A HEALTHY CONCERN

Sun (Auckland), Volume III, Issue 794, 15 October 1929, Page 10

A HEALTHY CONCERN

NORTHERN BUILDING SOCIETY Total mortgages of the Northern Co-operative Terminating Building Society, after six years of operations, now exceed half a million sterling, according to the annual report for the year ended August 31, 1929. The amount of mortgages is shown at £513,713. ' The net profits earned during the year were £20,224. This sum, together with accumulated past profits, constituted a substantial reserve of £96,188. In order to make the reversionary character of the profits clear, an innovation had been included in this year’s accounts in the form of a table showing the realised profits separately from profits secured by mortgages, but as yet unrealised. The realised profits for the first seven groups ranged from £1 8s 5d a share down to £ 1 0s 6d, and the secured but unrealised from £ 4 3s Id down to £3 14s sd. In the remaining groups the figures were from 11s 6d down to nil, and from £3 16s 6d down to 11s 4d respectively. The directors had decided to make the same levy as last year, namely, Is 9d a share, to meet working expenses. No new groups were opened during the year, the 17 in operation having been maintained at effective strength. All Were in a healthy condition. The income amounted to £121,406, an increase of £12,616 on last year. Advances made and authorised during the ‘year were £94,655. The board had put into operation a system enabling members to obtain temporary advances on their shares. This laid proved very popular and had been the means of providing real assistance to many shareholders. Messrs. A. G. Lunn and J. w. Hardley, the retiring directors, offer themselves for re-election. The directors have re-appointed Messrs. Thomson and Rodger as auditors on behalf of the directors, and Messrs. Carlaw Esam and Spry offer themselves for reappointment by the shareholders The report states that during the year the society was unfortunate in losing its secretary, Mr. David Pollock, who left for Australia to take up an important appointment. Mr. A. E. Knowles, who had been associated with the institution since its inception, was appointed secretary. The growth of the society is indicated by the following figures:

Tear. Cash Advanced. Mortg. 3924 .. SoToi 2 £ 58,464 87,443 . , . . 80,513 101.693 20.216 113,844 1923 .. 117,255 *0,221