TERMINATING BUILDING SOCIETY.

New Zealand Herald, Volume XLVIII, Issue 14691, 27 May 1911, Page 5

TERMINATING BUILDING SOCIETY.

A PROSPEROUS YEAR.

PROFIT OF £10,000.

Tub annual meeting of the Auckland Cooperative Terminating Building Society was held in St. James's Hall last evening. There was a good attendance of shareholders. In the absence of the chairman of the society (Mr. J. F. Buddie), who is oil a visit to Australia for the benefit of his health, the vice-chairman presided.

The Chairman, in moving tlie adoption of the report and balance-sheet, a summary of which has been already published, said that last year was the first full year of the operations of 20 groups of the society. The 21st group was taking its place in the appropriations that night. The 22nd group was full to over-flowing, and would be in operation shortly. The demand for sliares in the new groups was still unsatisfied. The society was probably the largest of its kind in the world. The year's figures showed that the receipts had jumped from £78,621 to £90,278, an increase of £11,657 for the year. This increase was more than the whole year's business of most StarrBowkett societies. Of the last year's revenue £75,06.1 had gone out in loans, the remaining £15,217 being accounted for by withdrawals of subscriptions (£10,444), other charges (£2419), and the difference between the cash balances (£2354). The total of the loans (including that night's appropriations of £10,000) was over half I a million sterling. The profits during the ! past year had been handsome, although not quite so large as during the previous year, when money was " tight," and premiums high. The total profit for the year was nearly £10,000, as against £11,800 for the previous year. The total profits to date were £63,256. The lowest interest shown in any group was four per cent, per annum compound interest on the shilling per week from tho commencement, whilst it was much _ higher in other groups. The appropriations and withdrawals had reduced the number of shares left in the ballots in the first six groups to considerably less than half the original thousand. In the second and third groups they were down to a. little over one-third of the thousand, and in the seventh, eighth, ninth and tenth groups withdrawals were telling tlieir tale in the samo direction. The directors were considering a scheme under which shareholders on withdrawing would receive half profits. This scheme when fully formulated would be submitted to the shareholders for their decision. In referring to the recent increase in tho number of groups he said that it was not likely that any more groups would be started for some timo, but if it were desired the whole of tho remaining eight groups could be filled in three months. The levy for working expenses had been reduced from Is 8d to Is 6d. Tho lowest levy made by, any similar society was about 2s per share. He paid a tribute to the excellent work of the secretary (Mr. J. C. Grierson) and the staff.

The motion for the adoption of the report and balance-sheet was carried unanimously.

Auditors' Fees.

In reply to a shareholder, who referred to the largo sum paid in audit fees (£210), the chairman said that the payment was at the rate of £5 5s per group. The directors had, however, decided to reduce the amount to £4 4s per group. Mr. J. C. Golheck said that considering that the sum of £90,000 passed through tho office last year the payment of £5 5s per group was not excessive, and he disapproved of the action of the directors in making tho reduction. Tho Chairman said the directors were willing if the shareholders desired it to allow tho payment to remain at £5 5s per group. Mr. Col beck said he thought shareholders on withdrawing after 10 years should be allowed one-third of the profits. The Chairman said this was the proportion that the directors themselves regarded as a fair one. Election of Directors. The result of 'the poll for the election of directors was announced as follows :— .T. M. Bavr, 1693; T. Mackv, 1643; K. J. Entricnn, 1451; J. B. Gi'lfillan, 967; F. A. Clarke, 390. The three first-named were declared elected. The remuneration of the directors was fixed by resolution of the meeting at the same rate as last year. A vote of thanks to the secretary and staff was also carried by the meeting.

Results of Ballots. In the disposal of appropriations by ballot, the following nuipbers were successful, tho amount allocated being £400 in each case, except in the case of two numbers which represented only one share each and in which, as indicated, £200 only was allocated: Group 1, 336; group 2, 796 ; group 3, 575; group 4, 982; group 5, 405 (£200), and 805; group 6, 348 (£200), and 915; group 7, 667; group 8, 595; group 11, 455; group 12, 850; group 14, 689; group 17, 512 : group 19, 24; group 21 (first ballot), 642. . Sale of Appropriations. Appropriations totalling £400 each were sold by tender in the undermentioned groups, the amount named in each ease being the highest lender per £200: — Group 1, £42 15s; group 2, £45 10s; group 3, £47; group 9, £65 10s 6d; group 10, £69 ; group 11, £70 Is ; group 12, £72 2s 6d; group 13, £72 15s; group 15, £74 group 16. £76; group 18, £72; group 20, £78 10s 6d. ' '

The total sum allocated was £10,800.