SUCCESSFUL YEAR

Hawke's Bay Herald-Tribune, Issue 96, 10 May 1937, Page 8

SUCCESSFUL YEAR

Hastings Permanent Building Society THE ANNUAL MEETING The annual meeting of members of the Hastings Permanent Building Society was held in the society's offices, Market street, on Friday. Mr G. Ebbett, chairman of directors, presfded. The following report by the directors was presented : — "It is with sincere regret that we record the death during the year of Mr Stewart Miller, who served the society faithfully and conscientiously as a director for 26 years. "The volume of business done has been well maintained, advances on mortgage liaving increased from £130,515 to £138.151. Fixed deposits amounting to £32,073 matured during tlie year, of which only a small proportion was withdrawn. Renewals and new deposits totalled £32.519, the small increase being due to the society declining further deposit money during the latter lialf of the year. "The profit for the year amounts to £3852 19/7, as against £3950 2/10 last year. With a sum of £302 9/3 brought forward from last year, there is avaifable for distribution an amount of £3899 9/7 after provision for the fixed divident on preference sjiares and interest on subscriptions. Your directors recommend that this be dealt with as follows: Transfer to xeserve account, £750; payment of a divident of 5 pei cent on capital and investing shares, £2538; after payment of directors' and auditors' fees the balance be carried forward. "The reserve account |vill nciw stand at £7500 — a satisfactory- provision against any contingent, losses which may occur. Five properties abandonded to the society have been sold, and the value of the properties in possession has been correspondingly reduced rYour directors have deemed it advisable voluntarily to reduce the interest charges on all existing and future advances to five per cent per annum for a period of three years. They anticipate this* will appreciably reduce the society's income during those years, but they helieve the remission will he appreciated by its mortgagors. "The directors feel they have again been faVoured with the confidence of all members and depositors, and they desire once more to express their thanks and appreciation for the assjstance thus accorded. The utmost harmony has prevailed in the conduct of your affairs, and I again desire to personally express my indebtedness *"to them and * to the secretary for their friendly eo- operation. The directors also wish to express their complete satisfaction with" tho able manner in whicb the secretary lias discharged his duties." ln moving tbe adoption of the report and balance-sheet, the chairman dealt with a numher of matters not touched in the report. The report and balance-sheet wero adopted and ° the payment' of a dividend of five Der cent was confirmed; Mr W. J. White said that all realised the society had come through a strenuous time. He thought the position was quite satisfactory and that the directors were entitled to much credit for their conduct of the society's affairs. The retiring directors. Messrs Ebbett, Gardner and McLeod, were reelected and Messrs Rainbow, Hobbs and Nesbitt were re-appointed auditors. At a subsequent meeting of directors Mr Ebbett was unanmously elected chairman.