BUILDING SOCIETY

Daily Telegraph (Napier), Volume 59, Issue 73, 29 April 1930, Page 4

BUILDING SOCIETY

ANNUAL REPORT PRESENTED,. The following report will he submitted to the ahnual meeting' of the" Hastings Permanent Building and Investineiit Society : — The direetors are glad to be able to report that the result of the year's operations has been quite satisfactory, the credit balance warranting tlie payment of the dividend paid during the past few years. The year just concluded has heen a very trying one from a financial point of view, and tlie outlook for the coming year necessitates the utmost care and economy. Some defaulters were dealt with during the past year and no doubt your direetors will have to consider the realising of sottie loans during the current year. Nevertheless, we consider that the losses, if any, will not be of much moment. The policy to assist our clients in. times of depression will be followed, as far.as possible. The retiring directbrs, Messrs Martin, Mil-., ler and Land, are eligible for re-eleo-tion. These are the only nominations. The auditors, Messrs R.ainhow, • Hobbs and Neshitt, also offer thettselves for rerelection. Applications for loans during the year amounted to £55,500, of which £48,050 was gfanted, and shareholders will note that the business of the society continues to show a large expansion. The question of in-. creasing the number of capitah .shares from 5000 to 800Q will be considered. L.