend at the rate of 3% per cent, was declared, making 7'per.cent, in all for the financial'year. '' •' ' ' ' Messrs.-Hay aod; Wright" wpre re-elected as directors 'for'"the ensuing year, and Messrs. Petherick and Webb were- ieelected as auditors. Votes of- thanks to the secretary, and-his s£aff and to the directors were passed unanimously.