BUILDING SOCIETY’S YEAR

Taranaki Daily News, 1 November 1930, Page 7

BUILDING SOCIETY’S YEAR

SUCCESS AT NEW PLYMOUTH. „

Another successful year was reviewed at the 65th annua\ meeting of the Taranaki Land, Building and Investment Society last night. Mr. R. Cock presided over the meeting. The chairman, considered the balancesheet revealed a satisfactory position, the society having been able to .pay the, usual dividend of 15 per cent. The 1 dividends had not fluctuated greatly since 1908. It was to be noticed that there had been a slight loss on the year’s working and this had been the first since he had come on the directorate in the ’eighties. He was convinced, however, that with the business the society would continue successful. He thought it might be advisable later to reduce the dividend from 15 to 12J-per cent, to build up the reserve fund of th« society. The society was sound and he did not think any society in New Zealand was in the same happy position. Mr. W. H. Skinner thought it would be a wise precaution to entertain the idea outlined by the president in reducing the dividend that the reserve fund could be increased. He congratulated Air. Cock on the splendid way he had conducted the business of the society, in which he took a very keen interest.

The report and balance-sheet were adopted. The officers for the year are Alessrs. R. Cock, W. H. Skinner, L. A. Nolan, R. H. George, A. L. Humphries, E. P. Webster and J. D. Sole; auditor, Air. Hugh Baily. Air. P. H. Hopkins, speaking on behalf of the shareholders, said the management of the society was in capable hands. The shareholders expressed their confidence in proposing that the directors receive the same remuneration as in the previous year. '] At the subsequent meeting of directors Air. Cock was re-elected chairman. The annual report stated the society had again had a most successful year. A dividend of 10 per cent, and a bonus of 5 per cent, had been declared by the directors. “Al” and “N” series liad been paid during the year, both series having had a currency of six years and ten months. For the past twelve years the currency of all series maturing had not exceeded the above period. A member borrowing £5OO in any series during this period would have paid in six years and ten months the sum of £649 3s 4d, £149 3s 4d only being for interest, the balance £5OO paying oil the mortgage. These were convincing figures. The society had again been able to place to the credit of members, borrowing and investing, a dividend of 10 per cent, and a bonus of 5 per cent, (including profits allotted Al and N series matured during the year).