STRATFORD BUILDING SOCIETY.

Stratford Evening Post, Volume XXXIX, Issue 20, 15 May 1914, Page 8

STRATFORD BUILDING SOCIETY.

ANNUAL REPORT. The fifteenth annual report of the above-named Society, to be presented at the annual meeting which takes place in the Borough Chambers on Monday evening next, reads as follows :—• “As regards the First Group, appropriations were made during the year of some £IB2B 10s. Of this, £1628 10s has been paid, and the balance of £3OO is available a s soon as satisfactory security is given. These appropriations account for twelve shares in tlie Group, which has now only forty-fine unappropriated shares. At the present rate of progress the First Group shares should all be cleared off within eighteen months’ time. The directors could have added considerably to the accrued profits by forfeiting the subscriptions of. certain shareholders now in arrears, but they are reluctant to take such a course. However, unless the shareholders concerned continue their payments the Board will no longer defer taking action according to the rules, but will give final notice of its intention to forfeit, and, in the event of payment not being promptly made, will transfer the subscriptions to the credit of profit and loss account. The amount liable to forfeiture is £123 4s. In the meantime the accrued profits of £1672 13s equal £9 11s Id per share. No losses have been made on any of the Society’s investments. The Society has now lent to members of the First Group the sum of £24,032. The directors, after many unavoidable delays, were enabled to launch the Second Group in June last, though there are still a few shares available to the public. Two appropriations of £4OO each have been disposed of, one by ballot and one by sale. ■ The one sold realised £76 15s. The profit and loss account of this Group shows a debit balance of £52 12s 7d. It must be pointed out, however, that the whole of the cost of forming and floating the Group, amounting to some £72, has been charged to this years’ account, and this amount more than accounts for the debit balance. Had it not been for the heavy initial and preliminary expenses the Second Group would have shown a small profit of £2O, which, considering that it has only been working for nine months and that only one appropriation has been sold, must be considered very satisfactory. You will be required to appoint three directors to fill the vacancies on the Board caused by the retirement, through effluxion of time, of Messrs N. J. King, J. W. Brayshaw and G. Smart, who are, however, all eligible for re-election. Three clear days’ notice is to be given to the Secretary by every candidate for election to the Board. It will also bo necessary to appoint an auditor for the ensuing year. .Mr T. H. Penn again offers his services.—X. ,1. King, Chairman.”