ANNUAL MEETING

Hawke's Bay Herald-Tribune, Volume 81, Issue 29, 28 October 1937, Page 14

ANNUAL MEETING

Mutual Building and Investment Society The annual general meeting of shareiolders of the Mutual Building and In-' yestment Society of Hawko 's Bay was . leldat the society 's office, Queen street, Hastings on Tuesday, Mr J. Phillips, chairman. of directors, presiding. The chainnau nioved the adoption of the annual report and halanee-sheet and stated that the society was still rq> ceiving ample,deposit nioney, hut that it was not always possible to find safo and prohtable investment for it all. He also mentiohed that a number of inortgagors are taking advantage of the , combined plan insurance scheme wheruby a mortgagor might provide for the liquidation ot his mortgage in the event of death. He also referred to the loyal assistance icndered during tiie year by jthe co-direetors and the seerelaxies. The net I'roiit, he said, sliowcd u reduction ut> coinpared with llie previous year, on aecount of the i'act that the society had, during the vear, voluntarily rednced the interest rato on all its mortgages. The uirector.sJ proposals with respect to the payment of a dividend at the rate of 4$ per cent. per annuin were approved. The retiring directors, Meesrs J. 13. Butler and G. H. Roach, wero re-eleetej^ and the retiring auditor, Mr A. e! Palmer, was re-appeinted. Mehxbers paid a tribute to the work ti it® chairjnan^ and lefsrretl £a a$

preciative terms to the fact that, ever since the inception of the society, Mr Phillips had taken a very keen and active interest in its affairs.

The Annual Report

In their annual report the directors stated: — The society reeently sustained a severe lofes through the death of Mr Cecil Duff. Since the inception of the society Messrs Duif and Averill havo bcen our solicitors, and, in addition to his proiessional duties, Mr Duil always took a keen interest in tho society 's progress. He will be greatly missed • particularly at our annual meetings) where he always had something ot a eonstructive*nalure to bring forward. Tho genferhl conditions aifectiug mortgage investments havo contmuetl difficult during the year, necessitating \close attention oh the part of the directors. In particular, the society had to meet the conditions of mortgage adjustment provided by legislation, and the lower interest rates which have bepome current.* The position in regard to rates of interest was naet by a 'volnntary reductiou by the directors to 5 per cent. This appeared to be a rcusuuable oourse, and there 'wa® evidenee tiiaf this was acceptable to rnoi'tgagors, i'or in very t'ew cases was ti) h society cited befoie the Mortgagors' Adjustuient (Jonmiission. In praeticaily all of these cases adjustment was uiade by mutual-. agreement, involving some interest conceesions, but in no caso was the capita] of the mortgage interfered with. e A net proht of £2827 10/8 on tho jf ear's working was disclosed, of which dividends take up £2536 13/0, leaving a balance of £290 16/11 to carry ior5XSl£»