STARR-BOWKETT

Evening Star, Issue 19803, 29 February 1928, Page 2

STARR-BOWKETT

OTAGO MUTUAL SOCIETY ANNUAL MEETING The Otago Mutual Starr-Bowkett Society held its twenty-fourth annual meeting last evening, Mr R. Farrant presiding over a good attedance. The directors’ report dealt with the various groups as follows: No. 2 Group.—During the year loans had been issued to the amount of £I,BOO, making the total loans advanced in this group £30,400. The protit and loss account had been increased by £2Bl 13s, making the total credit of the account £3,608 Is 7d. Subscriptions withdrawn during the year amounted to £1,357 16s, leaving 561 shares, with the sum of £14,519 9s of subscriptions to their credit.

No. 3 Group.—Loans advanced during the year amounted to £2.300, making the total loans advanced £10,300. The profit and loss account had been increased by £l9O 5s Id, making the total to the credit of this account £1,272 16s 2d.

No. 4 Group.—The directors had made arrangements for commencing a No. 4 group, and particularly attractive terms were offered to subscribers to this group Members could take from one to ten shares in this group, the subscription being Is per share per week for the first five years, and at the expiry of five years subscriptions were reduced to 6d per share per week, wliile the repayments wore at the rate of 2s 6d per £IOO per week, or 25s per week would repay a loan of £I,OOO. The directors wore confident that members could not receive any more attarctive terms than were being offered to subscribers to the No. 4 group, which the directors expected to start immediately. A large number of shares had already been applied for, and it was hoped that every member would assist in securing now members for the No. 4 group. In moving the adoption of the annual report the Chairman stated the position was a very satisfactory one, and the profit and "loss account showed a substantial addition. At the same time, members bad boon able to participate in loans to a large extent. The year had been an uneventful one for the society, for, in the first place, the manager of the Sun Insurance Company (Mr H. G, Smith) had, to the society’s regret, relinquished his position as secretary. and the speaker wished to express the membcis’ appreciation of his excellent services. In his place Mr E, S. Wilson had been appointed. Mr Wilson’s capabilities were so well known that tho directors were assured that the Welfare of the society was quite safe with him, Tho new rules which had been formed were up to date, and a considerable improvement on the old ones. The society was now in tho process of forming No. 4 group, and it must have the co-operation of the_members. The provisions were very liberal, members being able to hold ten shares, equal to £I.OOO, and the rate of subscription had come down from Is to 6d a week. Repayments had been made easier, the rate now being 2s 6d a week instead of 3s Id. Ho had every confidence in recommending tho new group to subscribers. Starr-Bowkett shares had always proved an assured success from the investors’ point of view, and for those wanting to obtain a house no proposition could bo hotter. The directors were satisfied that, under the new rules tho society would continue in a good financial position. Mr H. Harris seconded the adoption of the report, and in answer to a question the Chairman stated that tho new rules would not affect those already in existence.

The report was adopted. ELECTION OF OFFICERS.

Messrs R. Farrant and H. Harris, the retiring directors, both offered themselves for further service and wore reelected, the board in all containing the following:—Messrs R. Farrant, W, H. Adams, J. H. Wilkinson, H; Harris, Thomas Scott, and John Watson. Messrs Farrant and Harris returned thanks for their rc-elcctcion. Messrs R. Hanning and J. T. Hamann wore ro-eicetcd auditors.

Remunerations were fixed as follow: —Directors, £8 Ss a year and auditors £ls 15s a year. 1 Messrs J. H. Wilkinson and T. Scott urged members to give their support to No. 4 group. Air Scott stated that for a payment of 25s a week, a moderate rent "in those days, it was possible for a shareholder to secure a good home.