BUILDING SOCIETY.

New Zealand Herald, Volume LVII, Issue 17483, 29 May 1920, Page 5

BUILDING SOCIETY.

SUCCESSFUL YEAR'S WORK.

GREAT EXPANSION SHOWN.

The annual meeting of the Auckland Cooperative Terminating Building Society was' held in St. James' Hall last evening. There was a lsJge attendance of shareholders, the chairman of directors, Mr. J. F. Buddie, presiding. The directors' annual report and details of the financial statement, were published in the He&ai/D of May 24. Mr. Buddie said the result of the year's operations was highly satisfactory. There were several outstanding features of the report. The continued popularity of the society was strikingly illustrated in the fact that all the shares in groups 39 and 40. to be issued this yeas, were already bespoken. The society's income had increased by nearly £13,000. There had been a keen demand for loans, totalling £115,400, an increase of ,£11,600, making the total amount lent to shareholders since the society's formation £1,390,295. Of that large amount only £554,000 remained unpaid. Mr. Buddie said that with the issue fit groups 39 and 40, the present limit bad been reached, and the shareholders would have to consider what steps should be 'taken to ensure a continuance of the • society's operations. With a membership of 8500, the society should not be allowed to stop its activities. ■ There was certainly no reason why new groups should not continue to be formed. He moved the adoption of the report. Mr. Jolly Thomas seconded the motion, which was unanimously carried. The retiring directors, Messrs. R. J. Entrican, S. J. Harbutt, and T. Macky, and the auditors, Messrs. Morris, Dun-' , can, Wylie, and Gyllies, were all reelected. In, reply to a vote of thanks to the secretary and his staff, Mr. J. C. Grierson said he had never neard of any terminating building society in the world which approached the magnitude of their society. Before the meeting terminated a sura of £15,200 was allotted by appropriation or sold by tender.