BUILDING SOCIETY

New Zealand Herald, Volume LXXV, Issue 23040, 18 May 1938, Page 9

BUILDING SOCIETY

AUCKLAND CO-OPERATIVE SUCCESSFUL YEAR MARKED IMPROVEMENT SHOWN * • The 41st annual report of tlie Auckland Co-oiterative Terminating Building Society for the year ended March HI, states that the past year has been particularly successful and that the accounts show a very marked improvement. In keeping with the exceptional increase in income, appropriations for the year amounted to £100,200, an increase of £23,600 on the figure for the previous year. A total of £9199 was paid or credited to shareholders during the year, and undistributed profits now amount to £150,842. Advances outstanding at March 31 were £560,387, against £573,442 in the previous year. The directors state that' every assistance has been given to loanholders and shareholders in arrears and many extensions and rearrangements were negotiated. The society's securities are reported to be in a very safe position. Further efforts were made to increase membership,, and the results were most gratifying. The now "B" groups each contain 2000 shares. In adcPition to filling up Group 73, two new groups, Nos. 74 and 75, have been opened during the past year. Group 74 is having its third appropriation this month, and Group 75 will have its first ballot, in July next. Final payments have been made in respect of Groups 16, 18, 21 and 22, now terminated. During the year close- attention was given to withdrawals, and arrears created during the slump period have, to a very great extent, been overtaken. It is anticipated that in the very near future groups will again be in a satisfactory position with regard to withdrawals. The retiring directors," Messrs. S. ,T. Harbutt and J. C. Entrican, have been re-elected unopposed. BYCROFT, LIMITED EXTENSIONS TO FACTORY INCREASING CAPACITY Extensions to be carried out to the new factory of Bycroft, Limited, flourmillers and biscuit manufacturers,.were explained to shareholders at the annual meeting yesterday by the chairman of directors, Mr. G. B. Hutchinson. The chairman said it was hoped to have the extensions completed by September. The alterations would allow of an increase of 25 per cent in the capacity of the factory. When the new factory was built, Mr. Hutchinson stated, it was thought that they would have been able to carry on for several years. Before the factory was in working order, however, it became clear that more space would be required and the directors decided to utilise the site at the top end of the factory for the extension.

This would allow more machinery to he installed and permit four ovens to work at full capacity. Tho machinery had already been ordered and when it was installed shareholders would have an even more efficient factory.

Before moving the adoption of the annual report and balance-sheet, details of which were published _ in the Hkkald on May 6, Mr. Hutchinson assured shareholders that no damage had -been caused to tho factory by the disastrous fire in tho locality on Sunday night. Not even a pane of glass had been broken, and the work was going on as usual. Mr. E. W. Evnns moved that the directors' honoraria should be increased from £7OO to £BOO a year. The motion was seconded by Mr. .T. F. Colegrove and carried unanimously. A vote' of appreciation to the directors, manager and staff for the efficient manner in which the work of the company had been conducted during the year was carried by acclamation. The retiring director, Mr. E. Anderson, was re-elected.

McCarthys brewery PRIVATE COMPANY CONTROL PUBLIC TRUSTEE'S POSITION [BY TELEGRAPH —I'BESS ASSOCIATION] WELLINGTON, Tuesday The Public Trustee is no longer a brewery owner. This is one of the results of a change that has taken place in the ownership of a brewery which forms one of the chief assets - ot the estate of the late Mr. T. G. McCarthy, which the Public Trustee administers for the public benefit. A statement on the labels of the brewery's products that the contents have been brewed and bottled by the Public Trustee has been the subject of adverse public comment in the past. The Public Trustee is still a direct owner of hotels and other in this estate. * ' Hitherto the estate has been the sole proprietor of the City and Phoenix Brewery, but recently a private company was registered under the title McCarthy's Brewery. Limited, to take over the hrewerv. It is understood that the Public Trustee is still the largest owner of the property and controls it, and that the change has been made to secure a wider distribution of the brewery's products. Public houses which previously have not sold the brew of the McCarthy estate brewery are now doing so. The Public Trustee. Mr. K. O. Hales, lias declined io explain further than what is obtainable from the registrar of companies the change that has been made in t.hc ownership of the brewery, the commercial success of which is so important to charitable and educational institutions eligible to benefit irom the estate's revenue, or to state why the company had been formed. He would not vary the rule not to reveal the affairs (if estates administered by the office. He said the only persons entitled to information were the beneficiaries. who were in this case represented by the estate's board of governors, and they possessed it. That people might gain ii wrong impression from what had been published already would not cause him to make any public statement, his only concern being to obtain the greatest good for the beneficiaries.

GOLD AND SILVER QUOTATIONS IN LONDON LONDON, May 10 Fii\e gold is quoted to-day at £7 0s Id nn ok., compared with £6 19s lid on Saturday. Silver is quoted at 18Jd an oz. spot, nnd 18 7-16 d forward, same-as on Saturday. The quotation for silver at per fino oz. is 201(1, compared with 20 3-16 d on May 13. The following is a summary of the fluctuations in'the price per ounce of fine gold this year:— £ s d

HilfhcNt price, March 10 , . 7 o r,y a Lowest price, January 8 fi 10 5 May .10 . (J 10 OVa May 11 . 0 JO 11 May 12 . 6 10 lOVi May 13 . 6 19 11 May 14 .. - .. . 6 IB 11 May 10 .. .. . .701