EQUITABLE BUILDING SOCIETY.

Taranaki Daily News, 14 October 1922, Page 5

EQUITABLE BUILDING SOCIETY.

DIRECTORS' REPORT.

The twenty-first annual report of the directors of the Equitable Building Society of New Plymouth is as follows: No. 1 group.—There are now five shares remaining in this group on which subscriptions are to be refunded.

No. 2 group.—During the year two pro rata repayments of subscriptions, absorbing the sum of £1386 2s have been made to shareholders. entitled to same, and sufficient funds are in hand to make a third repayment immediately. The number of shareholders being repayed under the winding-up scheme is 62, holding between them 123 single shares. The number of shareholders repaying loans is 35, holding between them 77 single shares.

No. 3 group.—The operations of this group must be considered highly satisfactory. During the year eight appropriations of £250 each have been disposed of, four by ballot and four by sale. The amount paid out during the year by way of advances is £2500, making the total advances since the formation of the group £5OOO. The sum of £621 has been added to advances by way of premiums on appropriations by sale. Money offered by sale (or tender) has been much in demand right throughout the year. This is an indication that members are appreciating more fully the advantages to be derived from borrowing from this society. The profit and loss account shows a credit balance of £916 0s 7d. The position of the shares in the group is as follows : 20 appropriated, 72 forfeited, and 508 participating in ballots and sales. No. 4 group.—lt is satisfactory to be able to report a successful flotation of this group. This was accomplished towards the end of the year just brought to a close, the total number of shares taken up being 530. Applications for shares in this group are still coming forward, and it is hoped by the end of the ensuing year to be able to report a fully subscribed group and a good year’s working. Directorate.—Your directors have been fully engaged throughout the year in the general business of all groups, attending to the valuation of properties offered as security for loans, and the flotation of the No. 4 group. No alteration in the personnel of the directorate has been necessary. The directors to retire by rotation are Messrs. P. Hopkins, F. S. Johns, E. Whittle and J. R. Cruickshank, and being eligible, offer themselves for reelection. Auditor.—The election of an auditor is also necessary. Mr. C. T. Mills again offers his services in this connection.