NATIONAL BUILDING SOCIETY

Evening Star, Issue 23100, 28 October 1938, Page 14

NATIONAL BUILDING SOCIETY

ANNUAL MEETING The annual meeting of the National Building Society was Held in the Tudor Lounge last night. There was a fair attendance of members, presided ovei by the chairman of directors (Mr J. R. Fairbairn). THE VALUE OF THRIFT. Moving the adoption of the annual report and balance sheet (already publisned), the Chairman referred to the strength and stability of the society. Owing to its operations a large number of members bad been enabled to secure homes which in many cases were now entirely free of mortgage. During the depression years the society was called upon to assist members to the extent of nearly £l-I,UOU. Although this heavy expenditure slowed down the rate of tlie appropriations, the society had now overcome the withdrawals, and members could look forward to more frequent appropriations in the future. The speaker urged members to continue thier membership of the society, as they would eventually find that it would prove to their decided advantage. It was cause for congratulation that in not one single case had the society lost any money on its securities. This fact would amply demonstrate the stability of building society members, who comprised the thrifty types of the community. Mr Fairbairn said be could not too strongly urge upon the community the need for encouragement of home building, making, as it did, for good and more stable citizenship. “ Few people can build or buy homes without the assistance of finance, which is always available to those who require help.” he said. “ I would urge, however, the advisibility of obtaining money on table mortgage, enabling borrowers to systematically reduce their liabilities in accordance with the build ing society system. By so doing they will be enabled to pay off their mortgages within 12 to 16 years or less. An Englishman’s home is his castle only when it is paid for.” . . Making an appeal for a deeper .spirit of individual effort and enterprise in the people, the speaker said: “There are grounds for fear that we are drifting towards dependence upon the State for those things which we ourselves are quite able to secure by our personal efforts, if wo have the will to achieve. In a young and virile country this state of affairs gives us ground for serious concern. Our forefathers by their own initiative and enterprise, and determination to triumph over difficulties, built their homes and laid this country’s sound foundations. “ The present high cost of building is causing concern to prospective home builders. It would seem to me that there is need for less costly, even if plainer, houses, with the right of fpurchase on time-payment system. True progress must be tempered with prudence. I consider it ray duty to urge caution on the part of young people of limited incomes who contemplate buying or building expensive houses and incurring heavy liabilities beyond their means to carry. The future is obscure. There is every reason to expect lower prices for our exports in overseas markets, and, while 1 do not fear any major depression, one is forced to a realisation that care is needed in the matter of committing ourselves to liabilities. , “ With our past experience to guide us. let us see to it that we acquire homes at prices within our ability to pay for. To the best of my knowledge not one of our members who has had a loan from our society has lost his property throughout the depression years, but it must be remembered that these members built or bought homes at costs much lower than those ruling to-dav. . ~ “Thrift is still a virtue, m spite of advice to the contrary. Practically all our great institutions, as also all the modern facilities for our use and enjoyment have been made possible through the savings of the people, plus the spirit of enterprise on the part of individuals. Thrift means wise spending and systematic saving. Through the practice of thrift we tread the road of self reliance that leads to independence. Ours is a noble heritage. Let us see to it that we practice thrift and self reliance, and hand on that spirit unimpaired to our children. The motion was seconded by Mr A. E Ansell, who congratulated the chairman on the able manner in which he had dealt with the various phases ot the society’s work. The shareholders were all members of an association which was doing a great deal of good in the city, and by their subscriptions to the society they had helped others to own their own houses. Many hundreds of men and women had been helped in this way, and th_e speaker stressed the opinion that every encouragement should be given to the young people to own their own homes. Mr Ansell endorsed the chairman s remarks concerning table mortgages and thrift. World thought had to be reorganised in this direction. Thrift was a very desirable quality. Mhile paying their subscriptions members were establishing a credit for themselves and providing work for others. They were also instilling in themselves a sense of selldiscipline. The society had passed through some of the most difficult yeais Now Zealand had ever known without a loss, which must be almost a record for the Dominion. In that period the society had not lost a penny, which was most creditable to the members.

DIRECTORS RE-ELECTED. Messrs H. Halliday and J. Jackson Pnrdie, the retiring directors, were reelected. Messrs James Brown and Lo. were reappointed auditors. appropriations and sales. At the conclusion of the business ot the meeting the sum of £-1.800 was disposed of by appropriation and sale as follows: — Ballots, —No. 1 Group, £Boo—cluster 32, owned by one member; No. *2 group. £BO0 —cluster 71, owned by one member; No. 3 group, £Boo—cluster 10, owned by one member. g a l es .—No 1 group, £Boo—£l2 per cent., to one member; No. 2 group, £3oo—£l4 per cent., to one member; No. 3 group, £Boo—£l7 per cent., to one member. The Chairman expressed the gratitude of the directors and shareholders to the secretary (Mr G. S. Kirby) and his staff for their work during the veai'.