BUILDING SOCIETY’S YEAR

Waikato Times, Volume 127, Issue 21226, 24 September 1940, Page 7

BUILDING SOCIETY’S YEAR

DIVIDEND OF FIVE PER CENT SOUND FINANCIAL POSITION In moving the adoption of the report and balance sheet at the 17th annual meeting of the Hamilton Permanent Investment and Building Society last night, the chairman, Mr J. R. Fow, said the net profit of £319 ss. Od. was £l2 less than in the previous year, the average capital invested having been slightly less. The directors have declared the usual dividend of five per cent, and there was a balance of £ls available to be added to the reserve account. The reserve amounted to £640 14s. od., £3OO of which was invested in New Zealand Government stock, and the balance was used in the operations of the Society. The number of investment shares, at 175, was nine less than in the previous year, and the capital paid up, at £SBIO 14s. 10d., was £276 less. This was owing to a number of shares having matured during the year. Balance Sheet Summarised Continuing, Mr Fow said the assets at July 31st were:—Bank balance, £289 2s 7d; N.Z. Government stock, £3OO 0s Od; loans, £6301 13s 8d; interest accrued, £29 19s sd; total, £6920 15s Bd. The liabilities were:—One deposit of £llO 0s Od; interest accrued, £1 10s Od; audit fee, £8 8s Od; total, £ll9 18s Od. There was no interest in arrears on any of the loan accounts and clients were paying their instalments statisfactorily. Mr Fow said the financial position of the society was very sound and liquid. As a result of the war, good mortgage securities were not readily available, but the shareholders could rely on the directors watching the financial position carefully. Directors Elected The report and balance sheet were adopted. Messrs. W. C. Dixon, H. H. Fow, and G. D. Shepherd were elected directors. A motion of condolence was passed with the relatives of the late Mr J. E. Tidd, who for 17 years had been a director and a valuer of the society. It was resolved to place on record the society’s appreciation of Mr Tidd’s services. Mr J. R. Fow was re-elected chairman of directors for the 18th term. Sixteen “B” shares of £25 each were allotted.