BUILDING SOCIETY

New Zealand Herald, Volume LXXV, Issue 23159, 4 October 1938, Page 7

BUILDING SOCIETY

NORTHERN CO-OPERATIVE FURTHER PROGRESS MADE THRIFT AND HOME OWNERSHIP A new high total of income is shown in the annual report of tho Northern Co-ojierative Terminating Building Society for the year ended Atlgust 31, "a preliminary statement on which has been issued. Income for the period was £10,773 higher at £170,168, thus maintaining the society's unbroken record of steadily increasing income. The report states that tho year has been a characteristic one, in that there has been further substantial progress and an extension of the sphere of the society's public usefulness on prudent and well-tested lines, in providing funds for building homes. Over the 15 years of tho society's existence, each yea?' has been a record of progress and increased strength. Year's Advances "The national service being rendered by tho society, in so far as thrift and home ownership aro concerned, is again indicated by the fact that the amount of cash advanced to members during the year amounted to £125,808," continues tho report. The year's advances compare with £124,177 in the previous year, and bring the total made by the society over tho 15 years of its existence to over £1,418,000. Total assets of the society stand at a new high total of £715,513. Tho upward trend has been continuous since the society's inception. Tho profit in each share group ranged from 3s Id in group 27 to £lB 4s lOd in group 5. Five new special groups, Nos. 25 to 29, commenced operations during the year, while the demand for shares continued to such an extent as to cause the directors to open for application group 30, with twico the usual number of shares and having appropriations of £I2OO. This group of 3000 shares is now also oversubscribed, and another group, No. 31, of similar size is open. Dividend Payments

For the first time, annual dividends will be payable on certain of the ordinary shares of the society, the shares eligible to participate being those on which the subscriptions have been continued for a period of at least 15 years. Thus, continuing members who have paid their subscriptions for this period in groups 1 to 6 will receive their dividend within the next few months, while members in group 7 and 8, who are similarly eligible, will receive their dividends soon after the ends of February and August, 1939, respectively. In accordance with Rufe 145, the dividend rate h|ts been fixed at 10s a share on the above-mentioned ordinary shares. On those few shares, issued pursuant to Rule 178, on which the mortgages have been fully repaid, an unchanged dividend rate of 2 per cent per annum will again be paid. The only groups in which working expense levies will be payable this year are groups 20, 21, 22, 23, 24, 25 and 26. The amount has agsin been fixed at Is 9d a share, and will be payable in November. .

Mortgages taken since the inception of the society amount to £1,704,105. Reserves now stand at £33,066, against £30.482 a year ago. The retiring directors, Messrs. C. H. Furness and A. G» Limn, aro available for re-election.

INCREASE OF CAPITAL GOLDEN CROWN PLAN COMPLETING DEVELOPMENT Proposals to increase the capital of tho Golden Crown Gold Mining Company, No Liability, Auckland, from £20,000 to £25,000 by the creation of 50,000 additional ordinary shares of 2s each will bo considered at an extraordinary meeting of shareholders. The shares will he issued to shareholders at par. A circular to shareholders states that an application was made to the Mines Department for a loan of £4OOO to complete the cleaning out and retimbering of .No. 2 level. The mine was examined and samples taken. The department offered a loan of only £I6OO, for which security in the form of a debenture over the company's assets was adds the circular. As the sum could not complete the works the directors felt that the matter. should be dealt with by the shareholders before any charge was given over the assets for a sum too small to complete the works.

NEW ' COMPANIES AUCKLAND REGISTRATIONS The following companies have been registored in Auckland: — PUBLIC A. M. Bisley and Company, Limited, seed, grain, produce and fertiliser merchants, machinery agents, importers and manufacturers. Capital, £40,000, divided into :25,000 ordinary nhar«sg and 15,000 redeemable preference shares of £1 each. Subscribers (ordinary shares), A. M. Bisley, 24,550 shares; E. M. Bisley, A. P. S. Bisley, 200 each. Preference shares: M. Bisley, 2000; J. T. and E. P. Burrows, 1500; P. H. Terry. 750; T. H. Hodgson. 000; E. Naylor, R. Foote, L. M. Noft, P. Rushion. M. M. Griffin. H. J Dearlove, C. H. Dearlove, fiOO each; M Wheatley, 400; J. McLachlan, 300; P. G Sheat, G. C. H St. Paul, J. L. Spencer 2fiO each; J. A. Reid, T\. W. Orr, E. Lawry W. «T. Rcid, E. J. G-ibson, 200 each; A ,T, Carseldine, V. M. Hopping, 100 each. PRIVATE The Burke Construction Comapny, Lim ited, timber millers, builders, contractors cabinetmakers and general merchants' Capital, .CIOOO. in shares of £1 each. Sub senbers: D. R. Walker, 050 shares; E. Bin-ke 50 shares. Baldrock Quarry Company, Limited quarry owners, stone merchants and stone masons. Capital, £IOOO, in shares of £1 each. Subscribers: P. E. Luinell. .G. V Luinell. 500 shares each. • REGISTRATIONS IN SOUTH Registration of tho following new com panics is contained in the Mercantile Gazette:— Ratimati Motor Camp, Limited, Welling ton. —Capital: £ll .000, in 11,000 shares of £1 each. Subscribers: Wellington—O. R. Frouse, 100 ord. A; ,Building Construction Company, Limited, 1 ord. B; Prouse and Wilson, Limited, 800 ord. B; S. G. Cooper. I ord, B; W. J. Prouse, 1 ord. B; F. London, 1 ord. B. Palmerston North—R. G. Jamieson, 250 or<j A. Objects: To establish a motor camp at near Paraparann\u. Andersons Motors (Wanganul), Limited. Duncdin.—Capital: £IO,OOO, in 7000 preference shares of £ 1 ear'i. and .1000 ordinary shares of £1 each, biihscribers: Dunedin— I. H. Penrose, 2250 ord. and 5250 pref.; W. A. Mitson, 750 ord. and 1750 pref. Objects: To take over the business of motor garage proprietor of McCombe Motors, Limited. Wanganui. Craddock (Alfred) and Sons. Limited, Hokitika.—Capital: £ISOO, in 4500 shares of £1 each. Subscribers: Westport--W. A. Craddock, A. Craddock, H. E. Craddock, 1500 shares each. Objects: General carriers and cartago contractors. Thompson Timbers. Limited, FTokitika.— Capital: £3OOO. ift 3000 shares of £l. each, Subscribers: Greymouth—A. R. Thompson, 11!)!), H. Herring, 2; M. Junoich, 1400. Objecls: Sawmillers, Paton (J. W.). Invercargill, Limited, Invercarprili.-—Capital: £2OOO, in 2000 shares of £1 each. Subscribers: Invercargill —J. W. Paton, 1975; C. J. Paton, 25. Objects: General carriers, transport\