£401,000 IN LOANS

Poverty Bay Herald, Volume LXIII, Issue 19126, 22 September 1936, Page 13

£401,000 IN LOANS

CO-OPERATIVE EFFORT HALF IN CURRENT ISSUES BUILDING SOCIETY REPORT ' With four current issues through which cans totalling £2IOXO} have been made Lnd a. record of seven issues in oli through wnich £4IO,(XX) lius been cii liibted in the form of building loans, the fjisborne Co-operative Bmlcnng .-ociots bill complete its thirty-seventh year of Continuous activity to-morrow, when the knnual meeting will be held. I “Tne year’s work has ema.ied a large Lmuunt ot consideration, and some dutibult, pro oleins have had to ue faced, winch we trust have been dealt wuh m [he best interests 'Ol tlie society, states Lie directors’ report, f “A total of ±46,000 was granted h» loans Qurmg the year, an mciense o on tne previous year. - Ilie lour turrem. issues nave provided loans and premiums to the amount of £2-10,019, and [he balance of these remaining unpaid Lmounts to £110,615; thus almost half nas been repaid. The grand total ot £4Ol 100 has now been dealt with in loans by the society. It is to be regretted a number of notices to withdraw m No. 6 issue have been received, some kf which have been paid and others have Eo be met. ["“No. 8 issue was started on January 13, *1936, and is being well supported. The first ballot will take place at the annual meeting. “It is impossible to say at present Whether any of the present' or pending legislation will affect cooperative building societies generally. The principles of these societies being more or less in accordance with the trend ot present-dax legislation should tend to support and strengthen, rather than hinder, such institutions. “The following directors retire m accordance with the rules, and hjive all been re-nominated: Messrs. C. H. Ambridge, J. A. Eaton, and A. T. Coleman. The retiring auditors, Messrs. AT. W - Craig and A. Blackburn have both been re-nominated.” Reviewing the position of No. 4 issue, the oldest of those now active, the accounts indicate that 598 shares have been subscribed for to the value of £46 12s each, arrears in payments amounting to £587. The loans advanced have totalled £74.725, and "premiums gained have added £8363 to the value of the investments. Loan and premium repayments have returned £48.769 to the society, leaving £34,318 outstanding. The issue has an accumulated profit of £7444 .to

Lin No. 5 issue, 546 shares have been Subscribed to a value of £39 2s each, baking a total of £21,348, with arrears Amounting to £422. Loans advanced Dia«e aggregated £51,800 in this issue, Emd .premiums have added £6701, while Repayments of loan and premiums have Lulled £29,467, leaving £29,034 outstanding. The balance available for distribution at the termination of the issue mow stands at £6138. No. 6 issue has 717 shares, paid up to £2B 14s each, making a total of £40.577, [arrears of subscriptions being £350. hjoans advanced have totalled £34,025, [with premiums £5432, while £13,761 has been repaid, leaving a balance of £25,695 kill outstanding. Tlie balance available nor distribution now stands at £4611. In No. 7 issue, the nominal value ot Lhares is £22 10s. making a capital sum tof £19.327; of- which- £4BB Is- in arrears. [Loans to date have totalled £24.-900, and [premiums £4343, the repayments up to Ihe present being £7704. Accumulated fcrofits in the issue stand at £3784. I No 8 issue, which differs from those breviouslv floated in several, features, wul le officially closed at the annual meeting to-morrow* evening, £676 heins in hand Cowards the first appropriation. In this issue the subscription per share is nan that provided for in previous issues, and it is intended to conduct two sales for each ballot, thereby shortening the period of the issue appreciably, as profits for final distribution and the completion ot the issue will accumulate more rapidly.