Building With Free Of Interest Money

Manawatu Times, Volume LIV, Issue 6629, 17 August 1931, Page 8

Building With Free Of Interest Money

STARR BOWEETT SOCIETY REPORTS PROGRESS.

The following report is to bo submitted to the annual meeting of the Starr Bowkctt Building Society:— “It is pleasing to note that in spite of tho prevailing depression steady progress has been maintained. Tho financial stringency caused a decrease in the total loans allotted during the year ot £6500 as compared with the previous year. Finance. —Tho popularity of the society as a purely co-operative society, to assist members to acquire their homes as well as acting as a savings bank, con : tinues to be well maintained. The total weekly subscriptions received for the year amount to £10,224 17s. The total allocated for loans during the year amounted to £18,500, of which £14,300 was obtained by ballot, free of interest, and the balance, £4200, by tender, tlyis giving the members as many free of interest loans as possible, t .creby carrying out to tho fullest extent the true co-operative principles of the society. A totai of £294,700 has now been advanced to members since the inception of the society, without a loss of any kind. No. 3 group (January, 1916). —£3700 (all by ballots) was allotted during tho year. The balance to profit and loss account amounts to £B9B 3s Id. The number of shares being 404. No. 4 group (August, 1916). —£3200 (all by ballots) was allotted during the year. The balance to profit and loss account amounts to £1032 16s 4d. The number of shares being 438. No. 5 group (May, 1919). — £22OU (all by ballots) was allotted dur iug the year. The balance to profit and loss account amounts to £849 13s lid. The number of shares being 464. No. 6 group (January, 1921). —£2300 (£I3OO by ballot and £IOOO by tender; was allotted during the year. The balance to profit and loss account amounts to £2768 3s 2d. The number of shares being 835. No. 7 group (September, 1923). —£1600 (£9OO by ballot and £7OO by tender) was allotted during the year. The balance to profit and loss account amounts to £1798 6s 2d. The number of shares being 801. No. 8 group (July, 1925).—£2200 (£I6OO by ballot and £6OO by tender) was allotted during the year. The balance to profit and loss account amounts to £7OO 13s. Tfio number of shares beiDg 779. No. 9 group (September, 1926). —£2300 (£I2OO by ballot and £llOO by tender) was allotted during the year. The balance to profit and loss account amounts to £734 12s lOd. The number of shares being 843. No. 10 group (June, 1930). —£1000 (£BOO by tender and £2OO by ballot/was allotted during the year.’’

Messrs 8. J. Watson and D. Morrison are the retiring directors, both ot whom are eligible for re-election. Mr. N. I. Nielsen, auditor, offers himselt for re-election.

Summary of loans to members. —No. 1 group, £56,700 (terminated); No. 2 group, £55,300 (terminated); No. 3 group, £43,000 (formed January, 1916); No. 4 group, £38,300 (formed, August, 1916); No. 5 group, £26,900 (formed May, 1919); No. 6 group, £32,400 (formed January, 1921); No. 7 group, £19,400 (formed September, 1923); No. 8 group, £12,300 (formed July, 1925); No. 9 group, £9400 (formed, September, 1926); No. 10 group, £IOOO (formed June, 1930). Total, £294,700.