STARR-BOWKETT SOCIETY.

Manawatu Times, Volume XLIII, Issue 14198, 25 August 1919, Page 7

STARR-BOWKETT SOCIETY.

DIRECTORS’ ANNUAL REPORT. The report of the Palmerston North Co-operative (Starr-Bowkett) Building Society, to be laid before the annual meeting of shareholders to-morrow evening, congratulates the members on the satisfactory progress made during the year. The increasing popularity of the society was evidenced by the opening of another now group, No. 5, with dUO shares fully subscribed thus making three new groups, with (50U shares each, opened since Ist January, 1916. In No. 1 group there is now only a balance of due loan remaining, viz., £2l 10/, to be received before dually closing the group. In No. 2 group £46 Ou was allotted during the 12 months, £3200 by ballot and £llOO by tender, and a total of £35,100 has now been allotted in this group, while 60 members, holding 184 shares, have still to obtain appropriations. Pining the year 44 shares were cancelled, the total shares remining in the group being 438. The net profit for the year amounted to £37 6/10, and the total amount in the profit and loss account carried fox-ward is £2431 13/8. fn No. 3 group 13 appropriations (£1300,' £BOO by ballot and £SOO by tender, we: <. allotted during the year, making a totn. of £5400 since the group opened on Is: January, 1916. The sale by tender of £SOO at £32 per cent, was the highest yet obtained by the society. A net profit of £B4 10/11 is shown for tne year, and the total to profit and loss account carried forward amounts to £l9l 9/7. In No. 4 group £I2OO by ballot and £4OO by tender w-cre allotted during the year, the total allotted for the throe years since the group was opened (August, 1916) being £4IOO. Sales of loans by tender realised £97 12/, and the net profit amounted to £24 13/2, making the total now to the credit of the profit and loss account £J 14 13/2. No. 5 group was opened on May 4tn, 1919, with a share list of GOO all taken up. For the two vacancies on ttiv board of directors there are five nominations, namely those of Messrs G. Wood roof o (retiring director), R. H. Sollitt, J. B. Gerrand, W. Mundy, and M. J. Kennedy. The retiring auditors, Messrs Ruth erf urd and Council, oiler themselves for re-election.