BUILDING SOCIETY.

Manawatu Standard, Volume L, Issue 253, 20 September 1930, Page 6

BUILDING SOCIETY.

LOAN APPROPRIATIONS. Appropriations were made in two groups at a meeting of members of the Manawatu Co-operative Building Soeietv (terminating) held on Thursday evening. . T The chairman of directors, Mr J. J. O’Shea, wllo presided, referred to the continued steady growth of the society and the interest shown in it bv the public. During the seven years of the society’s operations, £7s r 000 had been advanced to members on loans free of interest from five groups, and the sixth group was now established after a most satisfactory application for shares. The profit in tho five groups now amounted to £II,OOO, which belonged to the shareholders, and was now invested in mortgages. The society was in a sound financial position, and at the same (inic was of great financial assistance to a large number of shareholders. Notwithstanding the current period of depression, borrowers were fulfilling their obligations in regard to repayments, and contributions were being sustained in a commendable manner. . The results of the ballots were: Group 2, £SOO loan free of interest, Mr A. V. Batson, Palmerstori\ North; group 4, £7OO loan free of interest, Mr E. S. W. Parsons, Levin.