Quarter of a Million Advanced to Borrowers

Manawatu Times, Volume LIV, Issue 7301, 31 October 1933, Page 3

Quarter of a Million Advanced to Borrowers

FEILDING BUILDING SOCIETY ANNUAL MEETING It was stated by the chairman (Mr W. E. Carthew) at the annual meeting of the Feilding Permanent Building and Investment Society yesterday that since its inception the society had advanced just on £250,000 to borrowers. The larger part of this sum had been utilised in home building, and there was no doubt that the society was fulfilling an important role in providing people with their own homes. At the present time there were 120 borrowers on tho society’s books, and practically all had to do with the building of houses.

Touching on the balance-sheet, the chairman said that the prevailing condition had resulted in reduced business along with a falling-off of the amount of interest earned. There was evidence of a move confident outlook, and as far as the society was concerned there was quite an inquiry for assistance for the building of new houses.

The report and balance-sheet were adopted without further discussion. Tho retiring directors, Messrs ft. Bailey, and AV. E. Carthew, were reelected unopposed. Mr A. H. Maguire was re-elected auditor and the formal resolutions, crediting capital "C” share? and investment shares with interest, were carried. Members referred to the work of the acting-manager, Air Guy Goodbehcrc, stating that he had carried out his duties, over a very difficult period, in a most capable and efficient manner.