BUILDING SOCIETY
SUCCESSFUL NELSON INSTITUTION
EXCELLENT HALF-YEAR’S OPERATIONS
A special meeting of directors of the Permanent Building Society of Nelson was held yesterday for the purpose of receiving the statement of accounts for the half-year's operations ended 31st March last, and to declare "profit" in accordance with the rules.
The audited statement of the profit and loss account showed that the past half-year had been a very successful
The amount of gross profit available for distribution amounted to £6279 0s 114.
It was decided to declare the usual rate of profit of 5 per cent on all shares in force on the 31st March, viz.,
22,399 absorbing £2353 13s 2d; that £3198 3s be carried forward as representing accrued interest due depositors and that the balance of £727 4s 9d be credited to the general reserve.
The secretary was authorised to pay out the series of maturing shares E.G. Series, on the 17th instant, the amount required for the being £BI4O The chairman, Mr G. M. Simpson, in referring to the 77th balance sheet figures stated that in view of the annual general meeting to be held on the 29th May next, he would not go fully into the various items, but state briefly the position. Both the half-year and the year ended 31st March had been a very successful. one from all points of view. Loans had increased a great deal, and the amount on mortgage at the end of the year was £337,719, and in keeping with the increase of loans, the amount pf money held on deposit also increased and stood at £215,712.
The capital account of shareholders’ funds had increased by some £2,000 odd and stood at £105,115. The number of shares had also increased, and stood at 22,399.
In view of these figures, and the position generally, the members of the
society were to be congratulated on the rplendid results achieved during the half-year under review.
Before concluding the meeting, the secretary was authorised to accept a limited amount of money on deposit.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NEM19390414.2.16
Bibliographic details
Nelson Evening Mail, Volume LXXII, 14 April 1939, Page 2
Word Count
338BUILDING SOCIETY Nelson Evening Mail, Volume LXXII, 14 April 1939, Page 2
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