UNKNOWN

Manawatu Times, Volume LIV, Issue 6992, 19 August 1929, Page 3

UNKNOWN

ANNUAL REPORT,

Following is the directors’ report to be submitted to tho annual meeting of shareholders of tho Palmerston North Co-operative Building Society (%tarrBowkett). —“Steady progress has been maintained in the seven groups, and preliminary steps are in progress to open a now group, No. 10, under amended rules, which, we trust, will tend to futher increase the popularity of the society. Tho purely co-operative principles of the society have been kept in view for the purpose of giving to members the advantages of as many free of interest loaus as possible. The building up of profits at the expense of its own members is not considered desirable for a society formed for mutual self-help and true co-operation. The total weekly subscriptions paid in by members amounted to £11,370 10s. This represents an actual saving by members. The total amount to credit of members now amounts to £82,501 12s. Subscriptions totalling £4937 14s were returned, owing to deaths, removals or special circumstances. The total loans allotted during the year amounted ta £17,200; £12,800 being by ballots, free of interest, and £4400 by tenders. The total advanced to members since the inception of the society is £251,200. No. 3 Group (January, 1916). —£3500 (£3300 by ballot and £2OO by tender) was allotted during the year. £BOO drawn by ballot was not taken up. The balance to profit and loss account amounts to £9ll 7s sd. The number of shares is 466. No. 4 Group (August, 1916). — £3300 (£2500 by ballot and £SOO by tender) was allotted during tho year. The balance to profit and loss account amounts to £1059 10s Id. The number of shares is 509. No. 5 Group (May, 1919).—£2600 (£I7OO by ballot and £9OO by tender) was allotted during •the year. The balance to profit and loss account amounts to £920 18s Bd. The number of shares is 493. No. 6 Group (Janu’arv, 1921). —£3600 (£2BOO by ballot and £BOO by tender) was allotted during the year. The balance to profit and loss account amounts to £229S 5s 5d The number of shares is 949. No. 7 Group (September, 1923). —£2700 (£ISOO by ballot and £I2OO by tender) was allotted during the year. The balance to profit and loss account amounts to £1372 13s 6d. The number of shares is 862. No. 8 Group (July, 1925).—£1800 (£I3OO by ballot and £SOO by tender) was allotted during the year. The balance to profit and los3 account amounts to £459 Is 9d. The number of shares is 798. No. 9 Group (September, 1926). —£500 by ballot was allotted during the year. The balance to profit and loss account amounts to £49 13s 3d. The number of shares is 843. W’e regret to report the loss to tho board by tho death of Mr. W. Mundy, who had rendered good service ns a director for over ten years. Mr. S. W. Rapley was appointed to fill the vacancy. ’ ’