The Wilmington morning star., 1945-01-27
SEVEN

lSlllClSift III tllSS0
accounts but it is also "a credit
to our borrowers who, in this time
of emergency. are extremely CO.
operative in making their payments
on time. y;
Another interesting feature of
our statement of 1914, is the state
ment of Operations. The gross op.
Grating income amounted to $780,.
$500 against $s7,077. IS, in !. 1s43,
. showing a net gain in gross ,oper-
ating income of $3,48467. Net oper.
ating expense for 1943 was SIS, ISL.
20 against net operating expense for
1914 of $23, 338.03. A net increase in
operating expense of SAB SO. or q
net gain in our statement OF OPP
GRAFTON of SO, 44084. , -. a."
The Association paid out to
4 Shareholders ON naturities during
the year 1914; $l13, 263400 and, in
profits on 'mathrities and invest.
ment funds $32, 773. o., The. number
of share issued during. the year
was 10,483 a gain in number of
shares issued during, the previous
! year of approximately 1000.
I'VE. We're able during 1914, to
set aside $40, 900 90, to Reserves,
bringing our total, Reserves for
CONTINGENCIES up to- ~$l20, 900 90,
leaving our Undivided Profits, to-
falling. $48; 4383 SO to the credit Of
our Shareholders, payable at ma.
turity and dividend periods.
your management has epdeav-
ored during the year to keep,
abreast of the many progressive
building and loan industry. One Of.
, the principal moves made by the
Directors during the year, was to
authorize thermaking of loans to
, Veterans of World War II, ,undes
, the title of G. I. Bill Of Rights.
Both your, Secretary and. Directors
, have had the privilege Of. studying
! this Bill as it, affects this landing
: institution, and are satisfied that
, we can be of valuable. service to
) these men in helping to 'rehabilitate
them on their return to civilian
r life. -.'-',+s
+ I'm my report, l have endeaver-
ed to bring out the more important
: features of our operation during
: 1914. However, YOU have before you
: a detailed financial statement, and
I shall be very glad to answer
j: any questions, pertaining to this
J. statement at the close OF this, Be-
, port. We have on file, copies. Of
t both the Annual Report to- t h e
State Department land an analysis
of North Carolina and copies OF
/ our detailed documents by ny
shareholder AS. a. matter. OF fact,
I will always, welcome: any ques-
lions of any kind from any of our
Shareholders, and will be glad to
, explain any feature. of the opera
, ton of this Institution whenever re-
quested.
II would like to say a word with
l regard to the Board of Directors,
| under whose direction I manage
| this Institution. We do not have a
large Board of Directors, eight to
5 be exact, but I viii let you judge
their interest in this Association
by stating that out of eighteen
! meetings during 1914, we hadtifan
| attendance record of 90 per rat.
These gentlemen are interested Fon-
) ly in the welfare. of the Shareholder
and the proper MANAGEMENT of the
Institution. They give. up their time
to discuss and approve or disap-
prove all applications brought be-
fore the Associa ton. All in all, they
give an average of forty or fifty
hours each year for little, or no
remuneration.
II want to thank these Directors
for their. very close cooperation
with me. at all. times, and par
ticularlyt those Directors who act
as Appraisers and respond in.
few minutes time, to my call. in
order to give proper service to
our borrowers. My MANY thanks. go
to my faithful employees, who I'M
der difficult circumstances during
the past year have done a remark
able job. =. ~ r. .,' '.,.~ -
This ends my twenty second
year with the Cooperative Building
and Loan .Aossciation, which as
sure you has been most interest
ing. "a. D, . -.
my report would not be cond-
plete without 4 extending my deep
appreciation to the many Share
holders of the Cooperative whose
loyalty and ,patrenaae makes the
continued success Of THIS ::old H.
istitution possible In closing, may
/ I say NEUTRALITY-SUSPICIOUS. wondeg-
tful record Of neveF having loss
has againsbeen nlaintained during
the yeaE1.1944: - .sgSssN@ *
Respectfully submitted.
! FREDERICK WILLETTS'
| Secretary-Treas ur9r
At the conclusion of the secre-
tary's report a vote .of:thanks Was
offered Mr.. Willetts for the excel
lent report made Mr. Thorntan.
complimented the. association onssKs
remarkable growth, and pointed
out that this was proof of the con-
fidence and appreciation felt Aoy
the people Of Wilmington in this
Institution. The financial statement
cannot reveal the great service per-
formed by the Cooperative to This
commuhity,:but all one has ,tos do
is ride. tfrougfi the Clty.and stub
urbs and witness the many homes
that. have been financed through
this institution to see it, Mr.. Thorn
ton, stated. He also spoke Of, the
L ~