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SOUTHERN STARR-BOWKETT SOCIETY

ANNUAL MEETING

The annual meeting of the members of the rSouthern Starr-Bowkett Society was held last evening, Mr S. S. Myers (chairman of directors) presiding. In moving the adoptioii of the annual report of the directors, the. Chairman said it was very satisfactory to meet in the eighteenth year of the life ol the society, and to have such a satisfactory report and balance-sheet before them. During the life of the society £160,100 had been advanced to members. That largo amount had practically been utilised oy members in securing homes for themselves, and many of them, if they had not taken up shares, would in all probability have now 'been paying runt. Half ot the amount had 'been lent out at interest, which meant that members became entitled to it by ballot, and the other half had been brought from time to time to £15,842 10s 9d. This was responsible in a very largo way for the satisfactory profit which the balance-sheet showed. The'profit was £l2 12s per share in No. 1 group, and £6 10s 9d per share in No. 2 group. There was an increase of over £1 in" No. 1 group, and an increase of £1 9s 3d iu No. 2 group over the profit from last year. A lar#e number of mortgages had been paid 0ff—£76,700 in all—of which £76,700 had been paid off in No. 1 group and £82,0C0 paid off in No. 2 group. So much largor an amount having been paid off one group was clue to its being in existence a good mnnv years- before tho other group. £27,*848 12s 4d had been paid for loans outstanding, leaving £37,995 3s in No. 1 group and £17,556 4s 8d in No. ?, group still outstanding. Those amounts were fully secured, being covered by mortgages. It was very pleasant to note that, though they had be«n dealing in that very large amount, they had not had one penny lost. He thought it showed the directors had been doing what was required of them, and had paid attention to every request for a loan that had been made to them. While not in any way harassing shareholders, but always striving to assist them to get houses of their own they had been very careful, with the result that not one penny had been lost. During the year one of the auditors, Mr Harty, had had to retire •through'illness. His place had been taken by Mr T. Chaliner. He would like to express the thanks of the directors to the secretary (Mr W.. R C. Reid) and his staff, who had always given their closest attention to the business of the society. Mr C. Ma'candrew, in seconding the motion, said tho report disclosed a very satisfactory state of affairs.

The report was adopted. Tho retiring directors (Messrs S. S. Myers, T. Cole, and J. H. Hancock) were re-elected. Messrs T. Monkman and T. Chalmer were appointed auditors.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD19141121.2.75

Bibliographic details

SOUTHERN STARR-BOWKETT SOCIETY, Evening Star, Issue 15656, 21 November 1914

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493

SOUTHERN STARR-BOWKETT SOCIETY Evening Star, Issue 15656, 21 November 1914

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