EXCELLENT PROGRESS

Sun (Auckland), Volume III, Issue 809, 1 November 1929, Page 10

EXCELLENT PROGRESS

NORTHERN BUILDING SOCIETY’S YEAR TRYING BUSINESS PERIOD Gratification at the excellent progress made during the past year by the Northern Co-operative Building Society was expressed by th'e chairman, Mr. James A. Warnock, addressing shareholders at the annual meeting last evening. TN congratulating the society upon its advancement in the last 12 months, Mr. Warnock said that members were, no doubt, pleased that the year had been so favourable, and that the society was now on a very sound financial basis.

Briefly reviewing the financial position, the chairman said that the income was £121,406, compared with £109,790 last year. He remarked with pride on the fact that the mortgages had reached £513,713 in the six years of the society’s existence, and during this period advances in cash totalled £414,670. The advances during the past year amounted to £94,655. The net profits for this period were £20,224, which, with the accumulated profits of £75,963, made a substantial reserve fund of £96,ISS. Much criticism had been levelled at the society for standing still, and not opening up new groups, proceeded the chairman. He went on to explain that in the past year, 2,014 applications for shares had been received. Of these. 1,318 had been allotted to the first seven groups to replace withdrawals, and 266 had been reissued for cash in other existing groups. The system of making temporary advances to members was adopted during the year, said Mr. C. H. Furness. He commended the plan to shareholders’ consideration, particularly those contemplating entering business or in case of sickness in the home. The directors, he said, had adopted the principle of keeping the existing groups filled. Endorsing the chairman’s views concerning the solidity and prospects of the society, Mr. Furness said that it had passed through a trying business year in Auckland very creditablv. More progress should be shown this year as business was now on solid lines and prospects were brighter. He commented upon the value of the society’s shares as a means of finance, stating that any bank in Auckland would be prepared to advance liberally against shares. The report and balance sheets were adopted without discussion. Messrs. A. O. Lunn and J. W. Hardley, retiring directors, were reelected. Extensive alterations of the society’s rules were approved by members. The disposal of 30 appropriations involving £24.000 by 16 sales of £SOO each and 14 ballots for £BOO each was decided later.