PERMANENT BUILDING SOCIETY.

Colonist, Volume LIII, Issue 13096, 3 May 1911, Page 5 (Supplement)

PERMANENT BUILDING SOCIETY.

SUCCESSFUL HALF-YEAR

(From "The Colonist," April 7.)

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

The statement of accounts showed an available profit of £1708 13s Id. To dlcclare a profit addition to shareholders subscriptions at tho rate of five por cent per annum (tho rate- charged borrowers) would take £1077 12s Bd, and the sum of £368 6s lid was duo depositors in interest, a net balance of £262 13s Gd being left to carry forward. Tho balance carried forward exceeded that of the previous half-year by £58 6s 6d, and is the largest shown in the history of the Society.

It was resolved to declare profit at the rate of five per cent per annum, give releases where required, pay out maturing shares, and add £100 to reserve fund.

The maturing shares are of the C.C. series and number 172, with a value of £20 5s lid each.

Tho Chairman (Mr. H. V. Gully) referred to the position disclosed as eminently satisfactory and this view was endorsed by the directorate.

At a meeting of the Directorate of tho Permanent Building Society hold last evening, the chairman of the Board (Mr. H. V. Gully) announced that he, being one of the directors who retire in rotation, hod decided not to offer himself for re-election as a director. His reasons were entirely private ho said, and his mind was fully made up. The meetings of directors had been singularly frco from friction, and .he had felt it an honour to occupy tho position of chairman, and the pleasant relations existing bad made, his duties light and a pleasure to carry out. Several of the directors expressed regret at Mr. Gully's decision and referred in terms of warm appreciation to the able and courteous manner in wiliich he had discharged his duties as chairman. Mr. Gully has been a director of the Society for fully thirty years (with a short interval) and for neairly six years patst lias been chairman of the Board.