BUILDING SOCIETY

Northern Advocate, 15 September 1932, Page 3

BUILDING SOCIETY

ANNUAL MEETING HELD. A SATISFACTORY" YUAR. There was a bare quorum at the eighth annual meeting of shareholders in the Whangarei Co-operative Terminating Building Society (Inc.), which was held in the Madeira Hall last evening. The chairman of directors, Mr H. W. Crawford, presided. Supplementary to the balance sheet, which has already been published, the chairman gave a* resume of the year’s working. .

“In common -with rill other businesses," he said, “this has heen a hard year on account of general conditions, but we have had a very successful year, taking those conditions into account." The profit was £751 3/-, which was less than that of last year (£1,016 13/o',, but which was entirely due to the fact that the society had more appropriations by ballot in comparison with those by tender this year. “It is very satisfactory when yon consider the period wo have gone through," the chairman went on. “Unfortunately there lias been a large number of withdrawals, due to hard times. This year they amounted to £2,102 14/-, which was paid out —lost to the society. Last year withdrawals amounted to only £1,507 12/-, and there are now 1,245 live shares in the group.’’ He congratulated the society on its sound financial position. The directors had exercised great care in lending out the members’ money and had always required adequate security to safeguard the loans. “We have worked very hard trying to get the second group started," the phairman added, “and now only 87 shares are left to be taken up and wo hope to be able to announce that it will be started within a month." The report and balance sheet were adopted. Messrs W. .1. Orr and R. G. Hosking, the retiring directors, were re-elected unopposed, and Mr P, L. Gunn was reappointed auditor. There was no general business, and the chairman, in closing the meeting, expressed his appreciation of the services of the secretary and the auditor during the past year. Ho also thanked his co-directors for the support they had given him in the discharge of the official duties of the society.