INDUSTRIAL AND PROVIDENT BUILDING SOCIETY.

Auckland Star, Volume XXII, Issue 295, 12 December 1891, Page 4

INDUSTRIAL AND PROVIDENT BUILDING SOCIETY.

Thb annual meeting of the Industrial and ProvidenbPermanenb Land and Investment Society was held at the office, Queen-street, yesterday afternoon, Mr H. G. Wade in the chair. The Chairman apologised for the absence of Mr Thomas Peacock, Presidenb, who had been called away bo Wellington, t and of Mr H. Brett, Vice-Presi-dent, who was indisposed. Report and Accounts.-The report as published in'our last issue was read, togobher wibh bhe statement of accounts for the- year ending September 30th, 1891. The Chairman, iv moving the adoption of the reporb and balance-sheeb, said that the Society's business had nob exceeded tha.. business of the previous year, but the Survey Committee had been very careful, and had refused a great many properties because there was nob' sufficient margin for Society security. With regard to tho reserve fund and balance • inhand, ib would be seen that, had the directors felt so disposed, they might have recommended something additional bo be paid as inberesb upon doposit3 for the lasb year, bdt they acted" wisely, ta thought, in nob'taking-the whole of tho profits for distribution, ns unforeseen casu'allies might occur. The Survey Committeo had valued ,all bho properties that' had fallen into the hands of the Society so low thab thero could nob be any lo?3 upon them, and in evenb of an improved market, bhe profit which they felt assured would be made, would eventually find its way into the profit and loss account. During the year a number of applications had been mado and granted under t»* rule which enables borrowers to su«pond payment for three months on payment of» small rate of interest, and the rule h>d been found to work very .satisfactorilyThey had refused a greab many applications for investing sharos.—Mr J. P. bhanajrhan seconded the motion, which was carried unanimously. The retiring officers were re-elected, and the meeting concluded with a voto of I hanks to the Chairman. '