Free of Interest Loans

Manawatu Times, Volume 60, Issue 175, 27 July 1935, Page 5

Free of Interest Loans

MANAWATU CO-OPBKATIYE BUILDING SOCIETY. Ihe twelt'tii annual meeting of the Manawatu Co-operative Building Society was held last evening, Mr. G. D. I attic (chairman ot directors) presiding over a large attendance. Ihe annual report and accounts, as a,ready reviewed in these columns, were presented. In moving their adoption, Air. Battle said it was pleasing to record that finances of the society were in a sound position. It had been interesting to note that the magnitude of tho co-operative movement in even a small country like New Zealand—in one year nearly £2,000,000 had been advanced to shareholders by building societies. In the main this money had been used to procure new homes free of interest; figures such as these spoke for themselves. In Great Britain hist year Ihe huge sum of £103,000,000 was advanced to shareholders by building societies, an increase of £13,000,000 on the previous record year of 1031. A. little thought on the matter would soon convince one of the wonderful asset co-operative building societies arc to Ihe country. Home ownership certainly gave an individual more sen so of responsibility 'in a community —more happiness and pleasure in improving that home and its surroundings and thereby tending to make a happier and a more contented people. For these reasons alone Governments should encourage ihe eo-

operative building society movement in every possible way. One would bo an incurable pessimist to-day to say that

we are not moving out of the depression—all the signs were present that

point to the fact that, we are now on

the way to more prosperous limes. Being firmly convinced in these views and holding an optimistic outlook on the future, the directors have decided that the society- should again advance in the direction of forming group N’o. 7. This was now in the process of formation, and would, if is hoped, be soon in operation. The motion for the adoption of tins report and accounts was seconded by Mr. G. IT. Ncnl and carried. The election of directors resulted in 'he return of Messrs. G. P. Cope and •T. .T. O'Plica, (retiring -directors) unopposed. Air. 11. W. Priest, F.P.A.X.Z.. was reelected auditor. At, the close of the annual business, appropriations by sale and ballot were decided. Messrs. H. T. Hartley and .T. W. Gibson (Mart on I acting as scruti* nee rs. The successful tender price in group 2 -was £l.O 3s per cent., in group 3 £1.4 per cent., and in group 0 £22 10s per cent. Appropriations by lx Hot weie decided as follows: —Group A, I*. F. Garrity (Palmerston North), £700: group 3, Airs. Billington (Hukanui), £2OO and H. G. Billington (Hukanui), £500; group 4. Airs. .T. AY. Finch (Feilding), £7OO.

Before the conclusion of the meeting, a vote of thanks was accorded the society’s staff and agents throughout tht district, on the motion of Messrs. O’Shea and Battle, and to the society’s solicitors (Mr. G. T. AfeGregor and Afr. IL 11. Oram).

Messrs. W. C. Harrington and G. L Ale Gregor replied, the latter referring in appreciative terms to the manner in which tho members who had received loans were meeting their commitments, and to the manner in which tho business of the society was administered.