STARR BOWKETT SOCIETY

Manawatu Times, Volume XL, Issue 13210, 29 September 1915, Page 4

STARR BOWKETT SOCIETY

ANNUAL MEETING.

There was a large attendance at the annual meeting of the above Society last evening, Mr J. S. Munro presiding. The Chairman, in moving the adoption of the report and balance-sheet, a statement of which has already been published in the Times, stated that it gave him great pleasure to see si eh a largo attendance at the annual meeting, and particularly to see so many ladies present. The Society had arrived at the stage when it was looked upon as a live institution and cne worthy of the support of the citizens of Palmerston. The StarrBowkett was one of the best institutions in New Zealand because it encouraged thrift. It was started by ti'rifty people, who had the interests of the community ai heart. People sbeuld beci in mind that it way t-o :fie interests of the countr' that citizens should own their own omes,

and tb's Society assisted th* m:n wit?> small capital to carry, o*:'. this ideal by paying back in small sums which did not amount to very much more than rent. He was very pleased tc have been chairman during the past year, for the reason that they hid instituted a new set of rules. H'e was doubtful whether any other Building Society in the Dominion had more up-to-date rules. Every shareholder in No. 1 group has had his appropriation, and nil tliat was now necessary was the refund of subscriptions. When this was done, they would divide the profits pro rata. They had now £SOO to be paid back in subscriptions, and this would be done by ballot. They had got No. 3 group under way, and 201 shares were taken up. It had been decided to start when 200 shares had been applie 1 for. Mr Munro said that they had reached a high water mark,' and had lent out £BO.OOO free of interest to shareholders. They had not made a single loss during the whole career of the Society. He maintained that they owed a debt of gratitude to the founders of the Society who had laid the foundations true and well and had built upon them soundly. He contended that they could still look forward to better prospects in the future. He wished to mention that under the new rules'a shareholder was allowed to take up ten shares, and if he got an impropriation with the first live he could still take another five. Messrs M. A. Eliott and G. Woodroofe were re-elected directors, and Mr O. "Rush was also elected to the directorate. Mr M. A. Eliott was elected chairman for ensuing year.

A hearty vote of thanks was accorded to 'the retiring Chairman, Mr J S Munro. who had given a lot of time and energy to the welfare of the Society during the past year.

\ hearty vote of thanks was accorded Mr Hirsch for the painstaking manner in which he had discharged his duties as secretary for the past nine years. The ballots for free loans Tvo. Z aroup resulted:—W. Cuthbertson £2OO. and S. Tl. Jolly £3OO. The return of £so."> 4s to shareholders in No. 1 group was also balloted for.