BUILDING SOCIETY

New Zealand Herald, Volume LXX, Issue 21506, 1 June 1933, Page 13

BUILDING SOCIETY

AUCKLAND CO-OPERATIVE DIFFICULT YEAR EXPERIENCED "This has been the worst year in the history of the society," said Mr. N. B. Spencer, chairman of directors, who presided at the annual meeting of the Auckland Co-operative Terminating Building Society last, evening. " This appears to have been said every jear for the last few years, but wo can only hope for an improvement during the coming year." 1 As a result of unemployment and reduced incomes, many shareholders had been forced to withdraw - from the society, -Mr. Spencer said. The general economic: position had also resulted in fewer shares being taken up. In some cases loanjioldcrs had been unable to maintain their payments and the society iiad not' been able to open new croup's. This last fact constituted a grave danger and difficulty. The directors had had to watch the interests of the society with the utmost care but at the same time endeavours had been made to give the claims of individual shareholders full and careful consideraThe liquidation of some of the early groups had proved very satisfactory and. a number had now paid their final dividends. The annual report and Jbalance-slieet, previously published in the Hkkai.d, were adopted, several members congratulating the directors on their success in bringing the society through a difficult year with such excellent financial results. _ , in answer to a question later in the meeting, Mr. Spencer said that when further groups were opened it was proposed to open, as an experiment, one group with no provision of power to withdraw. However, it was not considered wise to place the whole ot the society's operations on that basis. The poll for membership of the boar<l of directors resulted in the return or the three retiring directors Messrs. C. Bart-ley, N. B. Spencer and J. Mi ci. Messrs. Morris, Duncan and Gyllies were appointed shareholders' auditors. Directors' fees were fixed at the same figure fi,s for last year and votes ot thanks to the directors and staff were passed.