SATISFACTORY YEAR

Evening Post, Volume CXV, Issue 68, 22 March 1933, Page 9

SATISFACTORY YEAR

METROPOLITAN BUILDING

SOCIETY-

The forty-second annual /meeting.'of f th'e members of the Metropolitan - Permanent | Building and Investment Society:: sv_as4iekV at the Dominion-Farmers' Institute today; Mr. Gordon J.. Reid, J.P., chairman...pftj directors, presiding. .... " ... }'~:X ■ !

The report recommended the. - distribution of profits at the rate of 6 per cent.,; and that a further sum of £2000 be added 7 to the depreciation' of securities reserve; The profits for the year, including a baK ance of £2112 19s Id-brought forward from last year, amounted to £10,260 14s lid, leaving, less £1548 10s 2d "expense account, a net profit of £8712. 4s 9d. This, less an interim dividend on'"A" shares, and the amount credited to "B" shares at 3 per cent, for the six months ending August 15, 1932, left a balance of £5934 13s 3d. After appropriations to holders of shares and the provision of securities depreciation reserve, the sum of £1226 8s fld was carried forward to "next year.

The chairman, moving-: the adoption of the. report and balance-sheet said: "I do: not propose to elaborate upon the economic conditions of today, but '-would mention that, in common with other lending institutions, the society's operations have been considerably restricted by N legislation.' While the'result of the year's working does not reach the standard of past years, I think you "will agree that the outcome is very satisfactory, considering the conditions-met in the mortgage business today. During the year, the society has been forced to foreclose on three properties, one / of which, has since been, satisfactorily disposed of. The mortgage account shows a decrease of £7660, accounted for by the reduction of principal under table mortgages and the foreclosure on the three mentioned properties. The deposit account shows a decrease of only £3313, and I think this can be taken as an indication of the continued confidence of depositors. It is interesting to note that for each £1 of depositor's funds, the society offers an equivalent security of 56s 9d. During the period under review the society has paid out £24,622 on matured "B" shares, representing an accumulation of small monthly savings together with interest. Although the society is now receiving full benefit of its conservative policy of the past, it is impossible, owing to the statutory redaction of interest rates and general economic conditions, to maintain the high dividend as paid in the past, but the position is suck that the directors have no hesitation in recommending the payment of a final dividend for the year at the rate of 3 per cent., making a total of 6 per cent, for the year." The report and balance-sheet, after discussion, were adopted ■■■■■■ Messrs. W. Mackay and J. Marchbanks were re-elected directors.

It was decided to leave the disposal of freehold properties in the hands of the directors.