“A GOOD YEAR”

Sun (Auckland), Volume IV, Issue 984, 29 May 1930, Page 13

“A GOOD YEAR”

BUILDING SOCIETY’S WORK “In spite of unfavourable conditions the society has experienced a good year,” said Mr. N. B. Spencer, presiding at the 33rd annual meeting of the Auckland Co-operative Building Society, held last evening. Financial institutions, continued Mr. Spencer, were undergoing a very trying time. The difficulties of the money market, together with unemployment, had meant a drop in the value of house property. In spite of this the society had launched two new groups, and a further group, the 71st, was being started. Groups Nos. 1 and* 2 had been wound up, and their assets distributed in much less time than had been anticipated. If due care was taken there was no reason why the society should not experience a successful and progressive tear. Replying to questions, Mr. Spencer said that by prohibiting shareholders from withdrawing from the society an unnecessary hardship would be imposed on some shareholders who, through financial stress, might be forced to sell at a discount in order to realise on their shares. They would theri be dissatisfied with the society and would prevent others from joining. As far as a suggestion to amalgamate different groups of shares was concerned, this could not be carried out except ■with the unanimous approval of all members of both groups. It would be impossible to secure that, and in any case the amalgamation would bring no benefits. Allocation of appropriations totalling slightly more than £23.600 was made, and it was stated the later groups had sold well at prices from £SO to £7O. Mr. E. Howe proposed a motion to reduce the directors’ honoraria by 10 per cent., saying the motion was Intended to test the feeling of the meeting on the policy of the directors in allowing shareholders to withdraw, and in not amalgamating groups. The motion was lost on the voices. The three directors who had retired

automatically were re-elected. Details of the voting are:—Mr. C. Bartley, 1.415; Mr. N. B. Spencer, 1.354: Mr. J. Miller, 1,062 (successful): Mr. G. Blomfield, 487; and Mr. E. Howe. 328 (unsuccessful). Votes of thanks to the directors, the secretary, Mr. J. C. Grierson. and the staff were carried. “This society has been the most progressive building society in New Zealand, I think, and certainly the most successful,” said the chairman in reply.