SPLENDID HALF-YEAR

Nelson Evening Mail, Volume LXVI, 10 April 1934, Page 2

SPLENDID HALF-YEAR

PERMANENT BUILDING SOCIETY OF NELSON The half yearly meeting of the Directors of the Permanent Building Society of Nelson was held last evening for the purpose of receiving the audited statement of accounts for the purpose of receiving the audited statement of accounts for the past six: months ended hi si; March 1934.

The chairman (Mr S. F. Bolton) referred to the fact that the society had again experienced another splendid half year as a perusal of the statement of accounts would show and stated that the amount for distribution for the half year amounted to £5552 17s (id. After setting aside the sum of £2882 13s Bd, the amount of interest due depositors at the end of the half year, there remained the sum of £2079 13s Kid to be disposed of. It was resolved that a profit at the rate of 5 per cent per annum be declared on all shares in existence at the 31st March 1934, thus absorbing £2098 1 Ms —and that the balance of £571 odd be carried forward to reserves, The secretary was instructed to pay out maturing shares (D.W. Series) lie from Monday next the lOtli instant the sum required for this purpose being £0552 J4s. Before dealing with other business, the chairman made a few remarks regarding the business of the society during the past half year, and mentioned, inter alia, that during the year 41 new houses had been financed by the society, the sum required for this purpose being approximately £22,090.

Loans advanced and rearranged during the \ year amounted to £75,697, ami the amount repaid and rearranged amounted to £74,231. The amount of loans current at the end of the year totalled £226,000 odd. The amount of deposits in force at the end of the year were £130,283. During the same period the sum of £98,468 lias been received on deposit whilst the amount repaid to depositors totalled £53,322.

Interest paid depositors during the year amounted to £5287 3s lOd and liquid reserves at the end of the financial year amounted to £22,000 odd. Another feature was the fact that the public were taking up purely investing shares at a far greater rate than they did two years ago. During the half "year just ended of the 2303 shares taken up, 615 were purely investigating shares, whereas two years ago tile number of purely investing taken up was 191 only, the two intermediate periods being 232 and 368 respectively. The total number of shares in force at the 31st March 1934 was 14,602.