BUILDING SOCIETY

Wairarapa Times-Age, 2 June 1939, Page 7

BUILDING SOCIETY

MEETING AT CARTERTON ELECTION OF DIRECTORS. ("Times-Age” Special.) At the annual meeting of the Wairarapa Terminating Building Society held at Carterton, Mr L. H. Smart (chairman of directors) presided. Referring to the recommendation made at last annual meeting that the directors should investigate the advisability of adding deferred payments to loans with the object of increasing the number of shares taken Mr Smart said that the matter had been fully discussed by tne directors but they had so far not been able to evolve a scheme whereby the rights of the old and new shareholders could be equalised.

Mr Smart ' proceeded to traverse items of interest in tne balance sheet but before doing so referred to the loss the Society had sustained by the death of their, secretary, Mr N. R. Armstrong. Mi' Armstrong had put a great deal of thought and energy into the affairs of the Society and the present favourable position was in a large measure due to his work. During his long illness his assistant, Miss Ingley, had carried on very capably. The No. 1 Group was wound up during the year. The final payment of profits, £2l 6s, brought the total profits distributed up to £3220 17s. In the No. 2 Group the number of shareholders had been reduced by six during the year owing to the withdrawal made on account of the death of the shareholders. During the year 45 shares had obtained appropriations, making the total 378 and leaving 676 shares to obtain appropriations. The total income from subscriptions and repayments had been £7244 10s 4d, and the total gain in the profit and loss account £752 5s 3d. Expenses had been higher and this was in great measure due to the fact that the No. 1 group was not now contributing its quota. The profit per share for the year was 11s 6d, bringing the total profit per share to £lO 0s 7d. Building societies generally were being affected by the increased cost of building. In this Society’s case the amount ot appropriation, £6OO, was not now sufficient to build a house according to modern requirements. One question which faced the directors was the increase in the amount of appropriations and was a matter to which they were giving attention. “How long these building conditions will go on,” said Mr Smart, “I do not know and I cannot see how a working man can continue to pay the rents now demanded.” Under the, circumstances the shareholders should' be satisfied with the amount of premiums for loans obtained during the year. Mr Smart acknowledged the assistance he had had from the directors for the past year. They gave their time and ability to the business of the Society and had made a thorough success of the job. Mr Smart then formally moved the adoption of the report and balance sheet. Mr L. J. Fairbrother seconded and the motion was carried without further discussion.

The chairman then moved “That this meeting extend to Miss Ingley congratulations and thanks for the manner in which she carried out her duties during the illness of the late secretary and whilst acting-secretary.” This was carried unanimously. The retiring directors, Messrs G. Hughan, J. B. Lawrence and N. C. C. Shepherd, were re-elected directors and Mr F. C. Bunny (Greytown) elected a director to fill a vacancy which had occurred. Mr G. W. Sellar, was re-elected shareholders’ auditor. The directors and auditors’ fees were fixed at the same amount as last year. An appropriation by ballot was then held, Mr J. A. Russell, Masterton, being elected to draw the marble. Mr T. A. Wallis, Palmerston North, was the fortunate shareholder, and obtained a £6OO free of interest. ’ The tender of Mrs E. A. Smith, Featherston, was accepted for £450 of the sale appropriation. This completed the business of the annual meeting At a subsequent meeting of directors, Mr L. H. Smart was re-elected chairman, the other directors passing appreciative remarks as to the ability with which Mr Smart conducted the society’s business. Mr J. M. G. McKenzie was re-elect-ed directors’ auditor. It was decided to hold an appropriation by sale of £6OO on four weeks’ time.