BRUCE BUILDING SOCIETY.

Otago Witness, Issue 2490, 4 December 1901, Page 13

BRUCE BUILDING SOCIETY.

The annual meeting of the Bruce Property Investment and Building Society was held in the Volunteer Hall on the 26th ultimo, a largo number of shareholders being present. Mr John Hollick, president, occupied the chair. The Secretary (Mr J. J. Lane) read the rpport and balance sheet as follows : — Your committee have pleasure in submitting the annual report and balance sheet for year ending November, 1901, and trust that it will be satisfactory to shareholders. During the year advances to the extent of £2725 have been made by your committee. The total number of shareholders at present in the society is 261, holding in all 1857 shares, being an increase of 71 over that of last year; of these 653 are investing shares, the balance being advanced upon. The gross profit for the year, including surplus of £84 4s lOd, from last year, is £1148 2s, which, after deducting £138 10s 6d for working expenses, leaves a balance of £1009 11s 6d available for distribution amongst the shareholders. Your committee therefore recommend the payment of a dividend of 5£ per cent., carrying forward a balance of £72 15s 5d to new account. The President, in moving the adoption qf the report and balance sheet, congratulated the members on the profitable work of the society diiring the past 12 months. Although the loans granted were not so great as that of the previous year by some £700, still the demand had been very regular. Consequently the money was used as it came in, thus avoiding the necessity of % considerable overdraft and leaving a balance of £536 io new account. As

\.^ual, daring -he year a number of share* matured and had al^o been withdrawn, and ■». conbidcrable uumber of new shares were taken up, the result being 12 more new shareholders and 71 more shares are m existence than this time last year, thus prov ing the eor,Linued confidence of the public ii the sociely.

Mr Y. Baitings seconded the motion. Mr Matthow Henderson a^ked if jt i va=i not possible to have the report and balance sheet pelted to the members,, say a week before the annual meeting. ]> was impossible to discuss any of the items from juaf hearing it read vt the meeting. The Prend^ stated that should he be returned 10 oilioe thpt matter would bs attended to. The report was adopted. Mr William Taylor moved that Mr John Hollick be re-elected president for the ensuing year. The shareholders had every confidence in Mr Hollick, and from the results- and dnicleiulj cveiy member must admit that Mr Kollick wa.s the right man m the right place.

Mb Thomas Allchin had much pleasure in seconding the motion. This society had been in existence for 33 years, and he thought ho was not far wrong in saying that it was one of the oldest and soundest societies of its kind in New Zealand. Many a struggling settler in this district could point to the Brupe Building Society a<= being the means of securing a home of hi? own. It went without saying that the secret- of success was that good, sound, pr.iciical business men had always had the management of its affairs. He had much pleasure in seconding the motion that the retiring president be re-elected. The motion was carried unanimously. !\lr John A. Duthie was elected vice■".•^ident.

Tlic two retiring commitroemen weie Messrs Donald Reid and James Inghs. Tht President intimated that Mr Inglis. owing io illnesa, did not seek re-election. No on<regretted this more than he (the president! did. Mr Inglis had been a member of committee for a great number of years, and had taken a. keen and active interest m in mana-gement. — On the motion of Mr George Wilson, seconded by Mr David M'Gill. Messrs Donald Reid and James B. Scanlan were elected.

The auditors' fees were fixed at the same amount as for the previous year — viz., £3 ss.

Mr H. M. Marrvatt was sleeted "hare holders' auditor, the other auditoi beingelected by the committee.

It was agreed that the secretary's r a. ,rv be the same as last year — namely, £50.

Mr H. M. Marryatt thought that tho difficulty referred to by Mr Henderson at a previous stage of the meeting re posting the balance sheets to the shareholders «ralci. be got over if, when calling the annual meeting, it could be notified in the advertisement that the report- and balance sheet could be. obtained -from the secretary. After a lengthy discussion on this matter, Mr WiUiam Moore stated that if the shareholders left this matter in the hands of the committee it would be attended to.

Mr A. E. Stewart moved a hearty vote of thanks to the president, vice-president, and committee, and also that the secretary convey to Mr Inglis the shareholders' sympathy* in his illness, and also convey their thanks for the number of years he has worked for their interest and the welfare of the society.