BUILDING SOCIETY

Ashburton Guardian, Volume 51, Issue 129, 13 March 1931, Page 3

BUILDING SOCIETY

REVIEW OF PAST YEAR. GOOD BUSINESS RECORDED. ' I ANNUAL MEETING HELD. The 56th annual meeting of shareholders in the Ashburton Permanent Building and Investment Society was held last evening, when the chairman of directors (Mi\F. W. Watt) presided. With him were Messrs E. F. Nieoll, R. A. Collins, J. T. Thomas and Colonel J. Findlay. There was only a small attendance of shareholders. <

The directors, in their annual report took the opportunity of congratulating the shareholders on the result of the year’s business. After paying the usual 7 per cent on A and. B shares, the report continued, there remhined the sum of £3038 12s Od to be dealt with, and the directors, made the following recommendations:—One per cent, profit on B shares current £223 2s 6d, 1 per cent, profit on A capital shares £479 4s, carry forward £2336 6s. The financial statement showed that the bank balance at the commencement of the year was £IOBO 13s s’d. Entrance. -fees, working expenses, etc., amounted to £126 19s 3d, interest £15,901 8s lOd, loans repaid £17,741. 2s 9d, deposits received £210,955 17s 4d, deposits renewed £62,171 0s 10d. and “B” share subscriptions £3318 15s. The principal items of oxjDOiiditurb were: Interest on deposits £4202 Pis 2d, interest on “A” capital shares £3354 Bs, deposits paid ont £219,334 7s 7d, new loans £18,331 Ss ltd, cost of management £2052 4s 2d. The bank balance was shown at £BOB 16s 9d.

The assets totalled £290,151 15s od, the chief amounts being loans current £267,033 4s Id, interest thereon £3556 11s lOd, deposits in Bank of New South Wales '£17,150, Tailored Street property £SOO, interest in\ arrears £770 8s 2d. Among liabilities \Vere: “A” capital shares £47,920, “B” shares £23,712 8s Sd, fixed deposits £90,166 8s 4d, other deposits £93,512 16s, reserve fund £25,742 17s 3d, profit and loss account £3038 12s 6d.

Moving the adoption of the annual report and balance-sheet, the chairman said that the Society had already paid the usual 7 per cent, dividend to the shareholders, and the directors, after mature consideration, had recommended the payment of a 1 per cent, bonus, which it was now their duty to authorise. He reminded shareholders that at the last annual meeting lie had drawn their attention to the indications that less profitable business might be expected in the future, and regretted having to say that the conditions operating at the moment were a definite confirmation of bis previous statement. New Zealand, lie said, in common with the rest oi the world, was passing through a very difficult financial stage. The farming community had faced a season in which the revenue had fallen to a level which almost touched that experienced between 1885 and 1895, and a rise in these price levels was being looked forward to with great anxiety. Returning to the balance-sheet, he drew attention to the fact that the reserve fund had now reached the sum of £25,742 17s 3d, and the cash reserve on deposit with the Bank of New South Wales at the end of the financial Year was £17,375 14s Sd. The directors, during the past year, had given close attention to the administration of the Society’s aflairs, and were at present doing their best to help the farming community to overcome its difficulties. As usual, the members of the stafl bad carried out their duties to the entire satisfaction of the directors, and their thanks were due to them for the enthusiastic and painstaking manner in which they had carried out their duties. His bestthanks were due and were gratefully tendered to bis co-directors and the members of the: stall for their loyal co-operation with him during the year. , , * The adoption of the report and balance sheet was seconded by Mr AA . Bryant, who congratulated shareholders* on the creditable balance-sheet. It reflected credit on the working of the Society. It was very gratifying to see that the work was carried on so well,for lie took it that there was really a reserve of £10,090. The report and balance-sheet were adopted. „ „ , Messrs E. F. Nieoll and R. Clark, who retired from the board by rotation, being the only ones nominated, were re-elected to the directorate, and Mr Nieoll thanked shareholders for the continuance of their confidence. Afessrs J. W. Bowden and-AY. H. Woods were re-appointed auditor's. A vote of thanks was passed to the directors, who, it was stated, obviously bad the full interest of the Society at heart. . In, reply, Colonel Findlay, on bohnlt of the board, said that times were difficult, but lie could assure them that the directors would do their best, and good times would surely come ere long. Azotes of thanks were passed to the Sl< Mr AAY B. AY. Bell referred to the fact that the balance-sheet bad not been sent out prior to the meeting. It would be policy on the part or the directors .to do so prior to> annual meetings. He moved tli&t it 'be <1 lecommendation to the directors that, ill future, balance-sheets .should be posted to shareholders at ieast seven days before the annual meeting. This was seconded by Air J. -'let*. Mcßae. . , , The chairman said that the duties of the directors was governed by the Act, which required that a balancesheet should be available, and copies were available. The motioh was carried. A vote of thanks, was passed to the chairman, Air AA nods saving that lev. members realised the great amount oi time the chairman gave to the aflairs of the Society, time that on many days v.ns equal to the time bo devoted to his own affairs. The''Society was fortunate in having at its head a man who was prepared to devote so much time to it. In reply), Art AA ntt- said that the aflairs, of the Society were a hit too exacting for a person who bad- so much other work to do, and. lie intended to ask to be relieved from the chair for the coming year. Prior to the annual meeting, a special meeting of shareholders was hold, when certain alterations to rules were made, governing the powers of the board 1 of directors. At a subsequent meeting of directors \z was decided to held over the election of a chairman till the meeting of the Board on Afareli 24.