DUNEDIN STARR-BOWKETT SOCIETY.

Otago Daily Times, Issue 20448, 30 June 1928, Page 10

DUNEDIN STARR-BOWKETT SOCIETY.

ANNUAL MEETING. The thirty-second annual meeting of the Dunedin Starr-Bowkett Building Society was held, in the Oddfellows Sail last night, when there was a fair attendance of shareholders. Mr T. J. Walker occupied the chair. . , ~ The chairman, in moving the adoption of the annual report and balance sheet, said that they would gather from the report that their society had progressed steadily during the year. The business had gone on quietly and prosperously on the safe lines laid down at its foundation. At every meeting of directors questions had to be studied out, but they had presented no problems beyond the power of the board to deal with in a manner that ensured the soundness of the society and the welfare of its members. They were affected only indirectly by the throbbings of trade and the ups and downs of speculation. Their purpose w T as to help well-meaning smallsalaried men and women to acquire homes of their own, and to that end upheavals and sensations would be not merely undesirable, but a hindrance. What was wanted as a foundation, and that they had got, was a body of shareholders who were able and willing to subscribe their shillings regularly. The experience of this year in that way had been much the same as in previous years, it being quite uncommon for tbe directors to be appealed to for suspension of payments or relief of any sort. And when it could be honestly added that their securities were unimpeachable, that the moneys were put out in appropriations as soon as received, that nobody had had to wait for his or her advances, and that members were assisted in every possible way, consistent with the general interests ot the society as a whole, to obtain properties of their own, it might surely be said that the Dunedin Starr-Bowkett was fulfilling its purposes and doing its duty. Money for first mortgages of a good class was more plentiful now than it had been a while ago, but lenders still asked 6 per cent. Compare that witn the prices at which their money had been auctioned this year—an average ot £3l Is fid per £IOO, working out at 44 pep cent., and the advantage of membership was clearly shown, even though a member was not lucky enough to be m the -arly draws by ballot. Buying at auction was, however, only one of the rights of bership. There was the certainty oi a ballot loan sooner or later, and by temporary loans and in other ways the member wife in a much better Position than others. It might interest them to learn that in its 32 years’ existence the society had put out co-operatively the staggering sum of £3(30,15 f, every penny of which was accounted for. There had been no change of policy m regard to appropriations, but the directors, m consultations with their solicitor, had thought out a means whereby a member could have a mortgage in the same or any of the other groups, thereby saving the expense of a second or other' deeds. That was important, and would be appreciated. Coming to their individual groups, the disappointment as to the date of the final appropriation in No 3 was simply owing to the fact tnai members had used thqir appropriations instead of leaving them in the bank at interest—an option which was really in furtherance of the society's object, and did not prejudice the group m any way. No. 4 always was, and still is, very vigorous. In No. 5 the withdrawals bad been heavy in the past year, but they were now considerably fewer. Ao. b, the young group, was doing well, and tne shaves were still being taken up. He might remind inquirers that the arrears were, if the applicant so wished, allowed to remain unpaid nutil he got an appropriation, the interest chargeable being only 2J per cent. The speaker concluded by complimenting their secretary (Mr JA. Hopcraft) and his staff on the excellent manner in which they had carried out their duties. , , Mr W. R. Brugh said he thought the Starr-Bowkett societies had proved their use to the community. Their wealthy men did not lend money on small mortgages, and if it were not for the StarrBowkett and friendly societies the young people would probably have a difficulty in borrowing small sums. Their otarrBowkett societies also lent money on leaseholds, retaining a safe margin ot security, and he thought the societies deserved credit from the community tor their activities in this direction. The speaker referred to the excellent manner in which the affairs of the society had been carried out. . Mr James Brown also referred to the benefits to be derived fiom Starr-Bowkett societies. He said it was very pleasing to know that, so far as be was aware, tbe society right throughout its existence bad not bad a loss on a property security. The motion was carried unanimously. DIRECTORS. The retiring directors —Messrs J. G. D. Dempster and Alexander Sligo—were re-elected. DISPOSAL OF APPROPRIATIONS. Disposal of the 197th appropriation in No. 3 group, by sale, £SOO. —The chairman stated that the upset was £5 per £loo. There were no bidders, and the amount was then put up to the ballot, the successful cluster being Ivo, 180, the shareholder holding four shares. Ninety-third appropriation m Ao. 4 group, by sale, £SOO, —The five shares were secured at a premium of £23 per £IOO. Disposal of £SOO in the same group, by ballot. —The winning cluster was 344, embracing five shares. Fifty-third appropriation in Ao. 5 group, by ballot, £SOO. —The successful cluster was 333, with five shares. Twenty-fourth appropriation in No. B group, by sale, £SOO. —£200 was secured at a premium of £sl per £IOO, and the remainder at a premium of £39.