EQUITABLE BUILDING SOCIETY.

Taranaki Daily News, 27 October 1915, Page 7

EQUITABLE BUILDING SOCIETY.

DIRECTORS' REPORT. The annual report of the Equitable Building Society, to be presented at the annual meeting on Friday night, is as follows: Your directors have again the pleasure of placing before you the statement of accounts and balance-sheets, which show a profit in each group, after payment of working expenses. No. 1 Group.—As intimated at our last annual meeting, your directors applied themselves to devise an equitable scheme for an earlier termination of the No. 1 Group than if it were permitted to run its ordinary course, with the result that they were successful in introducing a scheme that met with the apof the shareholders. The adoption of the scheme meant the suspension of all subscriptions in this group as from March 5, 1915, and the repayment to shareholders of the full amount of their subscriptions, plus two-thirds of the profits per share, as shown on the last balance sheet. The repayments to shareholders are made in the ordej in which they were drawn at a ballot held for the purpose, and as the funds accumulate from redemption moneys received. Up to the present 38 shares have been paid off, leaving a balance pf 234 to fie paid. Redemptions are being paid on 134 shares, and the subscriptions paid on these shares have been credited against the respective loan accounts. Simultaneously with the winding up of No. 1 Group your directors considered the advisability of starting a third group, and appointed a canvasser for the purpose of placing the shares, but although the advantages in this group were considered to be far greater than those of the two previous groups, the result of the canvass up to 'the present has been disappointing, only 350 shares haying been applied for. The reason for this is principally owing to the number of young men who have enlisted and left the town, and of the considerable increase in the cost of living. Your directors do not consider it advisable to start the new group until about 450 shares have been applied for. Loans.—No. 1 Group: Six appropriations of £l5O each have been 'disposed of (four by ballot and two by tender), and loans to the amount of £1398 have been made, including £6OO carried forward from last year. No. 2 Group: Seventeen appropriations of £l6O each have been allotted (eight by ballot and nine by tender), and £2910 5s has been advanced on mortgages, including £520 5s carried forward from last year; £350 5s has to be advanced on the completion of securities.

Profits.—No. 1 Group shows an actual profit on the Working Account for the year of £lB 6s 6d, but the total accrued profits have been reduced to £1206 18s la. This is accounted for by the fact that £264 18s 4d of the profits have been paid to shareholders under Rule No. 147. No, 2 Group, this year, shows a profit of £lls 0s sd, the accrued profits standing at £1460 14s 7d, or say £3 2s 6d per contributing share. Position of Shares in each Group.—ln No. 1 Group 186 shares have been appropriated, loan repaid on 52, and redemptions are being received on 134. Thirtyeight shares have been paid off under Rule No. 147, leaving a balance of 234 to be paid off before the group is wound up. In No. 2 Group 140 shares have been appropriated, 58 forfeited or withdrawn, and 406 are now paying subscriptions, of which 331 are entitled to appropriations; 64 shares have ceased paying subscriptions under Rule No. 131, and notice has been given to withdraw subscriptions on 61 shares under Rule No. 19. Funds of the Society.—The accumulated funds of the society now amount to £23,610 Is 6d. All loans are on a sound basis, your directors having satisfied themselves that the security offered in every case is adequate. Directorate.—No changes have taken place during the year, and it is with much regret we have to announce that Mr. D. Berry, owing to ill health, has tendered his resignation, and Mr. F. P. Corkill, owing to pressure of business, has intimated that he will not seek reelection. Both of the above-mentioned gentlemen have been on the Board of Directors almost from the inception of the Society, and as members of the Valuation Committee, have rendered valuable service, as will be shown by the fact that the Society has not incurred a single loss during its existence. You will be called upon to elect five members of the board, and three of those who now retire—Messrs E. Dockrill, John Paton, and S. W. Shaw—are eligible and offer themselves for re-election' Messrs W. P. Nicoll and Jan. Clarke are also candidates. Auditor.—The election of an auditor is necessary, and Mr. C. T. Malls again offers his services.