The Wilmington morning star., 1946-01-29
serves 100000. bringing ou1

total Reserves to $3.50, 10000.
Your Officers and Directors have
endeavored during the year tt
keep abreast Of the many pro
gressive changes being offered tc
the Building and Loan Industry
One very important function of this
institution during the past year has
been that of assisting returned
Veterans in securing homes under
the G. I. Bill Of Rights. It has
been your Secretary's pleasure
and determination to lend all the
assistance possible, not just in
making loans to these returned
Veterans, but to help whenever il
is possible in obtaining suitable
employment for them, and ad-
vising with them on their varied
problems. 1t has also been my
privilege to have studied very care
fully the rights and privileges OF
these men, and I feel that this
institution is In a definite posi-
ton to extend an even greater
service to them in the future.
In my report I have endeavored
to bring out the most important
features Of our operation during
1913, however, you have before you
a detailed Financial Statement,
which has been published and veri.
lied by the State and Federal
Authorities. and I shall be glad to
answer any questions pertaining to
this Statement at the close of nv
report. We nave on file copies OF
both the Annual Report to the
State Department and an ANALYSIS
by the Supervisory Department
Of North Carolina, also copies of
our detailed report to the Federal
Home Loan Bank. I will welcome
inspection of these documents by
any shareholder, and will be glad
to explain any feature of the opera
ton Of this Institution whenever
requested.
With regard to the Annual Report
sent to the Supervisory Department
of the State of North Carolina,
take pleasure in quoting from a
letter dated January 12 1915 and
signed by T. E. Bobbitt, Deputy
~--"arce Commissioner, as fol-
lows: Copy Of your Annual State
-.ent has been received and
want to compliment you on it.
The growth of the Association dur
ing the past year was wonderful
at the same time within the bounds
Of conservative and sound business.
Your Officers and Directors and
your Shareholders should be proud
Of the progress that you have made
during these many years, and
particularly during 1945. I want
to extend to you and all connected
with your Organization the hearty
congratulations OF this Depart
ment."
I would like here to say a word
with regard to the Board of Di-
rectors, under whose direction I
manage this Institution. We do not
have large Boards to be exact
but will let you Judge as to
their interest in this Association
by stating that out Of 10 meetings
held during the year the average
attendance was slightly over 95
percent. These Gentlemen are in
terested only in the welfare Of the
Shareholders and the Management
Of the Institution. They give their
time to discuss and approve or
disapprove all applications brought
before the Association, and to hear
monthly reports rendered by the
Secretary on the general condition
Of the Institution. All in all they
give an average OF so to 90 hours
each year without consideration of
remuneration. I want to thank
these Directors for their very close
cooperation with me at all times,
and particularly our President, Mr..
]. H. Hinton, who for many years
has given his time devotedly in
the interest of the Cooperative's
Shareholders. We deeply regret
that due to illness, our President,
Mr., Hinton, is unable to be with
us at our meeting today. We
sincerely hope that he will have
a speedy recovery, and soon be
able to be back with US. AS far
as I can find from the records,
this is the first Annual Meeting of
the Shareholders that Mr.. Hinton
has not attended for forty years.
To those Directors, who act as
appraisers, and respond in a few
minutes time to my call In order
to give service to our borrowers,
l am deeply appreciative.
My many thanks go to my faith
full employees, who under difficult
circumstances during the past |
four years have done remarkable
job. would like to say here. that
IN the past thirty days, 1t has been
my pleasure to welcome back
from the United States Service
our Assistant Secretary-Treasur-
er, Mr.. E. Moseley Fonvielle, and
we are happy to have him back
on the job.
This ends my twenty-third year
IN this Association, during which
time I have seen it serve many
thousands of home owners. and
assist many savers on their road
to success.
My report would not be complete
without extending my deep ap.
probation to the many Sharehold-
erS of the Cooparative ,.,bo.o