SUCCESSFUL YEAR.

Star (Christchurch), Volume LXVI, Issue 20311, 22 May 1934, Page 12

SUCCESSFUL YEAR.

United Building Society Meets. The annual meeting of the United Building Society of Christchurch (Permanent) was held last evening. Mr E. H. S Hamilton presided. Speaking to the report and balancesheet (already published), Mr Hamilton said that they could claim that the past year had been successful. The net profit of £4224 17s lOd was £3l 6s less than that for the nrevious year, but the drop was considerably less than that from 1932- to 1933. At its formation the society had taken over the mortgage investments of the Christchurch Starr-Bowkett Society. Some of those mortgages had been revenue-producing by means of premiums paid for loans, and the rest were free of interest. Gradually the loans were being repaid or rearranged, so that each year the income from such premiums would be smaller and smaller, until eventually it would disappear. On March 31 last only £1827 16s had been unpaid, and against that amount there was a reserve of a similar sum. As pointed out in the report. the premiums were secured by first mortgages. That there had not been any noteworthy increase in the total of the society's mortgages, the chairman added, was due to the fact that not many suitable securities had been offering owing to the conditions in the country. The society had come through the most difficult period of the depression with a small loss, and as each stage of the journey towards prosperity would improve still further the position of the society, he looked forward with confidence. He acknowledged the capable work of the secretary and his staff. Seconding the motion for the adoption of the report and balance-sheet, Mr H. L. Bowker congratulated the directors on the successful results they had achieved. The directors and the secretary and staff were accorded a vote of thanks. The retiring directors, Messrs S. W. Jameson and R. C. Symes, were reelected unopposed.