AUCKLAND BUILDING SOCIETY.

Auckland Star, Volume XXII, Issue 142, 17 June 1891, Page 8

AUCKLAND BUILDING SOCIETY.

ANNUAL MEETING,

The nineteenth annual meeting of shareholders in the Auckland Permanent Cooperative Building and Investment Society wae held ab 4 p.m. yesterday at the office, Queen-street, when the Hon. Colonel Haultain, President of the Society, occupied the chair.

Annual Report.—The Secretary, Mr John Batger, submitted the nineteenth annual report, which showed the gross profits are £3,384 16s 2d ; expenses, £1,309 2s lid; neu profit, £2,075 13s 3d. Investors' shares have been credited with interest at 5 por cent), per annum, amounting to £1,527 8s 2d, and the balance of profit, viz., £548 5a Id, has been added to the credit of t>roperties in liquidation suspense account, raising that account to the substantial total of £4,132 sslod. Securities have been carefully re-valued and further deductions made from last year's valuations ; and the Committee consider thab the liquidation suspense account is amply sufficient to cover the depreciations. 963 new shares have boen issued. On 31st March the income from shares was, from 3,222 investors' shares, £161 2s per week ; 1,826£ borrowers' shares, £139 16s 10d ; total, £300 18s 10d. Advances to borrowers have been made with great caution, and the Committee have avoided distant and leasehold securities, preferring; to restrict their business rather than incur risk of being loaded with unsaleable properties. They have reduced the vote for salaries by the sum of £165, and they propose to reduce the fees for attendanceatCommittee meetings by one-half. —The Chairman, in moving the adoption, said the net profits of the year would have admitted of a larger dividend, but the Committee thought it right to re-inspect the properties now in the possession of the Society, to ascertain whether any depreciation had taken place since the valuations made last year, and as they were required to see that due provision was first made for losses and anticipated losses, it had been determined to limit the dividend to 5 per cenfc., and to add tha credit balance of £548, equal to a little more than per cent., to the properties in liquidation

Suspense Account.—This account now represents a divideud of 13 per cent, on the present shares, which would have been divisible amongst shareholders had ib not been necessary to provide for probablelosses. A number of members whose accounts had been temporarily suspended have justified the usefulness of this concession by resuming their regular repayment. Some two or three apparently forgetting that they have received the money of -the Society, have abused the leniency of the Committee, and made no effort to repay either principal or interest, and no further consideration can be shown them. With a return of prosperity, of which there are encouraging signs throughout the colony, the Committee confidently expect that any losses on the disposal of these assets will be fully met by the reserve of £4,134. —Mr Francis seconded the adoption of the report, which was agreed to without discussion. ELECTION OF OFFICERS. The Chairman announced that, the following officers had been elected unopposed : — President, 1 T.'j M. . Haultain ; Vice-Presidenfe, Thomas Thompson ; Treasurer, Joseph Potter : auditors, Messrs W. Gorrie and H. Gilfillan (junr.). The Chairman read a letter from Mr \\. Lodder withdrawing his name from the lieb of those nominated as committee men, on account of his being called away to Wellington. As there was still one more candidate than the number required, a ballob was taken, and the following was the result:—W. S. Cochrane 171, H. N. Garland 169. F. G. Ewington 168, W. H. Skinner 167, C. Hcsketh 166, J. Watts 158, G. Harper 156, A. Wright) 154, W. H. Cooper 106, and S. Vickers 93. The president therefore declared the firefe nine duly elected. COMMITTEE MEN'S FEES. The Chairman moved, " That until otherwise ordered each member of the Committee shall at the close of each financial year be entitled to receive the sum of 5s as fees for his services for each and every Committee meeting which ho has' attended during that year, instead of 10s for each meeting as provided in amended rule No. 58." This was seconded by Mr Francis and carried unanimously.