ONEHUNGA PERPETUAL LAND AND BUILDING SOCIETY.

Auckland Star, Volume XXII, Issue 95, 25 April 1891, Page 2

ONEHUNGA PERPETUAL LAND AND BUILDING SOCIETY.

A well-attended meeting of shareholders and othore was hold at tho offices ou Thursday night.

Tho following report was adopted :— The directors beg to lay before you the seventaenth annual report of tho Society, and regret that the transactions for tho past year have not been as profitable as hitherto. This ha& arisen from the largo amount of property which has fallen into tho Society's hands and which yields a very small return. Tho directors havo nob lost any opportunity of making sales of euch properties where possible to do so without serious sacrifice. In addition to this, the continued doprossion existing has intorfored with the profitable employment of tho Society's capital. To induce further loans, it ie proposad to slightly reduce the scale of repayments set forth in tho rules. It is also proposed to alter tho rule setting forth tho interest to bo paid investors from R por cont. to 7 por cent Tho direobors greatly regret that they huve found ib necoseary to reduce tho interest for the past half-yoar to 7 pur cent., but fcrueb thut Improved times will boforo Ion;.; sob in and restore the Society to its fonnor prosperity. Sinco tho last annual meeting R. C, Barstow, Esq., who tilled theoflico of President from the formation of tue Society, has, we aro sorry to Btato, passed away to tho majority. Ilia 01'fice has been temporarily tilled by Chas. V. Hill, Esq., and Chas. C. Fleming, Esq., has occupied tho VicePresidonb'a chair. Both of these offices roquiro filling up. Tho retiring directors aro Mews Hill and Alex. Robb, who 'are eligible and offer themselves for re-eloction. Tliomas Ball, Esq., has been nominated to fill the vacant scat on tho Board.

The statement of each account for tho year ending February 28th, 1891, was adopted as follows :—Foes, £12 17s Cd ; fines, £12 Cs 7d ; pass books, £1 2s ; charges account, £1 ; discount under rule 72, 4s ; deposits, £1,862 6s 2rt ; subscriptions, £1,795 12s lid ; interest on loans, £169 12s -Id ; insurances, £5 2s 0d ; repaymentsmortgages, £4,776 2.s 8d ; repayments — loans on lilnree, £25—£4,801 2a 8d ; total, £0,661 23 Bd. Cash in hand, 28th Fobruary, 1890, £58 18s 2d ; tote', £8,720 Os 10d. Foes—-survey, £4 16s; insurances, £35 13s ; deposits, £2,323 3s 7d; loans—on mortgage, £2,085 13a 2il ; loans-on shares, £'242: —£2,327 13s 2d ; withdrawals, £1,444 7s 8d ; interest, £1,779 5a ; charges, £408 15s lid: total, £8,32R 14a 4d; balance due bank, 28th February, 1890, £80 8d ; balance in bank, 23th February, 1891, £244 7s; ca«h in hand. 28th February, 1891, £66 13a 10d—£391 63 6d: total, £8,720 10d. Mr Thomas Ball was elected to the vacancy caused by tho death of Mr 11. C. Barstow. Mr Ball was thon elected president, Mr Charles V. Hill vice-president, and Messrs Clarke and Jonas wero reelected auditors.

Votes of thanks were passed to tho directors for theiivaervices during the past year, and also for their intimation that thoy would not accept tho usual honoraiium, as the affairs of the Society were not in so flourishing a condition aa in pant years. The intercbt for the past half year was declared at 7 por cent., this making for the whole year 7J por cent.