WELLINGTON BUILDING SOCIETY

Evening Post, Volume CVIII, Issue 138, 7 December 1929, Page 19

WELLINGTON BUILDING SOCIETY

The annual meeting of the Wellington Permanent Building Society took place yesterday .afternoon, Mr. W. M. Wright presiding. He said that he considered that the past year's operations would give cause for satisfaction. The fact that the society, had paid a dividend during the year, had wiped off preliminary expenses, and had carried £500 to reserve, was no meau achievement. The society's working expenses were remarkably low. It had been the aim of the directors to keep down expenses as much as possible, so as to 'place the society on a sound working basia. He then moved the adoption of the report and statement of accounts. This showed that the fixed capital increased during the year by £2373 5s 2d, the total amount paid up being £38,242 11s 9d. The total amount paid on "B" shares increased to £ISII Is Bd. The total amount lent on mortgage securities increased"by £9934 12s lOd, and now stood at £85,895 7s 6d Deposits totalled £42,908 5s lid, an increase during the year of £7001 15s Bd. The greater part of this amount was fixed, and there was no danger of embarrassment on this account. The profit for the year, after writing off the balance of the preliminary expenses and stationery, was £3313 12s 3d. An interim dividend at the rate of'3',6 per-cent, was paid for the half-year ended 12th May, 1929. absorbing £1303 9s 6d, which leaves a balance, including £11 7s Bd, brought forward from the previous year, of £2021 10s 5d to be appropriated. The directors recommended that a further dividend of 3% per cent, be paid, amounting to £1363 19s Bd, making 7 per cent, for the year; that £500 be placed to reserve, and that £157 10s Od be carried forward, the same rate of dividend to be paid on both "A" and: "B" shares. "It is surprising that 'B' shares are not in greater demand," concluded the report. "They offer a safe 7 per cent, investment for small-savings, and the monthly payment of' 5s per share is surely within the means of wage-earners." The report and balance-sheet were adopted. : Messrs. S. S. Dean and G. Mitchell were re-elected directors, and the meeting closed with a ■ hearty vote of thanks to the secretary, Mr. J. L. Arcus, and his staff.