AUCKLAND PERMANENT COOPERATIVE BUILDING AND INVESTMENT SOCIETY.

Auckland Star, Volume XIX, Issue 139, 13 June 1888, Page 2

AUCKLAND PERMANENT COOPERATIVE BUILDING AND INVESTMENT SOCIETY.

TliE annual meeting of the above body was held at 7.30 o'clock lasb nighb in the lec-ture-room of the V.M.C.A. Buildings. About thirty shareholders were in attend" ance. Mr J. 11. Upton presided. Report.—The sixteenth annual report of the Society was as follows : —The Committee have to report tho addition of very little new business during the past year. The loans applied for have amounted to a large sum, bub the amount the Committee have felb justified in lending is less than has been lent in any year since 1872. It> is with pleasure the Committee can state, however, that the engagements of members generally have been kept vvifcb great regularity, and cases of default have noli been numerous. When shareholders have found ib impossible to keep up their repayments and have applied to the Committee for relief, arrangements satisfactory to them have been made in every case in which this could be done without lessening the Society' 6 security. Cash : The cash receipts from all sources during the year (excluding £10,000 withdrawn from lixed deposit at the Bank) were £101,99118s 4d. The disbursements were £104,555 4d. Deposits : The Committee have been obliged to decline receiving further sums of money on deposit, and they have reduced the rate of interest at which they accept re deposits of money already lodged with them to the lowest rate ab which money can now be obtained. Profit and loss: Tho gross earnings for the year are, £5,507 7s lOd; expenses —including amount written oif for office improvements, £1,627 19s ; leaving net profit, £4,179 8s lOd. From this, investing shareholders receive interest at the rate of 8 per cent, per annum, and a sum of £622 18s 9d is added to the provisions made for anticipated losses. The balance admits of a bonus of £1 per cent, per annum, which is accordingly credited to the accounts of both investing and borrowing members. Securities: These have been carefully examined, and in many cases revalued. The Committee believe that any deficiency is fully provided for in the amount (£1,384 15s 4d) which will stand ab credit of" properties in liquidation suspense account" when tho closing entries are made. Office improvements : The Committee have taken a lease of the premises, 147, Queen-street, for 10 years from Ist of April, 1837, and have mado needful alterations and improvements at a very moderate cost, which, being spread over the period of the lease, will be equal to a slightly increased weekly rental, The landlord contributed £125 towards tho expense. Shares : 2,249£ new shares have been issued. On 31st March the shares were as follows : — 6,295 investors' shares producing per week £314 13s, 3,837 borrowers' shares producing per week £290 13s B^d, 10,130 shares producing per week £605 "6s B^d. Committee: Mr 11. W. Heath, being about to leave the colony, resigned his seat on the Committee, and Mr W. H. Skinner was appointed in his stead. All the members of Committee now retire from office, but are eligible for re-election, and have all been nominated for office in the ensuing year, and there are no other candidates. ~T. M. Haultain, President, John Batgeb, Secretary. Statement of Accounts. — The statement of receipts and disbursements for year ending March 31st, 1888, was as follows:—

Receipts.—Fees — Entrance Fees on 2,249* Shares, £112 9s 6d; Transfer Fees, .919; Survey Fees, £55 2a; Refunds ou account of Insurance Premium;;. Valuers' Expenses, etc., £25410s 8d: Total, £441 28 2d. Fines — Amount received, £103 10s lOd; Pass Books and Rules Wold, £8 14s 6d. Shares—Subscriptions on 6,293 Investors, £15,421 6s 9d; Repayments on 3,837 Borrowed, £13,584 11b 7d; Repayments on Rodeemed and Surrendered, £9,685 14s lOd: Total, .£38,69113s 2d. Interim Accounts — Received on Account of Borrowers' Accounts temporarily suspended from weekly payments, £.952 7a lid. Properties iv liquidation—Received on account oi' sales effected, routs collected, etc., £1.313 4a Id. Deposits—Amount received, repayable at seven days' notice, £16,797 8a 3d; repayable at .fixed periods, £43,414 11s 7d: Total, £60,211 19s lOd. Ofllce Improvement — Lessors' proportion of costs o£ alterations, etc., £125. Fixed Deposits —Deposits with Bank of New Zealand, withdrawn, £10,000; Interest on same, £137 10s: Total, £10,137 10s. Sundries—Commissions, Discounts, etc., £26 15s lOd. Balance iv Bank ar.d on hand, 31st March, 1887, £7,070 12s 8d : Total, £119,062 lie. Disbursements. — Temporary InvestmentsAmount deposited with Bank of New Zealand at interest, £10,000. Fees—lnsurance premiums, fees and costs paid on account of borrowers, £747 0s 3d. Deposits,—Repayments to depositors. £67,749 6s 3d ; Interest—raid depositors, £1,778 16s; on bank overdraft, £12 18s2d: Total, £1,791 14s 2d. Office Improvements—Paid on account of alterations and improvements, £286 12s Id. Shares-Matured shares paid oft', £14,931 5s 2d; withdrawn before maturity, £9,007 2s Id: Total, £23,938 7s 3d. Loans—Cash paid to borrowers and secured on mortgage, £7,775. Properties in Liquidation—Ground rent, rates, balances of purchase money, insurances, etc., £550 9b 4d. Outstanding Liabilities — Paid accounts outstanding on 31st March, 1887, £315 18s Id. Miscellaneous—Management, agencies, oflice rent, foea, printing, advertising, etc., £1,400 12s lid : Total, £114.555 0a 4d. Balance—ln bank and on hand at date, £4,50710s 8d: Total, £119,062115. PROMT AND IOSS ACCOUNT. Dr.—lßß7.—April I.—To Bonus at the rate of £3 per cent, per annum on 5,989 Investors' Shares. £1,25810s sd; to Bonus at the rate of £5 per cent, per annum on 4,925>V Borrowed Shares, £255 8s lOd : to Transfer to Properties in Liquidation Suspense Account, £299 Is 6d. Total: £1,813 9d. 18S8.—March 31.—T0 General Exponses Account. £1,61119s ; to Office Improvement, proportion of expense written off, £16; to Balance, £4,179 8s lOd. Total: £5,807 7s lOd. Appropriation :— Amount trans erred to credit of Investors, being Interest at the rate of £8 per cent, per annum, £3,152 6s sd; Amount available for Bonus, £1,027255 d. Grand total: £J,179 Bslod. Or.-1887.—April I.—By Balance from 1886-7, £1,813 9d. 1888.—March 31.—Ky Entrance Fees, £108 18s ; by Transfer Fees, £19 : by Fines, £780 16s 8d ;by Interest, £4,898 13s 2d. Total: £5,807 !7s lOd. By Balance, £4,179 8s lOd. Grand total; £4,179 8s lOd. PEOPERTIES IN LIQUIDATION SUSPENSE ACCOUNT. Dr.-1888.—March 31—To Ascertained Losses to date, i' 347 16s 9d; to balance, £761 16s 7d i total, £1,109 13s 4d. Or.—lßß7.—April I—By balance, £785 4b Id.; by Amount transferred from Profit and Lobs Account, &c. to meet anticipated losses in realising securities, £324853 d; total, £1,10913s 4d, 1888.—March 31—By balance, £761 16s 7d, BALANCE-SHEET, 31ST MARCH, 1888, Dr.— Liabilities.—Shares — Due investing members, as per ledger balances. £49,895 15s od, Deposits—Amount lodged at interest, £24,395 3s Id ; interest duo on deposits, £636 0s 6d! Total, £25,031 33 7d, Borrowers—Loans on mortgage, unpaid balances, £1,270 ; prepayments by borrowers, £147 2s lid; Total, £1,417 2s 134, Accounts payable—Sundry liabilities unpaid to date, £999 6s sd. Properties in liquidation--Sus-pense Account, £76116s 7d. Profit and Loss Account, £4,179 8s 10d - t less interest passed to credit of investing members, at 8 pei> oenfc. per annum. £3,162 6s sd! Balance, £1,027 as sd. Grand total, £79,132 6s 4d.

Cr.—Assets.—Securities—Present value of loans on mortgage, £67,465 9s 3d; present value of loans on shares, £458 Bs9d: Total, £67,923185. Borrowers' repayments, due but unpaid, £1,427 3s 9ti. Office—Present value of improvements, £145 12s Id ; safes, furniture, stationery, &c, £84 103 7d: Total, £230 2s Bd. Cash-In Bank of New Zealand, at fixed deposit, £5,000 ; interest accrued, £43 Us 3d ; at bank and on hand, £4,507 10s 8d: Total, £9,531 Is lid. Grand Total, £79,132 6s 4d.

The Chairman moved the adoption of the report and statement of accounts. He thought they should feel gratified that the results had been so good. They would nobice that the Committee last year had only lent £9,000, whereas in other years the amounts lent had approached from £30,000 to £40,000. Ib showed that the Committee had adopted a conservative course, and in doing so th"ey had acted wisely. At times like the present, it was dangerous to lend money too freely.—Mr Ewington seconded the motion, which was adopted without discussion. —Mr Upton then moved that it be an instruction to the new Committee to deal with any properties that have fallen, or may during the ensuing year fall, into the Society's hands by default of the mortgages in such manner a3 the Committee in their discretion may think best for the Society's interest.— This was seconded by Mr Garland, and adopted. Election of Officers.—The following officers were elected for the ensuing year : — President, Hon. T. M. Haultain; VicePresident, Thos. Thompson, Esq., M.H.R.; Treasurer, Mr Joseph Potter ; committee, Messrs W. S. Cochrane, F. G. Ewington, H. N. Garland, G. Harper, C. Hesketh, W. Lodder, W. H. Skinner, S. Vickers, and I. Watts ; auditors, Messrs L. A. Durrieu and W. Gorrie.

A vote of thanks, moved by Mr W. Thorne, and seconded by Mr W. H. Skinner, to the Chairman, terminated the business.