BUILDING SOCIETY’S FOUR YEARS’ PROGRESS

Sun (Auckland), Volume I, Issue 181, 21 October 1927, Page 12

BUILDING SOCIETY’S FOUR YEARS’ PROGRESS

INCOME NEARING £IOO,OOO A record of success, greater success than was even hoped for, was disclosed to the shareholders of the Northern Cooperative Terminating Building Societv, at their fourth annual meeting, held last evening. Mr. J. A. Warnoek presided, and there w %s an attendance ot several hundreds. The details of the annual report have already appeared in THE SUN Mr Warnoek said that the directors could only submit the annual report and balance sheet with pleasure. Their position was such that they could rejoice. I he hopes and aspirations entertained at tne inception of the society, four years J’ 8 -.®* a pP earetl to have been abundantly fulfilled. Mr. Warnoek presented the following figures, showing the growth of the society m four years:— Income. Loans. Profits. Ist,1 st , 34,645 28,600 IT 053 4th 88,092 80,513 20,216 Shareholders had therefore a substantial sum at their credit as a reserve against untoward happenings. ha y« noticed the reports of t ‘ l ® Position of the State loans for homes and the suggestion that they should close down for a year,” remarked Mr. Warnoek. People seem to be having a very rockv time with the Government. You and I are putting in our shillings each we*k and helping one another. Evervone is helping, and if we are lucky enough we get something ourselves.” Mr. Warnoek assured the shareholders that every care was being taken of investments, and evervthing was on giltedged security. This year they expected to pass the £IOO,OOO mark. Mr. A. G. Lunn, vice-president congratulated the shareholders on the astounding success of the past four years. The record had been of one success after another. It looked as if their limit was !5 e ® k - y ' that a large amount i£ eir K SUC S es ® "' as due to th * ability or the board of directors and of their secretary. Mr. D. Pollok, and assistantnt2 re A ar v; M vf- Knowles. Their work and work and independence of the shareholders had put the society m a most gratifying position. 31 r. Warnoek and Mr. H. C. Savage w~re re-elected to the directorate, which also includes Messrs. A. G. Lunn. G. Winstone. jnr., R. H. P. Cockroft, C. H. Furness and J. W. Hardlev. The meeting, accorded’ the board and officers an enthusiastic motion of thanks. At the conclusion of the meeting :;•* appropriations, totalling £31,200. were disposed of by sale or ballot. Details sal ° will be published in THE SUN to-morrow.