MUTUAL MONEY CLUB

Otago Daily Times, Issue 16293, 28 January 1915, Page 8

MUTUAL MONEY CLUB

Mr J. S. Hislop presided at the half■yearly meeting of members of the Dunedin and Suburban Mutual Money Club (Ltd.) owing to the absence of the president (Mr R. Farrant) through illness, and in moving the adoption of the nineteenth half-yearly report and balance sheet he said he' thought that ho could with safety congratulate members on the result of the last half-year's working, and also on the steady progress of the club since its formation. On December 31, 1912, loans to members amounted to £4993, and the subscription account stood at £4135. On December 31, 1914, loans amounted to £8253 and subscriptions to £7045, while during the same period tho •reserve had been increased by over *£160. The dividend paid to members had been at the rato of 9d in tire £, equal to 7£ per cent, per annum. Since the formation of the club the large sum of £55,000 had been granted in loans to members at a reasonable rate of interest, and with undoubted benefit to borrowers. Dividends to the amount of £2230 had been paid to date to members. In spite of the present unsettled state of business tho repayment of advances had not been seriouslv affected, and as they would see from the balance sheet there was only £35 of subscriptions not. earning interest at the balance date. They were indebted to their energetic secretary (Mr Hugh Mitchell) for the attention he had ever since the inception of the rhib years ago rmitl to its affairs, and for the tactful way he had handled nil matters coming before him. He had pleasure it'i moving that the report and balance sheet be adopted, and trusted that in the rears to mime the club would continue to flourish and be a useful and economical means of affording to mem bers who might at any time desire temporary accommodation, money at reasonable rates, and at the same time be a profitable savings bank to itis investing members. The half-.voarly report and balance sheet stated that the usual dividend of 9d in tlv<. £ for the half-vear had been declared, which was equal to 7| per cent, on members' sub seriptjon*. The accounts presented showed the elub to be in a flourishing: condition, and that it was helping those in nf>ed of loans, and providing a good investment for savings to tho?e wishing such. The loans granted to members since its inception totalled £55,000