TA AWAMUTU NEWS

Waikato Times, Volume 125, Issue 20915, 21 September 1939, Page 10

TA AWAMUTU NEWS

BUILDING SOCIETY 26TH ANNUAL MEETING (Special to Times) TE AWAMUTU, Wednesday In the unavoidable absence of the chairman, of directors, Mr F. J. Gilbert, Mr C. A. Reilly presided at the 2Gtn annual meeting - of the Te Awamutu Terminating Building Society. The directors’ report showed fair progress during the year. Messrs F. J. Gilbert, R. Ross, and A. C. Cruicksliank were the retiring directors, the first two being returned and Mr Cruickshank being replaced by Mr R. G. Andrew. These were the only nominations and no election was necessary. Mr 'Cruickshank, owing to his early departure from Te Awamutu, did not seek re-election. No. 1 -group working account showed a total expenditure of £46 16s Gd, with salary at £3O, and directors’ fees at £5 ss. The receipts were* interest £6 8s 4d, levies £4 18s, and fines 10s Gd. No. 2 group expenditure .totalled £B6 16s Gd, including salaries £6O, directors’ fees £lO 10s, audit fee £5 ss, printing, etc., £3. Levies provided £25 Gd, interest £l6 19s Gd, fees and fines £4 11s 9d, and transfer fees No tender was received for an allotment of £4OO, and, on the ballot, the winning number was 286. Termination of Group Mr K. S. Kelly said that he had been deputed by the Chamber of Commerce, a shareholder in No. 1 Group, to urge the termination of the group which showed a loss. It suggested that a discount be offered for prompt repayment of loans. The secretary, Mr G. O. Jourdain, explained that eight loans had yet to be paid off, the highest bein-g £96 10s, as April 30 last. In the ordinary course, they would be extinguished in April, 1941. The total amount outstanding was £6OO. On Mr Kelly’s motion it was decided to recommend the directors to consider ways and means of closing the group as soon as possible.

Mr J. L. Callaghan was re-appoinled auditor.