AUCKLAND BUILDING SOCIETY

Sun (Auckland), Volume III, Issue 666, 18 May 1929, Page 12

AUCKLAND BUILDING SOCIETY

YEAR OF HEALTHY PROGRESS INCOME ON HIGH LEVEL . • Healthy progress is disclosed by the 32nd annual report of the Auckland Co-op. Terminating Building Society. Though money has not been so readily available cf late, states the report, the inquiry for shares in new groups still continues. The 67th and 6Sth groups, providing for appropriations of £BOO under the “cluster’’ system. were opened during the year, and the 69th group will be put into operation next month. The liquidation of- older groups continues, and was extended in the eburse of the year to groups 15 to 20 inclusive, and groups 16 to 20 will declare their first dividends in a month or so. Groups 21 and 22 will not go into liquidation for a year or two. Group l f the liquidation of which began in 1926, has now paid its last dividend to shareholders, and will close finally as soon as the four remaining loanholders complete their instalments. The full amount of the profits, £29 4s 6d a share, has been paid out. The result, in the directors’ .opinion, augurs well for the speedy liquidation of later groups. Groups 49 to 54, which became five years old during the year, have been confronted with unusually heavy withdrawals, causing delay in payments and affecting the appropriations. This, the report says, is a sign of the times, and all the groups will have to go through the ordeal in turn. The income for the year amounted to £226,044, a decrease of £498. Receipts are reduced by the liquidation of earlier groups, but new groups keep up the volume of business. Receipts since the inception of the society have reached £3,422,844. Additions to loans for the year amounted to £128,400 net, compared with £138,000 for the year previous. Tjiis is considered to be further evidence of successful management and steady progress. Notwithstanding difficult times and a fluctuating property market, the demand for loan money has kept up well on the whole. The advances made and authorised since, the commencement now amount to £2,697,811, and repayments to £1,913,623, leaving a balance of £784.188 owing, for which securities,showing an ample margin are held. The profits earned for the year were £14,979, and the profits withdrawn were £9,359, showing a net increase of £5,619, compared with £8,226 for the preceding year. The aggregate of profits has been brought up to £209,285: A levy of 2s a share has been struck to meet working expenses for 1928-29. The report refers to the death last November of Mr. J. Muir Barr, a director for 23 years, including three years as chairman, and that of Mr. F. Wilson Smith, for many years the society’s solicitor. Messrs. ,T. C. Entrican, S. J. Harbutt and Thos. Macky retire from the directorate, but offer themselves for re-election. Mr. F. C. Carr, who was appointed during the year to fill an extraordinary vacancy, also offers himself for re-election. The annual meeting of shareholders is scheduled for the evening of May

POTATO MARKET FIRMER POSITION IN CANTERBURY Press Association CHRISTCHURCH. Friday. Potatoes are the main source of interest in the produce trade. During the week quotations tor prompt delivery improved by 5s a ton, this and May delivery being ka t £^r I( Jr‘ Ju j ie is Quoted at J* *> *5 15 s, and July-Septeniber 12s 6d to £6 15s. These prices . k** S rF Prompt quotations for nf/ 1 / are £4 5s to £4 10s for June, but farmers are not selling at these prices. The potatoes going North are those sold forward, which so far are keeping the northern demand supplied. Auckland has shown more interest during the past few days. Accounts of crops of well-grown table potatoes being- left on the ground on account of blight or rot are fairly numerous, and the general impression is that yields in the aggregate will show a reduction on last s f a f.°. n - . Farmers appear to be confident of this being the case, as quite a number are holding back. The Waipiata and Kaituna are loading for the North, and bethem may take about 4,000 to 5,000 sacks. The wheat market is unchanged. Tuscan is quoted at 5s Sd to 5s 9d on trucks and Hunters at Gs. Fowl wheat is firm at 5s 7d to 5s Sd f.o.b. There is a little better demand for B grade Cartons. Prompt delivery, which have been sold at 3s 2id to 3s 3d f.o b , s.i.. are worth 3s 55d to 3s Gd. Chaff is quiet, with little outside demand. Prices are about £3 15s to farmers. Partridge peas are still without inquiry, the home interest being dead. White clover is fairly firm at 9d to He! a ib. The cowgrass threshing returns indicate a good average crop. The yield has also been good in the Marlborough district. From 6id to 7d a lb is quoted for Canterbury seed. All the ryegrass is in merchants’ hands and stocks are small. Perennial is worth 6s a bushel f.0.b., s.i., or about 4s'6d on trucks, while Italian is worth 5s 6d f.0.b.. s.i.. or to 4s on trucks. Italian has hardened in price during the past few weeks. The Karetu. which sailed for Sydney this week, took over 12,000 sacks of onions. CONSOLS AND COLONIAL STOCKS (Australian and N.Z. Press Association) ( United Service) Reed. 12.35 p.m. LONDON, Tinas. May 16 May 9 £ s. d. £ s. d. Consols 54 15 0 54 15 0 Conversion Loan, 4 p.c. SS 1 3 SS 5 0 British War Loan, 5 p.c 100 17 6 100 17 G Conversion Loan, 35 p.c 77 0 0 77 5 0 Commonwealth Australia, 5i p.c., 1922-27 . . 99 0 0 9S IS 9 Commonwealth Australia, 6 p.c., 1931-41 .... 101 12 6 101 10 0 New Zealand, 3.} p.c., 1940 .. 99 7 6 99 7 6 New Zealand. 3 p.c., 1945 .... S 7 17 6 S 7 12 6 New Zealand. 6 p.c., 1936-51 7S 8 9 7S 6 3 South Australia 35 p.c., 1939 .. ..106 0 0 105 17 6