NATIONAL BUILDING SOCIETY

Evening Star, Issue 19408, 17 November 1926, Page 5

NATIONAL BUILDING SOCIETY

FIRST ANNUAL MEETING _ The first annual meeting of the National Building Society was held last night in the Otago Motor Club’s rooms, Moray place. Mr J. E. Fairbairn (chairman of directors) presided over a large attendance. The Chairman said that the constant attendance of members when appropriations were to be made had been very heartening to the directors. The balance-sheet showed that the need of such a -society had been fully justified by the results. The directors had come to the conclusion that those Starr-Bowkett and other building societies that had been in operation before the inauguration of the National Building Society had been doing excellent work for many years, but the changing of times had made it necessary that the new society should go a li ’’ 1 e further. Their society was based very largely on one of the most prominent Auckland societies, and it was considered that £2OO could safely be given for every share, as against £IOO given by the sister societies in Dunedin. _ The society had met with some criticism, but their year’s experiences had more than justified it. The year’s work in the No. 1 group showed a profit of £599. That was purely and simply their credit. No. 2 group’s profit would be shown in next year’s accounts. No. 2 group had .already l,Bso_shares, and ho asked members to assist the directors to fill up the group to 2,000 shares. It was vitally essential to the success of the society. The success that had been achieved by their society had been nothing short of phenomenal: as a matter of fact it had constituted a record in building societies in Dunedin. They had practically filled two groups within their first year. Quito a large amount of work had fallen on the shoulders of the directors, and he thanked members for their co-operative spirit and the uniform courtesy they had extended to the directors. The latter had in view the early formation of another group, and it was their intention, as soon as No. 2 group was fully filled, to take steps for the opening of a further group. The society had been the most progressive of its kind in Otago, and he hoped it would continue progressing. During the year they had had three ballots and two sales; in other words, they had disposed of £4,000 to members last year. Several of their members had already secured homes on excellent and easy terms. They had in their sales realised a profit of £606 for No. 1 group. There were strenuous times, and most of them were looking out for cheap money. If any of them needed advice on financial matters the directors and secretary would be happy to give it. He had found by looking up the‘Year Book ’ that night that the figures were simply surprising regarding the terminating of Starr-Bowkett societies. He found that about £1,600,000 was owing by members to building societies in New Zealand. _ The greater part of that was free of interest. That was invested in homes for their people. They all appreciated the very excellent work of the secretary (Mr G. S. Kirby) during the past year. The chairman thanked his co-directors for the help they had given him, and moved the adoption of the report and balance-sheet.

Mr H. Halliday, the vice-chairman of directors, seconded the motion. He said that £599 profit in No. 1 group after making allowances for the year’s preliminary expenses, which were fairly heavy, augured well for the society. Part of the expense was transferred to No. 2 group. Though the profit had been only £6OO for the first year, it would he greater next year. He had looked through , a balancesheet of another society in Dunedin, and found that its average yearly profit was £4OO. Dunedin was practically the home of building societies. , The first group had been filled quickly. They had practically filled two groups, though they set out to fill one for the first year—one of the most strenuous years in the history of Dunedin. , The secretary had done a great deal in inducing the joining up of members. Mr J. Jackson Purdie, one of the directors, said the directors had been in almost unanimous accord, and had spared neither time nor energy. The report and balance-sheet were adopted. Messrs Halliday and Purdie were reelected directors. , The remuneration of the directors was fixed for the year at £lO per group for each director. The following dispositions were made Sixth appropriation of £BOO in No. 1 group by ballot—No. 86, Miss A. M. Cooke. Seventh appropriation of £BOO in No. 1 group by sale—Mr D. Blackie (who tendered for £6OO at £4O per £IOO, or at a rate of 5f per cent, interest over a number of years). First appropriation of £BOO in No. 2 group by ballot —No. 360, Mrs E. Vial.