INDUSTRIAL BUILDING SOCIETY

Ashburton Guardian, Volume XX, Issue 4479, 27 April 1898, Page 2

INDUSTRIAL BUILDING SOCIETY

Annual Meeting.

The fifth annual general meeting of the Ashburton Industrial Building Society was held ia the Orange Hall on Tuesday evening About seventy shareholders attended including several ladies. Mr A. A. Fooks occupied the chair, and said there was very little for him to say m addition to the Directors' printed report before them. He referred with regret to the resignation of their esteemed Becretary, Mr J. 0. Duncan, but they had m Mr Styohe an able successor. He wished to contradict a rumor that the Directors had been thinking of authorising payment for their services. The Directors had no power to do such a thing.

ANNUAL REPORT.

The annual report was read a? follows :— *• Your Directors have great pleasure m submitting the fifth annual report and balance sheet, and m so doing again beg to congratulate the members on the highly satisfactory result of the operations for the past year, which, added to those of the previous years, not only show that the Society's position ia undoubtedly assured, but that it is m & fair way towards a speedy and profitable termination. The great benefit derived by the community from the operation of the Society is manifest m the numerous and flourishing properties Hecured to the Society within the borough and suburbs. The Society has now appropriated to the subsoribera by way of loans the sum of £510,500. The balance sheet shows a profit of £848 3s 6d— being an actual premium of JBI 8a 3d per share since the commencement of the Society.'? The report and balance sheet were adopted. - DIRECTORS. The ballot for Directors resulted m the election of Messrs Patterson, McCallum, Wilson, Duncan, and Bryant.

AUDITOR,

Mr Field was appointed shareholders' auditor 1 for the ensuing year.

£ONOS. A bonus of £1Q was voted to the retiring secretary , bub many of those present were of opinion that if the secretaryship was worth more, the salary should be increased, and a motion was passed bringing the matter under the consideration of the incoming' Directors.

NOMINATIONS. Some dissatisfaction was expressed at the time for receiving nominations not being advertised, some thinking that nominations could be made at the meeting. '"' The ' Chairman said the rules as to nominations were poaaesseg tyy the niembers, the time for receiving them being seven days previous to the meeting. They had nob complied with the regulation to advertise the meeting owing to one of the Directors being away, and so difficulty had been experienced m preparing for the meeting. SECURITIES. It was decided thab the Directors bring up a report of the sepurijbijßsof the Society at eaoh annual meeting. The Chairman was pleased to say thab at present there was not a bad security m the whole of the Society's securities. ' THANHS. The usual votes of thanks were given, and the meeting adjourned. At a meeting of Directors held afterwards, Mr A. A. Fooks was elected chairman.