"EXCELLENT RESULTS"

Evening Post, Volume CXI, Issue 69, 23 March 1931, Page 3

"EXCELLENT RESULTS"

METROPOLITAN BUILDING 8 SOCIETY

The annual meeting of the Metro* politan Permanent Building and Invest ment Society was hold to-day. Mr. M?v Mackay, chairman of directors, presided. Jn moving tlio adoption of the report ;uid balance-sheet, ;i summary of which has already been published, the chairman said that in spite of adverse conditions the profits for the past year, had shown a substantial increase. All would agree that the society was to be congratulated on the excellent results. During the year £21,850 bad been paid to shareholders upon niatuvert B shares —a reward for thrift in. putting aside a regular amount each month: Owing to the depression, the board had decided to suspend the issue of these shares for the time being. One familiar item had disappeared from the balance-sheet —debenture account, £6000 —which the directors had decided to keep in more liquid form, and had reinvested the amount in New Zealand Government 5} per cent, inscribed stock. The directors again recommended payment of a dividend of S per cent., a bonus of 1 per cent., and a further sum of £2000 had been placed to reserve; making a total of £34,000. The coming year, he said, was sure to be a trying one in all classes of business owing to the world-wide depression. Eecovery, however, in the opinion of an eminent London banker, was only a question of time. It might come sooner than many people thought. That optimistic note was already reflected in the price of wool, which showed a decided upward tendency. There was certainly a more optimistic not© in the air. The report and balance-sheet wera adopted, and on the recommendation of the directors the shareholders voted 100 guineas to the Earthquake Belief Fund. Messrs. AY. Mackay and K. M. Jack were re-elected directors, and Messrs. O. 6. Kember and W. S. Wheeler wera re-appointed auditors.