H.B. BUILDING SOCIETY

Hawke's Bay Tribune, Volume XXIV, Issue 10, 22 December 1933, Page 8

H.B. BUILDING SOCIETY

Good Year Experienced ABNORMAL LENDING DONE The Hawke’s Bay Permanent Building and Investment Society held its ■annual general meeting in Napier yesterday afternoon, the chairman (Mr P. Ashcroft) presiding over a good attendance. The annual report and balance sheet were adopted. In a brief review of the past year the chairman said that the abnormal lending of the year was the best news of all and was a matter of congratulation. The amount loaned totalled £18,074. It was most satisfactory to note, moreover, that since the earthquake the sum of £36,039 7/3, representing matured investment shares and interest on capital shares, had been distributed to members. “In asking you to adopt the annual report and balance sheet, ’ ’ he added, “1 feel sure that you will all agree that we have had a very good year. From the point of view of the borrower, they have been given every help possible. ” Three members of the committee (Messrs R. Holt, C. Douglas and J. P. Williamson), whose terms had expired, were re-elected. Messrs H. Bull and C. Douglas Wilson were re-elected as auditors. Before the conclusion of the meeting, Mr 11. E. Edgley congratulated the committee on the excellent work of the past year. He felt that everv member of the society should realise that the committee had done exceptionally wed during a difficult year. His remarks were endorsed by Mr J. H. Oldham. A tribute to the courtesy and capable work done by the secretary (Mr G. H. Bickerstaff) was paid by the chairman and endorsed by every member of the REVIEW OF OPERATIONS. The annual report of the Hawke’s Bay Permanent Building and Investment Society states:— “It is distinctly gratifying to report that the society has resumed lending, the amount so dealt with being £18,074 for the year,” states the report. “Since the earthquake the sum of i£36,939. 7/3, represeuting matured investment shares and interest on capital shares (inclusive of provision in the present accounts), will have been distributee to members, emphasising the value to the community of such a * thriftencouraging organisation. The National Expenditure Adjustment Act was in operation for the lull period under review, so that the net result of operations may be regarded as stabilised to present financial conditions. “The return to shareholders has been maintained at last year’s rate, and every reasonable provision has been made for contingencies in the preparation of the accounts.” The value of each subscription investment share of the several issues on November 30 last were as follow; — 61st issue.—No. current, 615; subscription at credit, £l5; amount of profit credited during currency of share, £1 15/8; profit credited to share during year, 16/9; total profit at credit on each share, £2 12/5; value of each share, £l7 12/5; years of currency, 5; maturity, November 30, 1933. 62nd issue.—6l2. £l2, 17/2. 12/10, £1 10/-, £l3 10/-, 4 years, November 30. 1931. 63rd issue.—62l, £9, 6/-, 9/4, 15/4, £9 15/4. 3 years, November 30, 1935. 64th issue.—6oo, £6, —, 6/-, 6/-, £6 S/-, 2 years, November 30, 1936. 65th, issue.—6oo, £3, —. —, —, £3, I year, November 30, 1937. The retiring members of the comsuttce are Messrs K. Holt, C. Douglas and J. P. Williamson, who have been duly nominated, are eligible, and offer themselves for re-election. It will bo the duty of the shareholders to elect two auditors. Messrs Henry Bull and C. Douglas Wilson are those retiring The committee has decided to pay aut on December 29, 1933, matured shares of the 61st issue, and profit on capital shares Members are requested to call at the society’s office to receive payment.