PERMANENT INVESTMENT

Wairarapa Times-Age, 27 May 1938, Page 9

PERMANENT INVESTMENT

NORTH WAIRARAPA SOCIETY. SIXTH ANNUAL MEETING. The sixth annual meeting of the North Wairarapa Permanent Building and Investment Society was held last night, the chairman of directors, Mr F. E. Wells, presiding. Moving the adoption of the annual report, Mr Wells referred to the steady growth made by the society during the past twelve months. The share capital had increased by nearly £2,50(. and loans were up by £3,615. The gross profit increased by £213 to £1,398. This improvement was slightly offset by a small rise in expenses of £4l, leaving the net profit up by £172. The dividend was maintained at 51 per cent, absorbing £1033 2s Id and the balance was added to the sum carried forward to next year. In view of the acute housing shortage, said Mr Wells, it was considered that building societies would still be: required to render service to the public in enabling people to acquire theii - own houses by spreading the purchase over a long period. The society was prepared to consider all applications on their merits and would grant loans with easy repayments, so that homes could be purchased at less than the price of ordinary rent. Mr Wells expressed his appreciation of the co-operation of his co-directors and also thanked the secretaries. Messrs H. A. R. Dunderdale and L. F. Gray for their keenness and strict attention to detail in managing the society’s affairs. The fact that at the end of six years there was not one penny of principal or interest outstanding not only exemplified the soundness of the society’s securities but also testified to the efficiency of the secretaries’ work. Messrs J. Ninnes and F. E. Wells, the retiring directors, were re-elected unopposed and Mr N. H. James was reappointed auditor.

Messrs H. H. Daniell and R. Lambert congratulated the directors and secre-' taries on the splendid reports consistently submitted, year after year. Mi Daniell referred to the necessity of home ownership, which, in view of the Government's social security proposals was more essential than ever.