OTAGO BUILDING SOCIETY

Evening Star, Issue 22440, 10 September 1936, Page 6

OTAGO BUILDING SOCIETY

ANNUAL MEETING The fifteenth annual meeting of the Otago Building and Investment Society and Bank of Deposit was held in tho Chamber of Commerce rooms last night. Mr H. F. Sincock (chairman of directors) presided. BALANCE SHEET. The balance sheet showed that, after providing for accrued interest, the profit, including the balance of £lO5 14s 5d carried forward from last year, amounted to £2,522 10s 7d. This lias been dealt with as follows :—Mortgage reserve account, £164 17s Id; shareholders’ pass books, £2,244 19s lOd; carried forward to next year, £ll2 13s Bcl. The £2.244 19s lOd credited to shareholders in their pass books represented a dividend at the rate of 5 ner cent, per annum. CHAIRMAN’S REMARKS.

Jn moving tlie adoption of the annual report and balance sheet, the Chairman said that the change in the date of the annual balance from October to July was of great advantage to the internal working of the society, but, temporarily, it had destroyed comparisons for the full year. Throughout the year the society made a more pronounced advance that at any previous period, .and the work entailed on the ■staff and directors was correspondingly heavy. Dealing with the figures as set out in the statement of accounts, the speaker said mortgage advances of £119,541 showed an increase for the year of £22,237. The nearest approach to this in any previous year was £ll,572 in 1930'- From the present indications. provided finance was available, the year just entered upon might easily equal, if not surpass, the above figures. Advances on shares and , debentures showed a decrease of £6Bl. Advances in connection with the winding up of the Oamaru Star-Bowkett group decreased £833 Is lOd. Members’ shares totalled £53,810. This included both mortgagors’ sinking fund repayments and contributions from non-borrowing members, who either intended to borrow or were purely saving money by means of the system. The sum of £31,768 was at credit of mortgagors, consequently there was at credit of investing members £22,042. Debentures increased by £17,828, and mortgage reserve of £3,800 represented just under 3£ per cent, on gross mort-

gage advances and just over 4-J per cent, of net advances. Naturally, with the increase in available debenture money and the marked increase in advances, the number of shares on the books had increased by 855. The deposits on debenture were carefully watched and maturity date spread to avoid any very large number of debentures maturing in any particular month of each year. This was purely a cautions safeguard against any unforeseen emergency. Throughout the year the staff worked smoothly, and to them and his colleagues on the directorate Mr Sincock tendered his thanks for their loyal co-operatiofl and enthusiasm. The motion was seconded by Mr C. Baker and carried. The following directors were reelected :—Messrs H. F. Sincock. W. R. Hayward, S. Bowman, an*d R. W. M'Creath. Mr M'Creath spoke on the value of the society in encouraging thrift and assisting in the provision of homes for members.