STARR-BOWKETT SOCIETY.

Manawatu Standard, Volume LII, Issue 228, 26 August 1932, Page 4

STARR-BOWKETT SOCIETY.

DIRECTORS’ ANNUAL REPORT Tlie directors of the Palmerston North Co-operative Building Society (Starr-Bowkett), in their 34th annual report, state: —“During the year tire directors decided to extend the privilege of allowing shareholders in all of the groups to participate in a reduction of the weekly payments off their loans from 3s 4d to 2s 6d per £IOO. This action has been greatly appreciated by the shareholders. 'faking this fact into consideration, the income of the society has been well maintained. Evidence of the benefit the society has been to the shareholders is shown by the fact that a sum of £98,608 16s in subscriptions stands to the credit of the members. Groups Nos. 3 and 4 are approaching completion, and should be brought to a termination within a short period. Provided payments arc maintained the whole of the appropriations in these groups should be allotted before the next annual meeting. The total weekly subscriptions received for the year amounted to £IO,OIO 7s. The total allocated for loans during the year amounted to £17.000, of which £14,500 was obtained by ballot, free of interest, and the balance, £3IOO, by tender, thus giving the members as many free of interest loans as possible, and thereby carrying out to the fullest extent the true co-operative principles of the society. A total of £310,800 has now been advanced to members since the inception of the society, without a loss of any kind. No. 3 Group (January. 1916): £2900 (all by ballots) was allotted during the year. £ISOO subscriptions were returned to members in lieu of taking up ballots. The balance to profit and loss account amounts to £835 15s 3d, the number of shares being 350. No. 4 Group (August, 1916): £2IOO (£IGOO by ballot and £SOO by tender) was allotted during the year; £1064 subscriptions returned. The balance to profit and lass account amounts to £1024 16s lOd, the number of shares being 390. No. 5 Group (May, 1919): £IBOO (£I2OO by ballot and £6OO by tender) was allotted during the year; £490 subscriptions returned. The balance to profit and loss account amount to £839 17s 10(1, the number of shares lieing 436. No. 6 Group (January, 1921): £3700 (£2BOO by ballot and £9OO by tender) was allotted during the year. The balance to profit and loss account amounts to £3028 5s Id, the number of shares being 728. No. 7 Group (September, 1923): £3300 (£2600 by ballot and £7OO by tender) was allotted during the year. The balance to profit and loss account amounts to £1897 16s lid, the number of shares being 756. No. 8 Group (July, 1925): £I4OO (£I2OO by ballot and £2OO bv tender) was allotted during the year. The balance to profit and loss account amounts to £729 10s od. _ the' number of shares being 759. No. 9 Group (September, 1926): £I7OO (£ISOO by ballot and £2OO by tender) was allotted during tire year. The balance to profit and loss account amounts to £855 8s lid, the number of shares being 816. No. 10 Group (June, 1930): £7OO by ballot was allotted during the year. Messrs C. E. Dempsy and S. W. Rapley are the retiring directors, both of whom are eligible for _ reelection. Mr N. I. Nielsen, auditor, offers himself for re-election.

“Subscriptions to credit of meml>ers. —No. 3 Group, £14,390 7s; No. 4 Group, £14,993 4s; No. 5 Group, £14,386; No. 6 Group, £19,691 19s: No. 7 Group. £13,975 6s; No. 8 Group, £10,403 7s; No. 9 Group, £9043 16s; No. 10 Group, £1724 17s; total, £98,608 16s.

“Summary of loans to members. —• Xo. 1 Group, £56,700 (terminated); No. 2 Group, £55.300 (terminated); Xo. 3 Group, £44.400 (formed January, 1916); Xo. 4 Group, £40.400 (formed August, 1916); Xo. 5 Group. £28,700 (formed May, 1919); No. 6 Group, £36.100 (formed January, 1921); No. 7 Group, £22,700 (formed September, 1923); No. 8 Group. £13.700 (formed July, 1925); Xo. 9 Group, £ll,lOO (formed September, 1926); Xo 10 Group, £I7OO (formed June, 1930). Total, £310,800.”