NORTHERN BUILDING SOCIETY

Sun (Auckland), Volume II, Issue 478, 6 October 1928, Page 12

NORTHERN BUILDING SOCIETY

INCREASED PROGRESS SHOWN RECORD PROFITS FOR YEAR Increased progress and a very healthy financial position is disclosed in -the fifth annuar report of the Northern Co-operative Terminating Building Society, to be presented to the meeting of shareholders scheduled for the evening of Thursday, October 18. The society has now 17 groups in operation, covering 34,000 shares. Two new groups were opened during the year ended August 31, and another is in process of formation. The year’s income amounted to £108,790. representing the very substantial increase of £20,698 over that of the year preceding. The advances made and authorised aggregated £ 92,372. Mortgages current at the end of tire society's fifth year total £396,460, which tire directors consider an outstanding example of successful and progressive development. The net profits earned during the year were £20,815, which the report

claims to be a record for any terminating building society in New Zealand. This sum, together with accumulated past profits, constitutes a reserve of £75,963. The profits per share approximate £3 5s for the first six groups, ranging down to 15s 5d and 3s Sd for groups 15 and 16. The directors have decided to make the same levy as last year, namely Is 9d a share, to meet working expanses. Messrs. C. H. Furness and George Winstone, jun., the retiring directors, offer themselves for re-election. , The report states that in the course of the year Mr. Li. Poilok, secretary of the society, -ivas granted leave of absence for an extended holiday in the interests of his health. It Is expected that while abroad Mr. Poilok will be able to gather information of value to the society. The growth of the society is indicated by the following figures: Cash Year. Advanced. Mortgages. Profits.

LONDON MARKETS BANK OF ENGLAND RETURN (United P.A. — By Telegraph — Copyright) (Australian and N.Z. Press Association.) (United Service) LONDON, Thursday. The Bank of England returns for the week ended October 4, as compared with those for the week ended September 27. are as follow:Oct. 4. Sept. 27. Note circulation . 135,007,000 i34.4f5.000 £?*“ 168,226,000 173,205,000 ' • • 62,969,000 58,460,000 Govt, deposits . . 10,006,000 9,694,000 Other deposits . . 102,446,000 103,741,000 Govt, securities . 37,110,000 31,681,000 Other securities . 40,667,000 41,578,000 Proportion of reserve to liabilities 47.10 51.50 The Metal Markets (Quotations on Oetober 1 i n parentheses.) t.r .?° ytlc Copper.—Spot, £7l 5s (£7l 6s >h three months, £7l 15s (£7l 15s). Wire Bars.—Spot, £7l 15s (£7l 15s); three months, £7l 15s (£7l 15s). ,i?? PP .f , ~ Sl,o t’ £64 19s lid (£64 13s ltd) 1 thrCS months ’ £65 0s "‘id (£65 3s Lead.—Spot, £2l 18s 9d (£2l 15s)three months, £2l 15s (£2l 11s 3d). Spelter.—Spot, £24 (£24 Is 3d); three months, £24 5s (£24 7s 6d). Tm—Spot, £222 12s 6d (£227 17s 6d); three months,. £220 8s 9d (£223 12s 6d> Silver.- Standard, 26 11-16 d (268 d) an ounce; fine. 28 13-16 d (2S3d). 6 1 “ P. and O. Shares £252 and °' deferred sto ck is quoted at AUCTION NOTES

Messrs Wm. A. Horne, Ltd., instructed titi 1 mor tgagee, will sell by auction at their rooms, corner High Street and SSK a^g°a?oJ r ‘e d sYden°cf'& "* to buses and 2nd section trams ’ y J. ±i. Ansell and Co. will offer bv Dublin auction, at the saleroms, 167 Symonds Str e e t> on Tuesday next, at 2 p.m! abso" lutely new cabinetmaker’s and furnish- ™° ck h . i & h_class tearoom and dinwfil seT fUrniShinss - Mr ’ J - H. Ansell J - H. Ansell and Co., instructed by F d - Eyre, Esq., trustee for debenture-! hoWer of R. Harding and Co., Ltd., will xrtl u y au otr° n » at Stanbridge’s garage, 7 Kitchener Street, on Friday next, at noon, motor-cars, trucks, spare parts and stock pertaining to motor engineering trade. Ml. J. H. Ansell will conduct the sale Alfred Buckland and Sons, Ltd advertise elsewhere in this issue dates and locations of their usual weekly and coun'ry, s . al ?,s. also full details of a sale at Pukekohe Saleyards, next Tuesday, of 200 bulls—-Shorfhorns, Friesians, Jerseys and Ayrshires. J Palethorpe and Parkes will sell by auction at their rooms, Winstone Build--9, u ?S n Street, on Friday, October 1-,, at 11.30 a.m., a valuable farmlet comprising 22 acres, fenced and in grass, situated at Rotorua. Samuel Vaile and Sons, Ltd., will sell by auction at their rooms, 83 Queen Street, on Friday next, October 12, at - P-m., the following properties: A house °f 4 rooms, with usual conveniences, situated in Golf Road, New Lynn; a bungalow of 4 rooms and usual conveniences, also bach with gas stove, etc., on section fronting Meola Creek in BeUa Vista Terrace, Point Chevalier; a bungalow of 4 rooms and conveniences, sleeping porch, etc., situated in Hawea Road, Point Chevalier; a modern house or 4 rooms and usual appointments, situated in Walmer Road, Point Chevalier; a modern house of 5 rooms and conveniences, situated in Brandon St., Glen Eden; a villa house of 5 rooms and usual conveniences, man’s rooms, stable, etc., on large section, at 27 Ascot Avenue, Remuera; a house of 4 rooms and usual conveniences, situated in Merani Street, off Old Lake Road, Narrow Nec-k.

1924 . £ £ '£ .. 28,600 35,012 6,605 1925 . .. 47,400 58,464 12,287 1926 . .. 71,130 87,443 3 6,038 1927 . . .. 80,513 101,695 20,216 1928 . .. 92,372 113,844 20,815