BUILDING SOCIETY

Wairarapa Times-Age, 28 September 1938, Page 4

BUILDING SOCIETY

WORKERS’ MUTUAL BENEFIT. REPORT FOR PAST YEAR. The annual report of the No 2 Workers’ Mutual Benefit Building Society for the year ended July 31, 1938, states: “First group: During the year advances totalling £4090 were made to shareholders, bringing the total of advances to £77,703 Is 6d since the inception of this group. The repayments have totalled £47,849 7s 3d, leaving the sum of £29,853 14s 3d under advance to shareholders. After charging all expenditure incurred, the profit and loss account now shows a credit of £9,059 4s 9d and the accumulated profit per share is now £23 10s 7d. Messrs A. J. Briden, A. L. Bennett and R. Krahagen retire from the board by effluxion of time,) but are eligible for re-election at the annual meeting. Mr G. W. Sellar, F.P.A.N.Z., F.1.C.A., the shareholders’ auditor for the past year, again offers his services as auditor. At the annual meeting the sum of £4OO will be offered by ballot, and £4OO by tender. “B group: The total advances with bonuses in this group now aggregate £22,331 19s. During the past year the sum of £2,355 10s was advanced to shareholders. The balance in the profit and loss account now stands at £2,694 10s Bd. At the annual meeting a sum of up to £ 800 will be offered by tender. Steady progress is being maintained in both groups, and your directors are satisfied that with the continued cooperation of the shareholders the current year should prove a very successful one.” The report is signed by Mr R. Krahagen, chairman of directors.