PACIFIC STARR-BOWKETT

Evening Star, Issue 23717, 26 October 1940, Page 9

PACIFIC STARR-BOWKETT

BUILDING SOCIETY’S MEETING The tbirty-liflh annua! meeting of the Pacific Ktarr-Bowkott Building Society was held last night. Mr W. M’Hutchou, chairman of directors, presided. Moving the adoption of the annual report ami balance sheet, the Chairman said that* since their last annual meeting the Empire had come through over 12 months of war. A struggle in which Great Britain and the Empire were engaged was rellected in the life of each of them, and so through the individual its effects were transmitted to institutions such as I heirs. The will to win and the justice of their cause made it necessary to adjust themselves to a war economy, and all had to subscribe to the effort. The prosecution of the war was the first charge on all the resources of the country. Adjustments in their policy might bo necessary, but the normal business of the society would proceed as usual, and with the co-operation of members, tbo stability and usefulness of the society would not bo diminished.

The past year’s activities did not call for any special comment. The various groups had maintained their efficient and serviceable record to assist members to own their own homes. The steady advance in the society’s activities to which reference was annually made still continued, and recognition cf the fact that thrift alone could provide for the future was evident by the continued inquiry of Starr-Bowkctt methods of home finance. The society had agencies in most, of the towns in the South Island, and their membership also extended to the North Island. The society’s progressive policy had resulted in the No. 9 group being fully subscribed—4,ooo shares —and this effort had encouraged the directors to open the No. 10 group in November last. To dale 1,364 shares had been taken up. Normally the How of applications would have been more rapid, but in these disturbed times the position was considered satisfactory.

The total of current mortgages in force at the close of this year amounted to £162,128. and the income to £28,125. The accumulation in all groups at credit of profit and loss account amounted to £17,614. This fund provided a reserve for all contingencies. The salient features of the report showed that the usefulness of the society in promoting thrift and a spirit of prudence and self-reliance was of definite service to tho community. The motion was seconded by Mr F. C. Martin.

Mr J. W. Dove said it was gratifying to see that tho total income of tho society for tho year amounted to no less than £28,125. Every fortnight a sum of £I,OBO. subscriptions and repayments, was handled by the office staff. It would thus be seen that the community realised the value of the operations of the society in enabling people to become the owners of their own properties under a sound-working, easy system of finance. Tho motion was carried.

The retiring directors, Messrs J. W. Dove and S. D, Minn, were re-elected without opposition, and at a meeting of the directors later Mr M’Hulchou was rc-elected chairman and Mr F. C. Martin re-elected vicechairman. Messrs George Blyth and Co. and Messrs J. S. MTnucs and Co. were reelected auditors. A vote of thanks to tho secretary (Mr Taverner) and the assistant secretary (Mr A. G. Valentine) was carried by acclamation. APPROPRIATIONS. In the twenty-fifth appropriation of £I,OOO by ballot in No. 5 group, cluster 5 was successful, held by a resident of St. Kilda. In tho No 8 group the forty-third ballot for £I,OOO resulted in cluster 158 being successful, held by a shareholder resident in Epsom (Auckland), and by one in Fendalton. Cluster 245 was the successful number in the ballot for £I,OOO in the No. 9 group, divided between a resident of Christchurch ami one at St. Kilda.

DIVIDENDS AND CALLS. The following is a list of shares on which dividends will shortly bo payable:— N.Z. Guarantee Corp.—Final, Id a share, making 5 5-9 per cent, per annum Oct. 30 N.Z. Malay Rubber—Final, 4 per cent. ord. and pref.) Oct. 30 Prestige (N.Z.) Ltd. —Half-yearly, 6 per cent, per annum Nov. 1 Martha Gold Mining—lnterim, 6d a share, free of British income ’ tax ’... Nov, 1 Bank of Adelaide—lnterim, 5] per cent, per annum Nov. 5 N.Z. Paper Mills—lnterim, 3 per cent Nov. 15 National Bank of Australia Ltd. —lnterim. 6 per cent, per annum Nov. 27 Bank of New Zealand—lnterim, ord.. Is a share, Long D, per cent » Dec. 7 CANTERBURY PRODUCE ONION VALUES INCREASE [Per United Press Association.] CHRISTCHURCH, October 25. Except for an increase in the price of onions, there have been few changes in the grain and produce markets this week. Onions are quoted to growers at £l4 to £ls a ton. The end of the season is approaching, and, as no onions are being imported this year, stocks are declining.