BUILDING SOCIETY APPRO PRIATION

Northern Advocate, 11 June 1926, Page 8

BUILDING SOCIETY APPRO PRIATION

ELEVENTH OF £BOO. MRS GEORGE HARRISON SUCCESSFUL. There was an attendance of between thirty and forty shareholders of the Whangarei Terminating Building Society at the eleventh appropriation meeting held in the Madeira Hall last evening. Mr H. W. Crawford, chairman of directors, presided, all the other directors being present, as follows:—Messrs. A. P. Thomson, E. G. Husking, D. A. McLean and W. J. Orr, the chairman announcing that Mr Orr had been appointed in succession to Mr A. R. Crane, who had resigned. Addressing the shareholders the chairman referred to the occasion which meant that the society has been the means to date of advancing £BBOO in loans. In connection with security, Mr Crawford- drew attention to the fact that it was essential that adequate security should be forthcoming before an advance could ; be made either by ballot or tender. That was so as the money belonged to the shareholders, the directors being trustees. The cycle was that after appropriations the money was paid out to the successful shareholder upon production of satisfactory security; it was then repaid to the society by weekly instalments, and ultimately when the group was wound up it was returned by the society to the shareholders.

Mr Crawford again urged upon shareholders the desirability of pushing on with the formation of another group which would benefit the shareholders in the first group by reducing running costs. He stated that Mr Hosking while in Auckland had been in conversation with Mr Grierson, who had stated that in Auckland for four or five years after formation of the first group there had been difficulty [ experienced in getting others going, but Is ter on, when the benefits became more widely known and appreciated, there had been no difficulty in regard to filling further groups. When the benefits were fully appreciated in the North the same thing would happen in Whangarei. THE DRAW. The drawing by ballot for the eleventh appropriation was then carried out in the usual manner, the two Misses Knowles and Miss Hosking drawing the numbers from : the bags, and the scrutineers being Messrs Reynolds, Crosbv and J. A. S. MacKay. The winning ‘ cluster proved to be No. 183, the shares being Nos. 729 to 732 inclusive, and the holder Mrs. George Harrison, of Shortland Street. It is expected that the next appropriation will be made about the end of July.