PERMANENT BUILDING SOCIETY.

Colonist, Volume LVI, Issue 13594, 8 October 1914, Page 6

PERMANENT BUILDING SOCIETY.

A SUCCESSFUL INSTITUTION

A special meeting of the directors of the Nelson Permanent Building Society was held last evening for the purpose of" receiving accounts and declaring profit for the "half-year ended September 30th,

The statement disclosed a highly satisfactory position, the business of the Society having gone _ steadily without any interruption. The amount •of profit available for distribution was shown to bo £1790, of which £448 would pass to depositors for interest, leaving a net balance of £1342. To add profit to shares at the rate of five per cent, per annum required £1118, leaving a free balance of £224. '.

It was resolved to declare profit at the rate of five per cent, per annum, this being the rate charged borrowers, ,so that borrowers receive interest on all payments off capital at the same rate as that charged on loans.

-It was resolved to add £100 to the reserve fund, bringing this up to £150Q, and to carry £124 forward. ; The total of current loans made by the Society is £92,026, the highest amount on record, and the amount held on deposit is £40,688. The expenditure account for the halfyear was less by £9 than for the preceding half-year though a greater volume of business had been done.

Satisfaction was expressed at the excellent ; result achieved, the soundness of the institution being further demonstrated by the very small amount of the arrears.

The secretary was-empowered to pay out the maturing shares, which are the C.J. series, worth £20 7s each. This will absorb £1327. ;