BUILDING SOCIETY

Daily Telegraph (Napier), Volume 58, Issue 164, 13 August 1929, Page 5

BUILDING SOCIETY

ANNUAL MEETING OE STARRBOWKETT. The annual general meeting of sliareItoldors of the" Hastings Starr-Bowkett Building Society was held in tlie Hawke's Bay Jookev Club's rooms last evening. Mr G. F. Roach presiding. The annual report euhinittcd by the directors read as l'ollows: — Tlie directors liave pleasure in stat:ng that the result of the year's working lias again been satisfactory. The No. o Issuc was successfully floated and cominenced opcratious in Scptember last. Mr R. D. Brown uas appointed a director to fill a seat on the direetorate vacated by Mr T. Styles. Nine appropriations were held during the year, two in No. 3 Tssne, three in Xo. 4 Issue and fotir in No. o Issne. In the No. 2 issue a further dividend of £1 per share was paid out, bringing the total dividends now paid hy this issue to £'4G, or £7 per share over and above the subscriptions paid in A total of 138 shares remain on the register in this issne, and the £102 19s 5d still remaming to the credit of the profit and loss account represents 14s lld per share. There are 172 shares remaining on tlie register in the No. 3 Issue, of wliich 149 have received appropriations, leaving 23 still to get loans. The £1688 13s 7cl standing to tlie credit of tlie profit and loss account equals £9 16s 4cl per share. r ii No. 4 Issue there are 3ol shares now 011 the register. The profit and loss account lias a credit balance of £1419 18s 6d and the profit per share now works out at £4 9s lOd, or £1 7s •">1 per share more than a- year ago. Fn this issue 121 shares have received appropriations. No. 5 Issue lias 805 shares on the register, of wliich 20 have received loans. The profit and loss account lias a credit balance of £329 13s 8d which is equal to 8s 2d per share. "The three retiring directors are Messrs J. B. E. Hird, J. Holt and G. FI. Roach, who, again offer their jservices and as no further nominatlons were received, will be re-elected to fill tlie vacancies on the board of directors. "Your directors consider the response for shares in the No. 5 Issue was higliIv satisfactory, and in view of the mimcrous inquiries constantly heing made to tlie secretary into StavrBowkett methods, it is suggested that applications he accepted for shares in another new issue. Starr-Bowkett Societies, as 3Tou know, are run 011 ,cooperative Iines, therefore, j'ou are urgecl to tell your Iriends ahout it and eiicleavour to get them to join the society which lias been functioning siiccessfully for tlie past twenty-seven years." The report and balance sheet were adopted. The three retiring directors, Messrs ,). B. E. Hird, J. Holt, and G. H. Pioaeli, were re-elected to fill the vacancies 011 tlie direetorate. Messrs Rainbow, Hobbs, ancl Nesbitt were re-elected auditors for tlie ensuing year. Appropriations of £500 by ballot were tlien held in the No. 4 and No. 5 Issues, the successful groups heing No. 47 in No. 4 Issue, and No. 129 in No. 0 Issue. A recommendation, emanating from the directors, that the board of directors consist of five instead of nine membcrs was discussed and eventually it- was decided that the necessary steps be taken to amend the rules so as to give effect to the recommeiidation. The chairmaii, in eulogising the benefits of Starr-Bowkett societies, pointedout that an endeavour was now being made to float another issue of sliares and the secretary hacl been authorised to accept applications for shares. A vote of thanks to tlie eliairman concluded tlie meeting.