WHANGAREI BUILDING SOCIETY

Northern Advocate, 11 June 1926, Page 5

WHANGAREI BUILDING SOCIETY

APPROPRIATIONS AND SECURIS TIES. ' STATEMENT BY CHAIRMAN. Speaking at the meeting of the Whangarei Terminating Building Society last night the chairman stated that. £B6OO . had already been distributed by t the society since its inception, end that the promives made by the promotera r had been fulfilled , to the letter. .An appropriation of £BOO had taken place every, second month, and in the -course of a year or two, when the repayment moneys .would, be . increasing, appropriation meetings would he more frequent. Regarding the question of securities, he pointed out that the winner of a ballot or the purchaser of an appropriation, could. not eome along and expect to lift the money without further ado. Adequate p-'-urity in each i’.ase had to be provided. The directors 'were trustees i, for the members’, subscriptions, and it was their duty to see that no finanv.eial risks were taken in letting out the society’s money. -The security in every case had to be ample in- order

that there would be no danger of loss. He regretted to state that the second group had not been filled, but this was because the directors were all busy men and could not spare the time from their businesses to do the necessary canvassing. However, he hoped they would be able to do. so shortly. This

was an institution in which they could y confidently advise the people of the district to invest their money.