NATIONAL BUILDING SOCIETY

Otago Daily Times, Issue 23333, 27 October 1937, Page 15

NATIONAL BUILDING SOCIETY

ANNUAL MEETING SOUND FINANCIAL POSITION The society had enjoyed a satisfactory vear, and was now recovering from "the effects of the recent difficult years, stated the chairman (Mr J. R Fairbarn) at the annual meeting of the National Building Society last night. Financially, the society was in a sound position, and the directors were once again in a position to dispose of regular appropriations. There was a fair attendance at the meeting. CHAIRMAN'S REMARKS Moving the adoption of the annual report and balance sheet (already published) the chairman said it was to be hoped that members who had stood by the society through the lean years would continue their membership, and enjoy the advantages and also participate in the profits of the respective groups. The directors were proud of the fact that in spite of the difficult years, no losses had been incurred on moneys advanced. While they took credit for care in investing the society's moneys, they recognised that absence of losses testified to the character of members who, in spite of difficult times, had striven to keep up their payments. Many members had already paid off their mortgages, while others were looking forward to being in this happy position in the near future. "I cannot stress too strongly," Mr Fairbairn said, "that all house mortgages should be table mortgages—that is, reducible by weekly or monthly payments. I am pleased to note that under the Government housing scheme mortgages are on a table basis. While repayments are a somewhat heavy burden, the Governme.it is wise in its policy, which provides that purchasers pay off their liability within a reasonable time. Nothing helps so much to make for sound and good citizenship as the effort to acquire one's own home. • "I believe that no country in the world has such a large percentage of home owners, a tribute both to the thrift of the people, and eloquent evidence of the fine work done throughout the Dominion by the many building societies. . "While the terminating society method of finance has been most popular in New Zealand in the past, the directors have hesitated to open up another group in the meantime, believing that the permanent building society offers certain advantages over the terminating type of society. This matter is being investigated by the directors, and they hope to be in a position to report further in this connection in the near future. "No Government or body of civil servants, however good they may be, can prove substitutes for individual enterprise, as their processes are towards relieving the individual of his responsibility for providing for his future. This is not a healthy state of affairs, and tends towards a levelling down rather than a progressive building up of the spirit of individual and national independence. Savings alone make for or create capital, and it is those of thrifty habits who take long views and see the reward of the future, who are the stalwarts of the people. "To-day there is a growing but unhealthy belief that Governments can take the place of individual enterprise and bring about a better state of happiness for the people. This is quite wrong. I believe that whenever this widely-held view has been tested and found wanting, there will once again arise a realisation that the nation is only as great as the sum total of its individuals and a determination that the State must not penalise, but do everything possible to encourage the spirit of individual effort." Seconding the motion, Mr A. C. Cameron endorsed the remarks of the chairman, and congratulated the society on its sound financial position. The report and balance sheet were then adopted. DIRECTORS RE-ELECTED

The retiring directors, Messrs W. G. Kindley and A. E. Ansell. were reelected. APPROPRIATIONS

At the conclusion of the business, four appropriations were disposed of by ballot. The forty-ninth appropriation of £BOO in No. 1 group was drawn by cluster No. 111, and the fiftieth appropriation for the same amount in the same group was drawn by cluster No. 14. The fifty-first appropriation of £BOO in No. 2 group was drawn by cluster No. 140, the forty-fourth appropriation of £BOO in No. 3 group being drawn by cluster No. 188.