CO-OPERATIVE BUILDING AND INVESTMENT SOCIETY.

Auckland Star, Volume VII, Issue 1974, 7 June 1876, Page 3

CO-OPERATIVE BUILDING AND INVESTMENT SOCIETY.

The members of the Auckland Permanent Co-opera-tive Building Society, held their fourth annual meeting last evening in the Young Men's Christian Association rooms. The president, Colonel Haultain, occopied the chair, and having briefly introduced the business, called upon the secretary to read the report, which was of a very minute character, and showed a considerable Increase on the business of the preceding year. The report stated that after crediting; all investor'js shales with interest at the rate of 8 per cent

s'? "urn, and provjdint. for accrued interest on deposits, and all other liabilities, there remains £2075 11s 70 for appropriation. So losses being anticipated a bonus at the rate of S^dper cent p.r annum for tnel year is added to those shares entitled to participate. This absorbs £2057 5s led, am) leaves a small balance 1. ? l dit__° f profit and ins 3 aCccunt. ahe progress nua ■ by the society was very favourable, and farmed an interesting portion of the report. The section Borrowed shaies".wlll also give an idea of the position 01 the society: The cash value on 21st March of all the mortgages held by tho trustees was £50,491 2s 5.1, ™™. m follows ;-Advanced on freehold properties *„u,<__;u 18a 2d; leasehold properties, with brick or stone buildings erected thereon, and held on long ™*f • £15.780 5s lid ; leaseholds other than abo.e, ionno o n ' investors' shares assigned under rule 7., Aims 8s y<l; investors' shares assigned as collateral security with other property, £1,796 5.; total. £54.491 ?000 . repayments, secured as above, amount to 4. per weak. On the motion of the chairman, seconded by Mr Ashton, the report was adopted. After answering a number of questions from shareholders, the election of officers was p.oceeded with, with the following result: President, Colonel Baultnin, VicePresident, Mr T. fiJacffarlane, Treasurer, Mr G. W Owen, Auditors, Messrs Battleyand Carr, Committee, Messrs Thompson, Cherry, Garland, Potter, Watts, Buttle, Cochrane, Compton, and Coupland. Tho business then concluded with a vote of thanks to the chairman.