UNITED STARR-BOWKETT SOCIETY

Evening Star, Issue 15929, 8 October 1915, Page 7

UNITED STARR-BOWKETT SOCIETY

The 16th annual general meeting of the United Starr-Bowkett Society was held in the Express Company’s Buildings last evening, Mr E- A. Rosevear occupied the chair, and there Mas a large attendance of members. In moving the adoption of the directors’ report for the year, the Chairman said he M-ould first draw their attention to the amount of loans disbursed during the year. In No. 1 group £3,554 had been paid out, in No. 2 group £2,772 10s, and in No. 3 group £5, ,366 16s, making a total during the year of £11,693 6s. The total loans to date in No. 1 group came to £80,561 os, No. 2 group £22,440, and No. 3 group £9,168 18s, making a grand total of £121,170 3s. Pie thought these figures must be considered most satisfactory. In No. 1 group tire subscriptions had ceased, and a mimber of their shareholders were retiring , or otherwise withdrawing through mortgages, so they had lost a levy from that. While members had not been called upon to pay a levy directly, hoM’ever, the. levy had been charged up to their account. It- Mas satisfactory to know that although the expenses in No, 1 group had increased by only £l3 11s 9d, in No. 2 group they had decreased by £l4 odd, and in No. 3 group by £6B 17s Id, making a total decrease in expenses for the whole of the society of £69 19s Id. The profit during the past year in No. 1 group M-as £l7 9s, in No. 2 group £304 5s lid, and in No. 3 group £1,062 19s 4d. The value of a share in No. 1 group now stood at £ll 19s (an advance of 6s 4d per share on-the year) and the value of a share in No. 2 group at £4 13s Bd_(an advance of 18s 2d per share). In No. 1 group five mortgages had been redeemed_ during the year, 27 shares had been withdrawn, and there M’ere still 34 clusters to get their appropriations. These 34 clusters represented 162 shares, or 53 members. As they kneM T , __ the subscriptions had ceased in No. 1 group, and consequently a certain amount of their revenue had ceased, and they could not expect the ballots to come round so readily. In No. 2 group 98 shares had been withdrawn, representing a value of £1,092. It M-as very pleasing to know that the No. 3 group had been most popular. It went to show that their society was growing in the interest of the City when he stated that n <v-in ia:res to this group had closed, the 2,000 shares having been taken up. In reference to the society’s work as a notwithstanding the disturbance of their financial operations through the war, everything was satisfactory. The subscriptions and repayments were paid with regularity. They had no bad security, and no account M-as causing the directors any anxiety. The society had never had to foreclose on a mortgage since its inception. The directors had several times considered the question of the premiums paid during the year in No. 3 group as being rather high, but they Mere entirely in the hands of the shareholders. The shareholders should recognise . that the society M-as formed not with the object of making huge profits, but for the prune purpose of providing each shareholder with a home. At the same time they must recognise that in the state of the money market at the present time the rate of interest on mortgage was rising. Only during the last month the rate advanced A per cent., and there M-as every reason to believe that the rate will still increase. During the year the directors had considered the question of starting a No. 4 group, and would have done so hut for the war. Already 100 shares had been applied for in this group. The speaker concluded by congratulating the society on the efficient M-ork done by its officers. Mr Robbins seconded the motion. * The report was then adopted. Messrs IT. C. Campbell and A. M'Kenzie, retiring directors, M'ero reelected, as Mere also the retiring auditors, Messrs G. Blyth and R. Hanning. It M-as decided that the directors he paid £125 per annum, the money to be allocated in proportion to the Mork in each group, and that the fees paid to the auditors be £6O, to bo divided on the same basis. The ballots and sales resulted as fol-lom-s No. 1 group ; In the 180 th appropriation of £SOO by ballot marble No. 156 M-as draM-ji, representing a cluster held by two members; the 181st appropriation of £SOO by sale realised £5 per hundred. No. 2 group: In the 43rd appropriation of £SOO by ballot marble No. 127 M-as drawn, representing a cluster hold by one member; the 4-4 th appropriation of £SOO by sale realised £27 per hundred. No. 3 group; In the 19th appropriation of £SOO by ballot marble No.« 377 M-as draivn, held by one momber; the 20th appropriation of £SOO by .sale realised £IOO at £42 per hundred, £2OO at £36 per hundred, £IOO at £32 per hundred, and £IOO at £2l. The meeting concluded with a hearty vote to the directors and the staff, the motion being carried by acclamation.