Another Year of Co-operative Building

Manawatu Times, Volume LIV, Issue 7239, 19 August 1933, Page 8

Another Year of Co-operative Building

STARR BOWKETT ANNUAL REPORT The following is the 35th annual report and statement of accounts to he considered by the annual meeting of tho Palmerston North Co-operative Building (Starr Bowkett) Society: — “The prevailing depression has affected the society in common with every similar institution. This was only to bo expected when tho financial position of many of our shareholders is taken into consideration. The reduction of tho weekly payments on loans from 3s 4d to 2s Gd per £IOO has been continued and has been greatly appreciated by members. We were not able to terminate tho ballots in groups 3 and 4 as expected at the last annual meeting. The final ballots in group 3 will be held at this annual meeting. The total appropriations for tho year amounted to £20,330. The total subscriptions received on shares amounted to £9237, compared with £.10,010 the previous year, the decrease, £773, being mainly accounted for by cancellation of shares in groups 3 and 4 by withdrawal of subscriptions in lieu of taking up tho ballots. It speaks’ well for the community when savings to the extent of £9OOO have been lodged with the society in spite of the unprecedented period through which we are passing, It also shows that confidence is still maintained in the society, -which has been carried on successfully for 35 years.

“No. 3 group (January, 1916): Ten ballots were held during the year; £1062 11s 2d subscriptions were returned to members in lieu of taking up ballots; £IOOO was advanced on loans taken up; the balance to profit and loss account amounts to £748 17s 2d, the number of shares being 316. No. 4 group (August, 1916): Ten ballots and one tender were held during the year; £1377 3s 8d in subscriptions were returned; the balance to profit and loss account amounts to £lO9l 9s sd, the number of shares being 333. No. 5 group (May, 1919): £2200 (£2IOO by ballot and £IOO by tender) was allotted during the year; £ll9O Is 2d subscriptions were returned; the balance to profit and loss account amounts to £BB2 9s sd, the number of shares being 381. No. 6 group (January, 1931): £SOOO (£3400 by ballot and £I6OO by tender) was allotted during the year; the balance to profit and loss account amounts to £3166 6s, the number of

shades being 653. Iso. 7 group (September, 1923): £2500 (£ISOO by ballot and £7OO by tender) was allotted during the year; the balance to profit and loss account amounts to £1982 10s sd, the number of shares being 719. No 8 group (July, 1925): £2900 (£ISOO by ballot and £I4OO by tender) was allotted during the year; the balance to profit and loss account amounts to £9OO ,10s Id, the number of shares being 74G. No. 9 group (September, 1926): £3200 (£llOO by ballot and £2IOO by tender) was allotted during the year; the balance to profit and loss account amounts to £1243 19s sd, the number of shares being 789. No. 10 group (June, 1930): £llOO (£2OO by ballot and £9OO by tender) was allotted during the year. Messrs M. A. Elliott and D. Morrison are the retiring directors. Mr Morrison, owing to removal from the district, is not seeking re-election. Mr N. I. Nielsen, auditor, offers himself for re-election. “Subscriptions to Credit of Members. —No. 3 group, £13,623 15s; No. 4 group, £13,156 15s; No. 5 group, £13,302 16s; No. 6 group, £20,309 4s; No. 7 group, £14,528; No. 8 group, fill--569 4s; No. 9 group, £10,223 18s; No. 10 group, £2257 os; total, £95,970 17s. “Summary of Loans to Members. — No. 1 group, £56,700 (terminated); No. 2 group, £55,300 (terminated); No. 3 group, £45,700 (formed January, 1916) ; No. 4 group, £42,330 (formed August. 1916); No. 5 group, £30,900 (formed May, 1919); No. 6 group, £41,100 (formed January, 1921); No. 7 group, £25,400 (formed September, 1923); No. S group, £16,700 (formed July, 1925); No. 9 group, £14,300 (formed September, 1926); No. 10 group, £2BOO (formed June, 1930); total, £331,230.'-