BUILDING SOCIETY'S YEAR.

New Zealand Herald, Volume L, Issue 15307, 21 May 1913, Page 11

BUILDING SOCIETY'S YEAR.

• RECEIPTS : EXCEED £100,000. | The 16th annual meeting: of the Auckland Terminating Building Society will be held at St James's Hall on May 28. . The directors' annua!, report again certifies to L the continued and remarkable progress and pros- , penty of the society. Two more new groups, the 23rd and 24th, have been opened during the year, and it is Intended to open, the 25tlf and 1 26th groups within the next two or three months , More than 500 shores in the 25th group are already bespoken. The : society's income again shows an increase compared with the previous vear. The receint? last year were £99,219 17s sd. This year thev amount; to £100,525 Is 6d. It is an important epoch in the society's history when the actuai receipts reach £100,C00 for the year. The cash receipts for the last five years amount to £433 000 and, for the last ssven years, since the number of groups was increased beyond the original 10 groups, to £535,0C0, a marve'lous' achievement for a Starr-Bowkett Building Society, placing it on > a level with the large permanent buildinir societies of London, and other big cities Continuing, the report says:—The cash ad- ™ '2 an during the year, amounting to £75,739 18s 8(1, has been dealt with very carefully, sound and ample securities having been selected in all cases. The repayments have come in very satisfactorily, further improving the state of the securities. ° The advances made and authorised since the commencement of the society now amount to £669,349 15s lid, and the repayment 3 to £297,335 6s sd, reducing the liability of the loanholders to the sum of £372,014 9s 6a. for which securities of a much greater value arc held. /■ , ■, A total of 200 ballots and 186 sales by tender were , allocated during the year. The groups have earned £10,412 lis 2d, the total proflto thus being increased to £83,866 18s 7d. "Hie amendment of the rules, enabling one-third of the pro fits to.be paid to members withdrawing alter a group is 10 years old, appears to give general satisfaction in its working. Messrs. J. F. Buddie, Walter Lambourne, and James ,W. Wiseman retire from the directorate by rotation, and offer themselves for Several other candidates 'have also been nominated. The directors have decided to levy a rate of Is 4d per share to meet the working expenses of the year. • mmmmmm i in—i m m m