DIRECTORS’ REPORT.

Manawatu Standard, Volume LVII, Issue 198, 22 July 1937, Page 10

DIRECTORS’ REPORT.

MANAWATU CO-OP. BUILDING ;SOCIETY. “The sound policy pursued in the past in respect to mortgage advances to shareholders and the building up of reserves is reflected in the total bal-ance-sheet figures which show general increases,” states the report of the directors of the Manawatu Co-op. Building Society, to be presented at the annual meeting this evening. “It is pleasing also to record the important part the society is playing in the life of the Manawatu and surrounding districts in helping citizens to acquire new homes cheaply. Profits, £14,915: The total of the accumulated profits must be considered highly satisfactory. Depreciation reserve, £1342, must appeal to shareholders as indicating an added source of financial strength. Total loans: A total of £167,468 has been advanced in seven groups, this amount being amply covered by the valuations of properties mortgaged ,to the society. No. 1 group: Started 1923; 1924; shares allotted. 1000; total loans, 352; total profit, £2446; depreciation reserves, £2ll. No. 2 group:... Star ted 1924; shares allotter, 1000; total loans, £34,039; total profit, £3133; depreciation reserves, £127. No. 3 group: Started 1925; shares allotted, 1000; total loans, £28,571; total profit, £2485; depreciation reserves, £412. No. 4 group: Started t 1926; shares allotted, 1000; total loans, £27,048; total profit, £2742; depreciation reserves, £387. No. 5 group: Started 1928; shares allotted, 1000; total loans, 19,764; total profit, £2219; depreciation reserves, £205. No. 6 group: Started 1930: Shares allotted, 1000; total loans, £17,582; total'profit, £1845, —. No. 7 group: Started 1936; shares allotted, 700; total loans, £1112; total profit, £45; depreciation reserves, —. Total loans. £167,468; total profit, £14,915; depreciation reserves, £1342. Messrs G. G. Priest and G. B. Cope retire from the directorate by rotation, and offer themselves for re-election. Mr R. W. Priest again offers himself for re-election as auditor. New group (No. 7) : This is now in operation and shares are being rapidly taken np.