BUILDING SOCIETY

Hawke's Bay Tribune, Volume XXIV, Issue 269, 27 October 1934, Page 3

BUILDING SOCIETY

H.B. Mutual’s Annual Meeting IVIDEND OF 41 PER CENT. 7 The annual general meeting of share, holders in the Mutual Building and Investment Society of Hawke’s Bay (Permanent) was held in the Society's office, Queen street, Hastings, yesterday afternoon, Mr J. Phillips, chairman of directors, presiding. Ln moving the adoption of the annual report (which has already been published) and the accounts, the chairman expressed appreciation of the loyal assistance given to him during the year by tho directors and secretaries. He also expressed appreciation of the confidence shown by the investing public in the society, as evidenced by the amount of money offering on deposit. In fact, more money had been offered than the directors could find profitable investment for, with the result that in some cases deposits had to be declined. Reference was also made to a new feature of the society’s operations during the past year, the inauguration of combined loan and life insurance plan under terms arranged with the Government Insurance Commissioner. The adoption of this life insurance, which provides a fund sufficient to repay the loan in the event of the death of the borrower, is entirely optional, but the board is gratified to find that quite a number of the existing borrowing members of the society have seen the advantages of this plan and have availed themselves of it. While still continuing it on a purely voluntary basis, it is the policy ot the board to encourage it in all suitable cases. It had been with particular pleasure that the board was able to recommend the creation of a reserve fund and tue transfer of £lOOO as its initial balance. Tliev were on the eve of taking this step 'in 1931 but the losses occasioned by the earthquake absorbed moneys that would otherwise have been available for this purpose. The report and balance sheet were adopted and the directors’ proposals with respect to the payment of dividend at the rate of 4J per cent per annum and the transfer ot £lOOO to reserve fund were approved. The retiring directors, Messrs J. Phillips and J. S. Butler, were re-elect-ed and the retiring auditor, Mr A. E. Palmer, was reappointed. Shareholders present expressed themselves in appreciative terms ot the manner in uliich their interests had been cured for during the mist year, and tho meeting terminated with a vote of thanks to the chairman.