THRIFTY OWNERS

Auckland Star, Volume LXXIII, Issue 125, 29 May 1942, Page 3

THRIFTY OWNERS

HOUSING PROGRESS

BUILDING SOCIETY'S SUCCESS

"Rarely, if ever, has a year been crowded with happenings both here and abroad of so momentous a kind; so rapid have events moved Hoser and closer towards our own shores," said Mr. S. J. Harbutt, chairman of the Auckland Co-operative Terminating Building Society, in his address at the 45th annual meeting of the society last evening.

Mr. Harbutt continued; "Few individuals or organisations can have failed to be affected by the struggle in which New Zealand is endeavouring to play its part. It is, however, a for congratulation that we are to-night enabled to consider a report which, under the conditions prevailing, may rightly be regarded as highly satisfactory. The balancesheets and statements reflect clearly the continued progress and undoubted soundness and stability of our societv.

"In genera], the people of this country are not so much concerned to-day about money; that seems to be plentiful enough. What they are concerned about is the securitv and welfare of their families and homes 1 he pressure upon existing housing accommodation is causing' considerable hardship to manv people, and others only temporarily housed'have been forced to ponder deeply over the prospects for the future! After all, a nation is a collection of homes, it those homes are healthv, clean and happy then we may expect to have a healthy clean and happy nation. On the other hand, a badly housed community can never rise to the level of the highest ideals. The aim and object of institutions like ours is V i n e Ti e) ' y citizen some particular stake in the country. Thrift and home ownership are a powerful combination. They build up qualities of character and an mind vita] ly important in times of peace and still more important m times of war. My experience convinces me that there is a lositive magic in home ownership. ;L, S essu PP°''t and a sense of security and independence not only t-o the breadwinner himself, but also to every member of his family. That security and independence—and I would add, a wider freedom for s'elfexpi ession—cannot be so easily secured in other wavs. This fact x *com e obvious in these times ? i • e are few homes not registrations. 0 ™ 6 W3y by man P° wer

Solution of Housing Problem , '.'The decided advantages of our building society method appeal very strongly. A family must live somewh,ei'e in time of war as in peace and the Auckland's' Joan repayments compare very favourably with the lowest rent payable for suitable alternative accommodation. "Our co-operative method therefore provides a very satisfactory solution to the housing problem furthermore, home properties are i ecognised as probably the safest security available to-day, and further stability has been given to them as an asset by the provisions of the War Damage Insurance Act. All securities held by the society have this added protection. The society's contribution towards war damage insurance premiums paid by our . hat ehoklers will amount to approximately £1250 per annum. , f ar .no great difficulty has been experienced with regard to the S men i of our mort gage funds. is, however, a possibility that the field will be narrowed as a result of the suspension of building actinee ds of our war

"Those who have not already enjoyed our easy loan facilities would be well advised to take advantage of existing conditions and make provision for rearranging with the society any non-reducing mortgages. Inquiries in this connection will receive every consideration. "I am again pleased to be able to report that the society's borrowers have maintained their repayments in a most satisfactory manner, despite the reductions in income which many have suffered on being called up for active service. The society has given sympathetic consideration to all cases of hardship, and it is only right that I should publicly place on record the remarkable spirit of co-operation which we have received from all those affected. The independence, thrift and homeloving character of the society's borrowers is evidenced by the fact that, even under circumstances of the greatest difficulty, relief has in many cases not been asked for, and the normal repayment income shows very little decrease.

"The 'Auckland' has always endeavoured to give the utmost help to its members with as few restrictions and tags as possible. The result has been the building up of considerable goodwill, that intangible asset which stands in such good stead at all times. We shall continue to carry out the sound policy which has enabled the 'Auckland' to advance well over i' 4.000,000 to oatc. and thus enabled thousands of people to become owners of their own homes and to put an end to the perpetual obligations to pay useless rent or interest.

Great Shortage of Houses "The end of the war will see a tremendous shortage of houses in New Zealand. The present shortage is estimated at 20,000, and this position is being aggravated daily by the necessary suspension of building operations in favour of war requirements. To look a little further ahead, it is considered that half a million houses will be required during the next 14 years, and that is not a long time to look ahead. Now the Government has expressed its intention of grappling with the situation, but experience would suggest that too much should not be left to the Government. The wise man will look ahead and practise a little self-help, and that is where the building society can assist.

"I am also convinced that in this colossal task of providing thousands upon thousands of houses within such a short period, private enterprise will not be denied its rightful share in the job. In the past it has been proved that, in the sphere of home building, private enterprise has assisted very materially in meeting exceptional demands similar to those which we now face. Prospective home owners, I feel sure, will be thus given opportunities and scope for independence and selfexpression and will have cause to feel that the freedom and liberty for which they stand to-day will have been really preserved." Mr. Harbutt expressed his personal thanks to his colleagues on the board of directors for their staunch support and friendly help throughout the year, and also recorded the board's appreciation of the work carried on so well under increasing difficulties by the secretary, Mr. Williamson, and his staff. With regard to the future, he said the society looked forward to an early peace and to the time when the "Auckland," which had been of so much service to the community during the past 45 years, would "enter upon a new era of usefulness. The retiring directors, Messrs. X. B. Spencer and L. S. Piper, were reelected. At the conclusion of the annual meeting an appropriation meeting took place, when amounts totalling ££•4,000 were dealt with.—(P.B.A.)