PERMANENT BUILDING SOCIETY

Colonist, Volume LII, Issue 12766, 12 April 1910, Page 2

PERMANENT BUILDING SOCIETY

A SUCCESSFUL HALF YEAR'S

WORKING,

A meeting of the Board df Directors of the Permanent Building Society was held last evening for the purpose of declaring profit for the half year ending 31st March last.

• The annual balance sheet presented by the secretary (Mr G. M. Rout) showed that there w^s a profit of £1610 18s lid. The sum required to pay a dividend of five per cent was £1084 7s 7d; while £282 lis 6d was due depositors as interest; this left a balance of £243 9s 10d to carry forward.'

The Chairman (Mr H. V. Gully) said that the result of the half year's transactions must be considered very gratifying, as once more the Society was able to declare a dividend at a rate equal to that charged borrowers, the working expenses being met from otherfsources.

It was resolved to declare the pro fits at the rate of five per cent per annum ; transfer £100 to reserve fund making this fund up to £305 ; and carry £143 9s lOd forward to next half year.

Tho present position of the Society is that over £75,000 has been advanced on mortgage, of which £24,613 has been contributed by depositors, the balance by shareholders. There are 7149 shares held in the Society, which is a record, as also is the sum advanc. Ed to borrowers.

. Tlie secretary was instructed to pay out the maturing shares, CA,, series of which there aro 219, value £20 5s 4d each.

The secretary was also instructed to give releases where necessary.