SOUTHERN STARR-BOWKETT

Evening Star, Issue 19407, 16 November 1926, Page 2

SOUTHERN STARR-BOWKETT

SOCIETY'S ANNUAL MEETING The thirtieth annual general meeting of the members of the Southern StarrBowkett Society was held last evening, the chairman of directors (Mr S. S. Myers) presiding. In moving the adoption of the annual report and balance-sheet,, the Chairman said that the society had been in operation for thirty years last September, and during its existence it had been the means of providing hundreds of members with homes of thei" own. The directors, in floating group No. 4, took the high cost of building into consideration, and, instead of arranging the group in clusters of five shares, with appropriations of £SOO, clusters of ten shares, entitling members to loans of £I,OOO, were arranged. The cost of building was still very high, but he was pleased to report that the society had not so far had any trouble with members as far as securities were concerned. Ninety-nine per cent, of the applications which had come before the Board of Directors during the last thirty years had shown a good margin of security over the amount to be advanced. Since the society was formed in 189 G, £260,000 had been utilised by members in securing homes of their own, and it was very gratifying to, report that not one penny of this sum had been lost to the society. Another point of interest was that this sum had teen, accumulated from _ the payment made by members of their Is per share per week. As soon as the group had fulfilled the objects for which it was formed, it had been wound up as expeditiously as possible. Up to the present two groups had been wound upgroups 1 and 2. Group No. 1 was wound up in 1917, and in December of last year group No. 2 was wound up. Appropriations offered for sal® in the different groups during the year had found ready purchasers.. _ Mr Penman had been the society’s chief and secretary for some time, and the directors wished to express to him and his staff their recognition of their year’s work. The motion was seconded by Mr Hancock, and carried. In No. 3 group the thirty-seventh appropriation was disposed of by ballot, and was drawn by cluster No. 8, the five shares being held by one shareholder. The sum of £I,OOO was disposed of by ballot in No. 4 group, and diawn by cluster No. 58, held by two shareholders, each of whom had five shares. In group No. 5 £SOO was also disposed of, and £SOO by ballot by one shareholder. The £SOO by sale realised £ls per £IOO.