DUNEDIN STARR-BOWKETT

Evening Star, Issue 14607, 1 July 1911, Page 8

DUNEDIN STARR-BOWKETT

FIFTEEN YEARS OF PROSPERITY. Over 50 members of the Dunedin StarrBowkett Building Society attended the 15th annual meeting, held in the Early Settlers’ Hall last night. Mr J. G. D. Dempster (chairman of directors) presided, supported by the other members of the board (Messrs J. B. Taverner, M. Cohen, G. T. Scoones, £5. Smith, and T. J. Walker) and the secretary (Mr J. A. Hopcraft). Ibc Chairman referred in sympathetic terms to the death during the year of (Mr J. H. Chapman, who was for a number of years chairman of directors, and had j served the society well. The society had now come to the end of the 15th year, and members were to ho congratulated on the results of the operations. During that time they had lent out a large sum of money, with, he was pleased to say. not the loss of one penny to the society. While this reflected credit on the directors and valuer, who could easily have made losses had they not been careful, he thought the ! chief credit was due to the members themi selves for having come regularly forward with their repayments. Only In a few instances had the directors had cause for uneasiness, but, happily, with judicious handling, matters had turned out a,Li right. Subscriptions had now ceased in No. 1 "group, and they hoped to dispose of the last appropriation in that group during the next 12 months, after which the prcress of dissolution would be entered upon. Some alterations in the rule bearing on this matter would be put before tho meeting. Nc. 2 group was going along steadily 7, although the appropriations had not h'tn so frequent as they could have wished. To a great extent this was accounted for by the amount paid out in withdrawal of subscriptions. The third group was now established, and he was pleased to announce that up to date the number of shares applied for was 1,035. This was most gratifying, especially in view of the fact that tho expense in the way of advertising, commission, etc., had been comparatively spiall, and went to prove th.it tho Dunedin Starr-Bowkett Building hocictv stood high in favor with the public. They could take up to 2,000 shares in this group, so that if shareholders hid aim friends thinking of joining they could persuade them to come in at mce, and thus avoid having to make up arrears cf subscriptions. Ho moved tho adoption of the, report and balance-sheet. Mr D. White seconded tho motion. Mr J. G. Patterson (one of the and’tors) said that as No. 1 group had now come to the end of its subscriptions it might bo interesting to ask whether die concern had justified its existence. He thought there could bo only one answer, and that in the affirmative. It had been of us© to the members, and it had worked to a prolit. The total advances in groups Nos. 1 and 2 were £148,788, and tho total money paid into the society by way of subscriptions £92.023, which included tho total credit and the total withdrawn. He thought the figures were extraordinary, seeing that they consisted of an accumulation of shillings. As to the securities, Mr James Brown and himself had been struck witii the small amount of arrears. There wore hardly any. This was owing, firstly, to the caro with which the securities had been looked after, and, secondly, tho soundness of the members, who had used this easy means of getting homes for themselves. Mr I). White asked, not by way of criticising, but as a matter of curiosity, whether it was not originally supposed that within 15 years everyone would have hail a draw. Tho Chairman replied that this was not promised, but it very likely would have happened hut for the extraordinary number of withdrawals during the dredging boom in the society’s third year. As it, was, it would take 16 years to complete the draws. Mr Cohen remarked that no promise of any kind was made as to the life of tho society. What was said was that under normal conditions it would run 15 years, if 'everyone kept going regularly. But tho run spoken of by tho chairman brought about an abnormal position of affairs. Mr White said that he was satisfied. He thought that tho society should bo congratulated "on getting the d through in 16 years—that was pretty good in tho circumstances. Mr F. Calvert (solicitor to the society) said it was a unique experience to collect such a vast sum in shillings and conduct such a huge lending and not lose a single penny. What other building society in the Dominion could point to such a record as that?

Mr E. if. Nieolsou said ho thought they might well express their appreciation of the manner in which tho atl'airs of the society had been conducted. He thought it reflected very great credit on the secretiry, valuer, and directors that the business of the society had been carried on as it had been. One idem struck him, and that was that as tho object of the society was mutual benefit, not profit, would it not be |H'.seih!e for all appropriations not taken up by members to bo sold on Delia If of the society and the premiums put into trie funds, letting all share alike? The Chairman replied that it would be possible, if the rules were so altered, but it would not bo advisable. All did not want to build. Mr S. Smith said that when the society began there was no idea of profit. It was simply a mutual affair. The profit now shown fairly astonished all concerned. It took a while at. first even to make people understand that by payment of a few shillings regularly they could get a free loan tor 12j years, ami some did not understand that even yet. The motion for tho adoption of the, report was then agreed to. The next business was to fix the reiimnernUoi; of the directors. Tho chairman said, in answer to a, qnesijon, that iist year the total was £IOO, each gioup supplying £SO. Mr D. White moved that £l2O ho vote! to cover the three groups.— This was seconded by Mr A. E. Brown and unanimously agreed to. On the, motion of Mr S. T. M ini ms, seconded by Mr P. .Milter, the remuneration of the auditors was fixed at 45gs, to be apportioned to the three groups as the. directors decide.—This was carried. Meyers G. T. Siooi.es and T. J. Walker were re-elected directors, and Mr James Brown was re-elected as one of the auditors. special meeting was then held to coned hr proposed alterations and additions to the rules. We give a few lines to show the nature of the changes suggested : Shares may be issued for five years instead of iour years. The interest on arrears of subscriptions is reduced from 5 -per cent, to 2.]A commission of per cent, is au*.homed on interest accruing from money left in tho bank, this charge- to cover the work of bookkeeping and collecting. In case of a member not wanting his appropriation at the time he draws it, ho may take it at a later stage, when it .suits him, without making repayments till he takes it up. Tho society now pay tho 6d per cent, as workers’ compensation premium instead of charging it to the members who borrow. Machinery Ls supplied for simplifying the dissolution of any group. This was explained by the chairman to the satisfaction of members. All the proposals were unanimously agreed to, and an active and inquiring meeting «imo to an end at 9.30.