DOMINION BUILDING SOCIETY

Evening Star, Issue 20421, 28 February 1930, Page 5

DOMINION BUILDING SOCIETY

FOURTH ANNUAL MEETING Tho fourth annual meeting of the Dominion Building Society was held in tho society’s offices last evening, when Mr J. Y. Love was in the chair. CHAIRMAN’S REMARKS. In moving tho adoption of the annual report, the Chairman said that the society had now completed four years of Its existence, and it was pleasing to record steady progress. The society set out on a new basis of home financing, endeavouring to meet tho growing needs of the community. They believed that their system of advance on first and second mortgage by a method whereby tho society undertook with its members to carry them through until they had repaid the full advance was as near the ideal system as could arranged. In many cases those successful in the ballots had been in the fortunate positic of not requiring their, loans. They preferred that hey should take up the loan by a judicious property investment, but if the society; endeavoured to place the loans at a reasonable premium which > the directors controlled. Tho system adopted by the society of charging interest on the loans had E roved what it was intended to do to e an equitable method of remunerating the member who was paying subscriptions to enable other members to get advantage of ballot loans. , As an example, take members who had been in the society from its inception. The rate of interest and bonuses credited on their subscriptions for the past year had given them a clear per cent, on- their subscriptions after oroviding 1 for the working expenses, In all societies there was the usual percentage of withdrawals, but he would point out that it was an unwise proceeding for members to withdraw. The society's system of surrender value for withdrawals during the first seven years was to prevent members sacrificing their interests. Tho motion was carried without discussion. 1 The retiring directors —Messrs T. JHussey 1 and J. H. F. Hamel—were reelected, and Mr G. H. 6. Smith was re-elected auditor. THE WINNING MARBLES. At the conclusion of tho general business the sum of £6,000 was ballotted, tire successful members being:— Group No. 26—marble 59 (£1,000), marble 184 (£500); group No. 27, marble 1 147 (£800); Group No. 28, marble 148 (£500), marble, 60 (£1,000); group 29, marble 47 (£200).