STARR-BOWKETT.

Otago Daily Times, Issue 19108, 29 February 1924, Page 2

STARR-BOWKETT.

OTAGO MUTUAL SOCIETY. The twentieth annual meeting of members of the Otago Mutual S'tarr-Bowkett Society was held last night, Mr W. H. Adams (chairman of directors)’ presiding. Mr Adams moved the adoption of the directors' report. He said that it wa-s unnecessary for him to point out the value of stnrr-bowkett societies, as the last word had been said in that respect. There were thousands of people in Dunedin to-day who had homes that they could call their own through the agency of these societies. The Otago Mutual Starr-Bowkett Society had been formed 20 years ago, and it had in every way justified its existence. In No. 1 Group, as was shown by the balance sheet, there was only £9O odd to be repaid on loans. The position, as a matter of fact, was even more satisfactory, as since the report Iv'd boon 'printed, about £3O had been soft in, no that lf,ts society would soon be able to wind up the group. He hoped that subscribers would send in the amounts owing by them as, soon as possible, so that the final dividend could be declared. In No. 2 Group there were not so many members, but it promised to. be very successful, The directors trusted that every member would-’take an interest in No. 3 Group, ami endeavour to increase its membership. The report was seconded and adopted without further discussion. It read: ‘‘Since the publication of the last balance sheet loans to the value of £6600 have been redeemed in the No. 1 Group, leaving £3CGO, plus premiums £217 8s (total, £3217 8s). to be paid. Against this amount we have payment in subscriptions £1399 14s, and in repayments of loans and premiums £1726 18s 6d (total, £3126 12s bd), leaving a balance of £9O 15s 6d. As these balances are all small amounts, it is hoped that the members will make an effort to redeem mortgages at once, an dthus enable this groun to bt} wound up within the next month or two. A further dividend (No. 4) of £L per share has been paid, making a total dividend of £ll per share, amounting to £8260, Iwvv'ng a balance to the credit of profit and loss account of £4ll 19a 4d The number of shares in this group is 750. Subscriptions amounting to £1428 4s have been withdrawn from No. 2 Group. The share list now stands at 977 shares. The sum of £2700 was paid out in loans, making the total loans issued £19,600. The profit and loss account stands at £1979 8s sd. No. 3 Group started from May 1, 1922. The loans granted during the year amounted to £I4OO, making a total of £I9OO. The credit at profit and loss account amounts to £289 7s 9d. Messrs Thomas Scott and J. H. Wilkinson, the retiring directors, were re-elected, as were the retiring auditors, Messrs J. T. Hamaan and R. Hanning. The appropriation by ballot of £SOO in No. 2 Group resulted in cluster No. 292, held by one shareholder, being drawn. A similar appropriation in No. 3 Group resulted in cluster No. 132, held by one shareholder, being drawn. The disposal by sale of £SOO in the No. 2 Group resulted in the five shares being bought by one member at £4O per £ICO.