EQUITABLE BUILDING SOCIETY.

Taranaki Daily News, 29 October 1921, Page 8

EQUITABLE BUILDING SOCIETY.

DIRECTORS’ ANNUAL REPORT. Tie twentieth annual report of the Equitable Building Society of New Plymouth No 1 group—During the year subscriptions have been refunded on twenty-four shares, al»sorbing the sum of £945 4s, and profits amounting to £64 3s 6d have also been paid to shareholders. The numbers ot the last two shares paid off were 62 and 63. During the year loans have been redeemed on L 6 shares, leaving 16 appropriated shares on v.hiel’ redemptions are being paid. No. 2 group.—ln the annual report presented to you last year it was stated ( that your directors., in view of circumstances which were then outlined, suggested the advisability o! winding up No. 2 group. This was full}’ discussed at the last annual general meeting, when it was proposed that a special general meeting of shareholders in No. 2 group be called to determine what action should be taken. This meeting was Teld on March 4 last, and it was decided oy resolution that thr No. 2 group be wound up. and that a No 4 group, with appropriations of £250 each, be placed on the market. It was also decided that repayments from advances be deposited in the Post Office Savings Bank each month, and that every six months or thereabouts the amount then accumulated be distributed pro rata amongst the shareholders who had not obtained an appropriation either by ballot or sale, until such time as the whole of their subscriptions had been repaid and the profits of the group distributed amongst No. 3 fcroup.—The operations of this group have been completely successful throughout the year. Eight appropriations of £250 each have been disposed of during the year, four by ballot and four by sale. The total advances made now amount to £2500, and the total amount paid as premiums on appropriations by sale stands at £420. The profit, and loss account shows a credit balance of £335 15s 4d. It is to be regretted that it was compulsory to declare forfeited a number of shares owing to non-payment of the fortnightly subscriptions thereon. A number of these shares have been re-allotted. No. 4 group—Early in August this year yc.ur directors deemed it opportune on account of the financial stringency, to place t'rc No. 4 group before the public. The ap-pl’cr-tions received up to date of this report arc very gratifying, and your directors have every reason to believe that the group will shortly be fully subscribed. To assist in its flotrtion a booklet has been compiled explaining briefly the objects of the society, and the system of operation. Topics of this booklet may be obtained gratis on application to the secretary. Directorate—lt Is with sincere regret that we have to refer in this report tx; the tragic death of one of our most able directors, the

late Mr. Janies Clarke. The late Mr. Clarke, at the time of his death, was chainman of directors. Appreciation of his services to the society whilst acting on the board has been placed on record upon the books of the society. Mr. J. R. Cruickshank was during the year appointed to fill the vacancy on the board caused by ti e death of the late Mr. CiapKe. Mr John Paton, owing to his removal to the Auckland district during the year, tendered

his -resignation as a director. Mr. Paton had served continuously for 18 years. His wide experience of matters in connection with the society wilt be a great loss. The choice of Mr. W. N. Ewing to fill the vacancy will be

a popular one amongst shareholders. The health of Mr. Ewing, who through illness sawfit to retire la«t year, has so much improved a- to enable him to again resume his interest it. public affairs. As Mr. Ewing has been connected with the society since its inception, his knowledge Will be of infinite value. You will be called upon to elect three members of the board in the places} of Messrs. , P. S’icoll, W. N. Ewing, and S. M. Hhnw, who retire by rotation, and being eligible, offer themselves for re-election. Auditor,—'H e election of an :yiiditor is also necessary. Mr. P, T Mills again offers his services in this connection,