COMMERCIAL

Evening Star, Issue 19387, 22 October 1926, Page 4

COMMERCIAL

BANK OF ENGLAND RETURN. Press Association —By Telegraph—Copyright LONDON, October 21. (Received October 22, at 9.45 a.m.) Tlio following is the Bank of England return:— ISSUE DEPARTMENT.

Vrifi circulation £138,712,000 n4*s W rclrrve =«.536.00D £172,248,000 Government Of-St t l*2l?*S?2 Other securities - .Mg Gold com and bullion .*• 10-.VJS.UUU £172,243,000 BANKING DEPARTMENT. Proprietors’ .capital Public deposits Other ficposiis Rest, seven-day and other bills 3,1Ju,000 £143,204,000 Government securities Other securities Notes m reserve - - Gold in reserve X.-jJB,OOO £145,231,000 The proportion of reserves (6 liabilities, is 27.00 icr cent. Short loans <ire fit psr cent., ihd three-month bills at 4| per cent. BUTTER AND CHEESE. The New Zealand Loan, and Mercantile.'Agency Company, Lid., has received the following canid from London, dated October. 20.:—Butter: New Zealand choicest salted, 144fi to 1465; market, steady. Cheese: Wh.itd, 82s to 345; colored, 80s to 82s; market firm.

UNITED STAIIR-BOWKETT. SOCIETY’S ANNUAL MEETING. Tiie Uniter] Starr-Bowkett Society’s annual meeting was held last evening in the Art Gallery Hall. There was a large attendance, presided over by Mr A E. Bosevear (chairman of directors). In moving tile adoption of the annual report and balance-sheet the Chairman said the society was again Hi a very good condition. The latest group (No. 10) was opened on July 12 of this year, and the first appropriation of £BOO by ballot was to he held that evening. Four groups had been opened in three years,- and each was going strong. Two groups had been closed. No. 1 was closed in May, 1922, paying a dividend of £ls pel- share. During the present year No. 2 group had been, wound up and the Accounts closed. Each member received his loan and fulfilled his obligations, and at the winding up received as a return the handsome profit of £ls 7s Id per share. This was highly satisfactory, and proved the value of the United Society to the community. Dealing with the statement of accounts of the various groups, he drew attention to the fact that the society had advanced in loans of mortgages the sum of £§75,082 14s 10d. The members of the United had paid into the society in subscriptions and-repay-ments on their.loans the sum of £41,745 14s 3d, .ah increase of £4,283 7s 3d oh that of the previous year. The profit arid loss accounts of the various groups totalled £31,534 3s Id. . During the year no fewer than fifty-eight ballots 'and sales were conducted, ah average of practically five ballots and sale for each month. .During the-last twelve months the society had advanced in loans arid mortgages, to. its members £38,486. This was distributed among eighty-hrio shareholders.. The grand total advanced by the society, during its existence amounted to £375,062 14s lOd. The New Zealand Official Year Book for 1926 stated that £263 13s 4d was the average amount borrowed during 1924-25 from, the Starr-Rowkott societies of New Zealand. For comparison,- if they took fop the society an average loam borrowed'at £350, ah increase of £B7 on the New Zealand average, it showed that 1,071 shareholders had been assisted by the society to become their own landlords. The directors took steps during the year to alter the rules so that, shares iii a group of clusters could be increased to any number from five to ten shares. Applications for the .shares in the hew , group (No. 10), which was a group of eight Clusters—£Boo, of £IOO per share—had come in fast. The speaker expressed his appreciation of tile assistance rendered to the society by all responsible for its welfare.

The annual report and balance-sheet wore adopted. ] The retiring, directors,...Alessrs A. E. Rosevear and G. A. Lamb, were reelected, and the auditors, Alessrs R. Hanning and G. Blyth and Co., were reappointed. The sum of £2,800 was appropriated during the evening, the ballots and sales resulting:—No. 3 group, 124th appropriation, by ballot, of £SOO, cluster No. 63, held by two shareholders; No. 3 group, 126th appropriation, sale, of £SOO, £SOO at £l() per £100; No. 7 group, 32nd appropriation; said, of £SOO, £SOO at £36 per £100; No. 10 group, first ballot of £BOO, cluster No. 45, held by two shareholders. Votes ot thanks to the directors and officials of the society concluded the meeting.