BUILDING SOCIETY’S YEAR

Sun (Auckland), Volume II, Issue 489, 19 October 1928, Page 12

BUILDING SOCIETY’S YEAR

NORTHERN TERMINATING “A WONDERFUL RECORD” “The fifth year in any terminating society is generally looked upon as a critical ana diliiculi period. 1 am glad, however, to state that we have been able to maintain the extraordinary progress which this society has experienced since its inception," said Mr. A. G. Lunn, vice-chairman of directors, who presided at the tilth annual general meeting of the Northern Terminating liuilumg Society last evening. in moving the adoption of the annual report and balance sheet (.which appeared in a recent issue of The Sun), Mr. Lunn said that in common with the rest of the business community, the society had had to meet the difficulties consequent on two years of serious trade depression. During the year, lie said, two new groups had been opened, bringing the total up to 17. This represented not less than 34,000 shares, and the total income for the year of £105,700 was an increase of. £20,702 on the previous year. Some of the shareholders had found it necessary, owing to the depression, to withdraw from the society, but fortunately their number was not great. TTo reminded shareholders of the . necessity of maintaining their subscriptions, and using every endeavour to remain members of their respective groups till the time came for sharing the accumulated profits. The working of the society was entirely co-operative, he said, and for the benefit of all the shareholders. Mr. Lunn also urged shareholders to make their best efforts to secure at least one additional member, and thus enable them to take advantage r of an institution which had distributed" over £400,000 during the past five years. He looked forward with confidence to the coming year and the filling of two or 1 three more groups. In seconding the resolution. Mr. C. H. Furness referred to the society’s wonderful record —he did not: know of an- > other building society with the same record. They had never lost a penny of the shareholders’ money. Messrs. C. H. Furness and Geo. Winstone, jun., were re-elected directors, and Messrs. Carla w, Esam and Spry i were re-elected auditors for the ensuing year. AUCKLAND BUTTER-FAT HIGH RATE OF PRODUCTION Production of butter-fat for the Auckland Province to date this season is still maintained at about 9 per cent, in advance of that for the corresponding period of last year, according to returns supplied by the Auckland Farmers’ ■ Freezing Company. The figures reveal a. comparatively lai'ger increase in the amount of c § - se manufactured than in butter. In spite of the increase in pi’oduction, stocks held in Auckland are lower than at this time last year. N.Z. GRAIN MERCHANTS’ ASSN. CONFERENCE IN AUCKLAND The annual conference of the New Zealand Grain, Seed, and Produce Merchants’ Federation will open in Auckland on

Wednesday next. Delegates from all parts of New Zealand have signified their intention of being present. A fairly long list of remits has been sent in for discussion, but only two or three have any direct interest for the outside trade. Gisborne is responsible for a remit asking for the grading of maize much on the same line that Gar ton oats are graded at the moment. Wellington is responsible for the proposal that the grade for table potatoes should be strengthened by increasing the minimum size of the potatoes. Business will open here on Wednesday next and be continued over three days. The delegates will be taken for a drive round tAuckland and suburbs on Thursday and will be entertained at a dinner in the evening.