BUILDING SOCIETY'S YEAR
The Wellington Permanent Building Society held its eleventh annual meeting on Monday last. Mr. W. M. Wright was in the chair. In moving the : adoption of the directors' report and balance-sheet he said that the business transacted during the past year was of a satisfactory nature, though limited in volume by the reluctance of prospective home owners to commit themselves to building contracts, though there are now signs of improvement. The total:income of the society was slightly less than for the previous year owing to reductions in interest rates. Paid-up capital increased by £1791 and the total amount loaned on mortgage (£117,741) was £3315 greater than the total at the end of the previous financial year. The total amount on de> posit is £51,554, an advance of £1125.
The net profit for the year was £ 3525 14s-2d, out of which a dividend of 2J pef;Ccnt. was paid in May last,'leaving a balance of £1944 2slod available for distribution. It was resolved to declare a further dividend of 2J, per cent., making 5 per cent, for the year, to place £350 to reserve, which will then stand at £4350, and to carry forward the balance of £44 4s sd.
Messrs. Hay and Wright -were reelected directors, • and Messrs. Petherick, Webb, and Mackersey were reelected auditors for the ensuing yean
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Bibliographic details
Evening Post, Volume CXX, Issue 136, 5 December 1935, Page 12
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221BUILDING SOCIETY'S YEAR Evening Post, Volume CXX, Issue 136, 5 December 1935, Page 12
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