BUILDING SOCIETY PROFIT

Sun (Auckland), Volume IV, Issue 1026, 17 July 1930, Page 13

BUILDING SOCIETY PROFIT

STEADY PROGRESS SHOWN In moving the adoption of the report and balance-sheet of the Citizens Permanent Building and Investment Society at the fifth annual meeting this week, the chairman of directors, Mr. J. P. Stevenson, referred to the continued steady growth of the organisation and pointed out that the profits each year allowed for the payment half-yearly of a dividend of 7 per cent, a year, as well as for the carrying of a substantial amount annually to the reserve. ... Mr. Stevenson congratulated the society on tho success of its reduced rate of interest mortgage repayment table, which had been in operation' in tho past financial year. A profit for the year ended May 31. of £ 1.238 was shown in the report of the directors. The amount lent on mortgage increased during the year by £5,026 to £28,143. Last November an interim dividend of 34 per cent, was paid and the directors recommended the declaration of a further dividend of 3i per cent. This would absorb £540 of the profits, leaving available a balance of £775. The directors proposed carrying a sum ot £l5O to the reserve account, increasing tho reserve to £650. The capital, including an increase of £2,585 living the year, was £15,428 las Jp e_ posits at call totalled £11,313. Two properties appearing at £1,200 m the balance-sheet, off which £laß had beei written, expected to he dispose d of without further loss Tlio report and balance-sheet were, adopted and the retiring directors. Mr. Stevenson and Mr. L>. F. MacCormick. wero re-elected.

WOOL PRICES UNCHANGED Heed. 10.35 a.m. LONDON, Wed. At tho wool sales, 7,472 bales were offered, including 4,563 from New ZeaI mil About 6.645 bales were sold. There was a moderate selection of all descriptions, and the good tone continues. Prices are unchanged New Zealand greasy crossbred sold. GOB, 9jd and Bi;d.