STARR-BOWKETT SOCIETY

Evening Star, Issue 14689, 5 October 1911, Page 3

STARR-BOWKETT SOCIETY

Tbo amual meeting of the' United StarrBowkett Society was held last evening, Mr K. A. Rosevear (chairman of directors) presiding. Tho Chairman moved the adoption of the report and balance-sheet. He said it must be as gratifying to tho shareholders to receive as it was to ihe directors to present a statement of accounts so satisfactory as was shown ia the balance-sheet. Shareholders would observe that the amount to the credit of the profit and loss account in No. 1 group was £6,953 4s 6d—an increase on the previous year of £298 3s 9d—while in No. 2 group, the credit was £1,780 10s —an increase on' the previous year of £735 2s Id. Tho subscriptions withdrawn during the year in the No. 1 group totalled £406 IS? sd, as compared with a stun of £1,279 Is 8d for the previous year. Tho share List in No. 1 group comprised 053 shares, of which 420 shares, representing 85 clusters, were unappropriated. During the. i year the obligations of 27 shareholders had been fulfilled, subscriptions transferred to repayments 5, and withdrawn 22 shares—a total of 54 shares. Ihey wotdd understand that this meant a profit to the remaining shareholders, a/s those shareholders who had withdrawn had fort cited all right to participate in the profits. There were 1,023 shares in tho No. 2 group, an increase during tho year of 164, and 25 loans had been granted in i this group, etubraciug 88 share*. Their t-o- j ciety had advanced in loans in the Nos. 1 a.ud j ':>. groups no lcs a sum than £BO,OOO, and it' I they added this amount to the sum disbursed | by other similar societies he considered some- ! thing likf; half a million pounds had been ! loaned out to the various shareholders. \ There were fully 2,000 people in the City who i bad thus been enabled to become possessed I of their homes who would otherwise not have \ been able to do so, and over 320 shareholders 1 in their own particular society who had been ; put in the way of becoming freeholders, j Their society had not made one penny of bad debt since its inception. The value of each share in No. 1 group at the time of the pie ; ssnt balance-sheet was about £8 6s. Ho , drew their attention to the fact that in No. i 1 group the total amount realised by premiums to data was £6,517 2s 2d, whereas the amount to credit of profit and loss stood at £6,953 14s 6d, proving that tho management and working expenses had been more than met by over £4CO with the levies and , interest accrued. Their ballots and sales in both, groups had been an increase- on the pre- j vious year. The chairman concluded by pay- : ing a tribute to the work dono by their secretary (Mr H. Mitcholi) and his staff, by their valuator Mr Simpson, and also by the auditors, who mado quarterly examinationo ot the bocks and drew up reports. J The motion wjs carried. The-retiring directors—Messrs E. A. Rosevear -and John Gray—were re-elected, as the retiring auditors, Messrs George Blyth and John Mitchell. It was decided to increase the remuneration of the director;; to £IOO, and that of the auditora to £4O. the. 156 th appropriation of £SOO by ballot 1 group was drawn by cluster No. 50, held by one shareholder with five shares, while the 136 th appropriation by sale was disposed of as follows:—£200 at £7 per hundred, and ths remaining £3OO at £6 per hundred. £4OO of the 23rd . appropriation in •'No. 2 group was, after keen bidding, sold at £4O 10s p*;r hundred, the remaining £IQO fetching £l6. A vote of thanks to the directors, the secretary, and the other officials concluded the meeting, j