Loans Free of Interest For House Building

Manawatu Times, Volume LIV, Issue 7249, 31 August 1933, Page 8

Loans Free of Interest For House Building

building society holds ? ANNUAL MEETING

The 35th annual' meeting of shareholders in the Palmerston North Co operative Building Society (Starr Bow kett) was held last evening, Mr M. A Eliott (chairman of directors) presiding.

In welcoming those present, the chairman made reference to the growth of the city over the past 35 years and claimed that the society could lay claim to playing a share in that progress by helping the peoplo to build houses on very acceptable) terms. During its 35 years of operation there had been only one loss and that in a town outside Palmerston .North. Members still continue to make prompt payment of dues, especially those who had been in the society for the longest periods. Over £9OOO had been paid in in subscriptions during tho past year, which spoke volumes for tho saving habits of the people of Palmerston North _ and appreciation of the way tho society s business was being managed. The auditor (Mr N. I. Nielsen) reported that the books had been excellently kept by tho secretary. (Mr W. Hunter), who had afforded him every assistance in the audit. In moving the adoption of -the annual Teport and balance-sheet, the chairman mentioned that since the society was formed a total of £98,970 had been paid in in subscriptions, and the total loans to members had been £331,000. Tho present times had caused the directors a little more worry than in previous years, but it was wonderful the way in which members had paid up. In some cases extention of time had been necessary, but. generally speaking members were making an honest effort to carry oub their obligations.

The Teport and balance-sheet were adopted. , t , . Mr M. A. Eliott was re-elected to tho directorate and the position Tendered vacant by the transfer of Mr D. Morrison to Wellington was filled by Mr D. E. Smillie. The chairman referred to the valuable services Mr Morrison had rendered the society, and on the motion of Mr J. B. Gerrand, it was decided to send him a letter of appreciation. Mr N. I. Nielsen was reappointed auditor. Ballots for free of interest loans were then conducted, it being explained that as there were only ten marbles left in No. 3 group it was proposed to draw out all ten on the understanding that tho loans were paid over as the money became available. Results were. No. 3 Group.—S. W. Oliver (Palmerston North), two shares; Mrs Margaret Holben (Palmerston North), five shares; Mrs Gertrude M. Smith (Palmerston North), two shares; Miss A. Spinks (Palmerston North), five shares; Mr E. S. Wright (Wellington), five shares; Mrs R. M. Vautier (Wellington), five shares; Mr M. Richardson (Tiakitahuna), three shares; Mrs E. M. Richardson (Tiakitahuna), three shares; Miss C. J. CaUanan (Masterton), three shares; Mr A. G. Riches (Taumarunui), five shares. No. 4 Group.—Mrs Ada Penny (Feilding), five shares. No. 5 Group.—Mr G. H. Humphreys, Russell street, Palmerston North, five No. 6 Group. —Mr F. Sheppard (Palmerston North), five shares. No. 7 Group. —Mr F. A. Bates (Christchurch), six shares. No. 8 Group.—Miss Ethel May Lane, Manawatu street, Palmerston North, five shares.

No. 9 Group.—Mr A. J. Cranton, Main street, Palmerston North, seven No. 10 Group.—Mr F. H. Stoekwell (Feilding), five shares.