The Wilmington morning star., 1940-05-06

are justifiably established only by
the interplay Of the forces Of supply
and demand. Continued interference
and downward pressure from any
source have ultimate dangers of
large proportion.
Nor can we in building and loan
associations pass by the increasing
ly important subject of taxes on
homes. Here and there efforts are
being made to give the small prop
erty owner some respite from the
heavy responsibility he carries in
supporting the local and state gov
ernments. The problem has been
approached far too infrequently
from the basic point of view of
reducing governmental expenditures
and finding other sources of income
besides the taxing of real property.
The rate Of taxation remains the
chief reason why many of our peo-
pie do not attempt to own their
homes. They feel that it does not
pay. AS a group banded together
to encourage home ownership we
have a definite responsibility to use
our influence toward lower taxes for
homes.
In the world all around us we see
a dependence upon the state and a
yielding Of authority to the. state
which is already showing incredibly
bad results. In u own country we
look forward to an increasing en-
phasis once again upon private ac-
ton and business enterprise as the
logical sourc Of solution for our
national problems. In savings and
loan work we demonstrate how it
can be done in the thrift and home
financing phases of the national
economy. We look forward to an.
other year when we will demon
strate even further how we'll private
Of the profit system can serve the
public interest.
William M. Hill, secretary and
treasurer of the association present.
ed his report to the members, out
lining various activities of the as
ISOLATION during the past year. He
presented comparative figures show
ing the increase in assets of the
association year after year. 1889
showed an increase in assets of "a
percent; 1888, 80 percent; 1887, So
percent; 1886, 112 percent. Mr.. Hill
stated that this phenomenal increase
in assets was among the largest, if
not the largest, increase in assets
of any building and loan association
in North Carolina during this period
of time. The dollars and cents in.
crease during the period was away
over a million dollars, the assets be.
ing now about 81, 800, 900. 90.
Mr.. Hill stated that considerable
effort was being given to helping
people build their own homes; that
the association was furnishing the
plans and specifications and being
of all assistance possible to the in.
dividual home owner, without cost
to them, and advancing funds as
the work on the homes progresses;
that all this service was rendered
free to the home owners and that
they were under no obligation in
any way for the information, plans
etc., furnished, whether or not they
secured a loan from the association
Mr.. Hill thanked the shareholders
for their attendance, and especially
thanked the shareholders of the as
ISOLATION who, more than anything
else, were responsible for the growth
Of the association, having recon-
mended to their friends and explain
ed the services that the association
could render them. Mr.. Hill also
thanked the board of directors,
whose untiring efforts and frequent
meetings enabled the association to
function properly and efficiently In
serving the public interest.