SUCCESSFUL HALF-YEAR

Nelson Evening Mail, Volume LXIV, 10 April 1930, Page 2

SUCCESSFUL HALF-YEAR

PERMANENT liUILDING SOCIETY OF NELSON

LOAN ACCOUNT DOUBLED IN T 1&

YEAItS

At a special meeting of the directors of the Permanent Building Society held for the purpose of declaring profit for the half year ended 31st March, the chairman (Mr Bolton) stated that the Society hail had a very successful halfyear notwithstanding that the interest had been lowered * during the past twelve months from 6 per cent, to 5 per cent. As a consequence the Society had advanced a considerable sum of money by way of mortgage and at the 31st March last the loan account stood at £227,332. The secretary produced a copy of the profit and loss account for the half-year showing the amount available for distribution among shareholders to be £5763 12s 3d. After placing aside the sum of £3046 7s 6d to meet accrued interest on deposits there remained a balance of £2,717 5s '2d to be allotted. It was resolved that profit at the rate of 5 per cent, be allotted to shareholders, thus absorbing £2,307 10s 9d, making a total for the year of £4,603 4s 6d, and that the balance of £409 14s 5d be carried forward to next half year. The secretary was instructed to pay out maturing shares (D.O. series) as from the 21st April, the sum required for .this purpose being £3,712 4s. The chairman stated that the Society had made wonderful progress during the past few years, and that since 1920 the loan account had practically doubled itself and the amount held on deposit had increased to £102,775, as against £60,135 at the 31st March. 1920. During the year the Society had received on deposit the sum of £137,753 and paid out deposits amounting to £120,696.

The number of shares held by shareholders at the 31st March was 16,416, being an increase for the half-year of £703. The value of the shares at the 31st March amounted to £103,375 11s 7d.