AUCKLAND BUILDING SOCIETY.

Auckland Star, Volume XXVI, Issue 130, 10 June 1885, Page 4

AUCKLAND BUILDING SOCIETY.

Annual MeotlnKdPsharehoWers.

The annual meeting of shareholders int. Auckland Permanent Co-operative Bui'di-" and Investment Society wan held 1- t 8 ing in the lecture room of the Yoim, i/ cn* Christian Association. Th e .c v_.g M _Jn« twenty persons present. Mr %l . °Nt Thompson, M.H.1.,, presided maa Assual Report -Theannual rennr. _ statement of accounts were wJ v <"1(J Batger. Tho directors' reporti J? Mt interesting r.sume of tha J. ..an ol the Society during the v«_tWns follows :-The favourable JSi « under which the past tLSSft" commenced were continued tbrZfcEj** and the accounts now in the ~ _ _**'• members show that their affair, __v„ v? °f successfully managed durin_- thn « • ? Reeoipts-The amount received \ JS 0?' of monoy withdrawn from fixedd___!. c £ 1 10.42,. Gs fid Bi.-bursements-.Tff' is payments for the year amount to £m_\ lis 76, the principal items being S lowing : -Advances to borrowers, £_*£' repayments to depositors, dE37,303 „ ij' sliaro capital paid off, £28 733 fi __' Profit and loss account: The netn fi. tho year, after deducting workini. _™_for is £0,53!) 15s Id. Payment SF-v^h 68' shareholders of interest, at the rateof* g cent per annum, absorbs £3 flon ij ?? leaving £2,013 3s available ._.div,,?3 bonuses. The rate of bonus for thTv, ." affected by several considerations • It' 8 April, 1884, shares to the value nf £_■*_ 2s 2d matured, and wero paid off as. J. '• , by Rule No. 15. This amount equal to two sevenths of the Sn.!."? share capital, reduced the amount Jl titled to participate in this year's £___ so much as to havo an anuhiS favourable effect upon tbe rate of th« h y now to be declared. 2. The ISfc money which does not participate __■■_ bonus havo been unusually large Th payments on account of loans' r__.<___i before 31st March last exceed i„ S thoseof the previous year by £17^028 liglM and tho amount received on derm.;* •' £13,348 more than in 1883 4. 3. tK,, 1" tional receipts have all been fully eß_ot_* and under the most favourable conditinn-_i the Society, £40,295 having been ffij to borrowing members during the year It wholo of which gum is renavable under if terms of Rule No. 1(5 Tho effect of _,„. three causes. viz.—(l) the redubtioaj. capital entitled to participate in the year. bonus ; (2) tho increased receipts from noparticipating sources ; and (3) the Ml employment of all tho Society's resource, is that the Committee are enabled to dec].™ a bonus for the past year at the rato of tirZ c.nt. per annum, payable to all investor? shares of 12 months standing, and to all borrowers' shares now on the register Securities : Tho advances made -uruVtv past year have all been covered by anrio securities. All tho securities held by'ft. Socioty havo been, as usual, carefully valued, and the Committee do not consider it necessary to mako further p-o-i_i__f- oany anticipated losses. The present cash valuo of tho Society's mortgages is £84,556 Bs. Shares : During tho past year 50361 n.w shares have been issued, making tie tital on the Share Register on the 31st March stand thus:—7.o4s investing shares producing weekly £352 5s j 5,360 borrowed £422 Is lOd: total, 12,411 shares! weekly income, £774 6s lOd. Officers: Twice during their year of office, your Committee have had to exercise, their power of appointing successors to deceased officers. In July last, the death of Mr'B, Tonka—who had long and faithfully served as one of your trustees-occurred, and the Committee elected Mr John Chamber, to the vacant office. This appointmei t you will at this meeting be asked to confirm, In January, tho death of Mr John James who for soveral years past had been elected by you to serve on the Committee, caused a vacancy which the Committee filled by appointing Mr Charles Hesketh. Mr Heskoth rotircs from office today with tho other members of Committee, and with them offers himself for re-election,— T. Tiiomi'sok, Vice-President." The i Chairman moved the adoption of tho report, and in doing so faid that so far an the present year was concerned they had opened i with prospects quite as favourable as lrtt year, which was as prosperous as could, be expected. Up till the present time,tbey had had no difficulty in finding investment for all their capital. Mr W. Lodder seconded the adoption of the report, which i was agreed to. . "... Officers.- These were: elected as follows :—President, Colonel Han-tain; VicePresident, Mr Thomas Thompson j i Treasurer, Mr Joseph Potter) Committee, = Messrs F. Cherry, W. S. Cochrane, H, N, , Garland, d'eo. Harper, H. W. Heath, > Charles Heskoth, Wm. Lodder, Samuel : Vickors, and Isaac Watts; auditors, Louis A. Durrieu and William Gorrie. Mr John Chambers was re appointed trustee, i Thanks—A voto of thanks waspassed to the trustees, on the motion of Mr Cherry! another to the Secretary and Messrs Harker, ■ ledger keeper and cashier, and the meeting 1 terminated with thanks to the Chairman.