BUILDING INSTITUTION.

New Zealand Herald, Volume LXVI, Issue 20401, 1 November 1929, Page 7

BUILDING INSTITUTION.

THE NORTHERN SOCIETY,

GOOD PROGRESS IN YEAR

The annual meeting of the Northern Cooperative Terminating Building Society was held in the Town Hall concert chamber last evening, andl was well attended. Mr. J. A. Warnock, chairman of directors, presided. / , In moving the adoption of the. report, and balance-sheet, details of which were published in the Hkra'.d on October 15, the chairman congratulated the society upon the excellent progress it made during the year. It was in a very sound financial position. The income for' the year had amounted to £121,406, an increase of £12,616 on last year's figure. During the six years the society had been in operation its mortgages had reached :> total of £513,713. Although no new groups wpu'p opened during the year the society received 2014 applications for shares, and of these 1318 were allotted to the first seven groups to replace withdrawals, and 266 were re-issued for cash in thfi other existing groups, the policy of the directors being to maintain the. effective strength of the groups. The motion was seconded by Mr. C. H. Fumes:;, who endorsed the remarks of the chairman concerning the strength of the society's financial position. During tho year a system was adopted of making temporary advances against shares. This system was well worthy of notice, especi ally by those who were entering .business or had sickness in the home. The original board of director! still acted in that capacity, and throughout its period of service there had not been the slightest dissension. The society had come through a year in which business in the city had been very trying exceedingly well, ' and the prospects were that it would make very solid progress in the future. The report and balance-sheet were adopted. Votes of thanks were accorded to the directors, the scrutineers and the staff for their services. The retiring directors, Messrs. A. G. Lunn and J. W. Hardley, were re-elected unopposed. Messrs, Carlaw, Esam and Spry were reappointed auditors on behalf oi tne sharehoide is. In order to bring the rules up to date and into conformity with the practice of the society, e.\tene;ive amendments were adopted at a special meeting following the annual meeting. Later an appropriation meeting was held, at which 30 appropriations, involving £24,000, were disposed of by ballot and tender. COMMERCIAL AVIATION. OPERATIONS!NQUEENSLAND. ! ?., -vRGE COMMONWEALTH SUBSIDY * acounif' for the year ended June 30 ijjr ,;ensland and Northern Territory Air j .rv fj.cAi al/ow a net profit of £3356. The ?• proposes to pay a dividend of 6 j-. it., -i mo t'a ting to £1955, and to the to contingency reserve ace:, in r. - ' Ixie }i * fit and loss account exhibits Coi; nonweaith Government subsidy at £2i.\350, nnd other revenue at £15,420. Salvias, ws?es, etc., absorbed £11,415; :ir :1, ....pairs and genera! expenses, £..13,750: and depreciation, £6736. It is .Miained that the latter item is heavy, bii'. that the usual practice has been followed of writing down the aircraft by 33 1-3 per cent., irrespective of the condition of the machines. Paid-up capital ft i.s increased from £31,620 to £35,452. ! In. the assets machines are entered at ! £24,306, and bmi lings at £8936.

In. the twelve .montljs the company's aircraft travelled 253.222 miles, or 42,958 miles more than in 1927-28. The general freight carried was over 13£ tons for the year, showing a satisfa?|jpry increase, and the number of letters carried was 9218 more than in the previous year. The directors consider that in view of seasonal conditions, trade depression, and the fact that subsidies are being gradually reduced, the results of the year's operations have besn satisfactory.

STOCK SALES. ARRANGEMENTS AT FRANKTON. [BY TELEGRAPH. —OWN CORRFSPONDENI.'j HAMILTON. Thursday. Owing to the lack of accommodation' at the Frankton saleyards and the inability of the owners of the ynrd3 to provide further pen 3 the auctioneers and buyers operating at the saleyards decided at a meeting yesterday to conduct the sale of pigs on Mondays and cattle and sheep on the usual day, Tuesday. The manager of one stock firm stated today that the increased yardinge. at Frankton had made this step necessary. Monday r was not a suitable day, but a consensus- of • opinion among the buyers had been taken, and the course adopted had been agreed to as being the best that could be devised in the circumstances. The arrangement would hlbo suit dairymen, who were interested ia pigs at certain seasons. PIRONGIA QUOTATIONS, New Zealand Loan and Mercantile' Agency Company, Ltd., Hamilton, report:—At the Pirongia sale, on Wednesday s full yarding of cattle came forward and met with keen competition, every lot being sold. We quote: ■ Good fat cows, £9 to £lO 4s; lighter, £7 7b to £8 Is; fleshy cows, £6 ]3-i to £7 4s; cows in forward condition, £5 lis to £6 8s; cows in fresh condition, £4 I4s to £5 10a; store cows, £3 las to £4 I2a; yearling Jersey and Jersey-cross heifera £5 5s to £5 16s; pmall, £4 Is to £4 4s; t;rown works bulls, £7 to £8: yearling Jersey bulls, £4 si! to £6 ss; best dairy cows in milk, £lB 5a to £l6 15s; others, £9 to £l2; heifers in milk, £lO 5s to £ls; backward springing heifera, £8 to £8 103; weaner oigs, £1 3a; store porkers, £2 3s. PRICES AT MATAMATA. A good yarding of beef and storo cattle at the stock sale conducted by the Farmers' Auctioneering Company, Limited, at Matamatbi on Wednesday, sold at late rates, A lwge entry of yearling Jersey and Jersoyexoss heifers failed to reach the vendor's reserve. A medium yarding of fat piaii and a good yarding of store and weaner pigs sold under keen compstition. Fat pigs sold at le.te rates. Quotations-Beef: Fat bullock, £l4 ss; heavy fat cows. £ll 10s to £l2 17s Gd: medium fat cows. £8 17s 6d to £9 17b 6d; light fat cows, £7 17s 6d to £8 ss; ireshoonditioned cows, £7 2s 6d to £7 10s; for-v-ard-conditioned cows, £5 17s to £6 12s lid: store cows, £4 to £5 ss; yearlin?: Jersey heifers, £6 to £6 17s Gd; Jersey-cros? heifers, £3 19s to £5 3s: Friesian heifers, £ii to £S 2s 6d; Shorthorn and S.H.-cross heifers, £4 15s to £6; Jersey bulls, £lO 10a to £l4 14s; Ayrshire bulls, £S 15s to £lO ss; Shorthorn bulls, £lO to £l2 10s;. pottercj, £6 to £8 ss; smaller sorts, £3 to £4 ss. Pigs: Heavy bacouers, £4 2s to - , £4 6s; :medium baconers, £3 15s to £4; light bacon-era, £3 7s to £3 12a; heavy porkers, £2 18: ito £3 4s; light porkers. £2 10s to £2 lJt:: "good stores, £2 8a to £2 16m slips, Sfis to £2 6s; weaners, 24s to 82s; Berkshire sows in pig, .-E2 5s to £i 2e 6d.