FURTHER BALLOT HELD

Wanganui Chronicle, Volume 89, Issue 264, 8 November 1945, Page 4

FURTHER BALLOT HELD

WESTERN (WANGANUI) BUILDING SOCIETY TWO SALES BY TENDER An appropriation of up to £l2OO was balloted for after the annual meeting in the City Council Chambers last night of the Western (Wanganui) Co-operative Terminating Building Society, the successful member being: Mr. G. W. Petch, Mountani Road, Ngaire, Taranaki. As this member has only one share, however, he n not entitled to more than £2OO.

Also available for appropriation by sale last night was £l2OO. This was decided before the ballot, and on the envelopes being opened it was found that two members of -he society had submitted tenders for the same amount. If more than one member submitting a tender requires the full £l2OO, the directois, under the rules of the society, decide who is the successful tenderer by drawing lots. In this case, however, it is understood that the £l2OO available will cover the requirements of both tenderers. The occasion was the society’s first annual meeting and the large attendance was an indication of the keen interest being taken in its activities. Reviewing the society’s operations during the Dast year, the chairman of directors, Mr. E. A. Millward, stated that the first group closed with a total of 2239 shares, on which application money had been paid. Members holding 208 shares paid application money only, and the group finally closed with 422 members holding 2031 shares.

During the period three appropriations were held, two by ballot and one by sale, a total sum of £l6OO being appropriated. No securities had yet been completed by the successful members, the mooey in the meantime having been deposited in the Post Office Savings Bank. Each member had begun his repayments, and the interest earned by the deposits the property of each individual member concerned. Mr. Millward added that after the first group was completed the society’s brokers began the formation of the second group. The objective was 2000 shares and it was expected that this group would be completed in a fewweeks.

Moving the adoption of the annual repoit and balance siieet, Mr. Millward commented that the society had many difficulties during its first year, but the response indicated that such a society was needed in Wanganui. ‘We now have 700 shareholders holding just over 4000 shares,” he added. “With your assistance and co-opera-tion I believe that the society will be very successful. “We were fortunate in promoting the society at a time when there was an excess of money over goods. This has enabled us to become firmly citablished. With your help in the future the society will be of great benefit to Wanganui and district.” The two retiring directors, Messrs Millward and W. S. N. Rennie were returned unnopposed. Messis F. J. Hill and S. R. McCallum were reelected auditors. At the conclusion of the ballots the chairman announced that the first appropriation by ballot of the second group, and the third appropriation by tale of the first group, would be held on December 12.