INCREASE IN DEPOSITS

Hawke's Bay Herald-Tribune, Issue 61, 30 March 1937, Page 3

INCREASE IN DEPOSITS

Our Own Correspondent)

Predicted by Waipukurau Building Society

(From

WAIPUKURAU, Last Night. A dividend at the rate of 5£ per cent for the past year was declared at the annual meeting of the Waipukurau Permanent Investment and BuiTding Society. Mr L. G. Harker, chairman of direetors, presided over a comparatively small attendance of shareholders. The chairman remarked that the lack of attendance on the part of the (shareholders could, he supposed, be taken as an indication of confidence in the direetors. He felt sure that if things were not going successfully as they were, the attendance would havie been much larger. The society would benefit greatly by a considerable increase in tbe deposit business. Under the provisions of the Building Societies' Act, permanent building societies were allowed to borrOw by wdy of deposit or overdraft up to two-thirds of the amount seeured to the society by mortgage. The .balanee-isheet showed that this society 's mortgages were now about £40,000, while the deposits at the end of the year only amounted to £3867. Depositors'- seeurity was1 therefore equal to 10 times the amount of their deposite. Mr Harker' thought it would be hard for depositors to find anywhere to placa their money with such a big margin of seeurity as this. The retiring direetors, Messrs A. W. ParsonS and I. W. N. Maekie, were reclected, as also were the retiring auditors, Messrs C. R. Watson and I. W. N, Maekie. Mr J. Wharmby moved, and Mr L. R. Grant seconded, a hearty voto of l thanks to the direetors and officers for the able manner in which they had conducted affaihs during the year. .The society was making steady and continued progress along safe and sound lines, said Mr Wharmby, and he felt that the growth had to a certain extent been due as much to keen and careful management of the direetors as to the Isoundness of business generally.