INDUSTRIAL AND PROVIDENT BUILDING SOCIETY.

Auckland Star, Volume XXIV, Issue 285, 1 December 1893, Page 3

INDUSTRIAL AND PROVIDENT BUILDING SOCIETY.

ANNUAL MEETING.

The thirteenth annual moeting of the InS dustrial and Provident Permanent Building, Land, nnd investment Society was held at the Office, corner of Queen.-streeti and Vulcan Lane, this afternoon, Ml Thomas Peacock, Chairman of Directors* presiding. • Rki'ort.— Tho annual roport Was pre* sented as follows :—Tho Board of Management, in presenting their thirteenth annua? report, have to state that they have con» tinued to exercise greab oaro in the selection of securities, and consequently tho operations of tho Society havg been of a sound character. During the? year two properties have been die* posed of at a profit to the Society. The remainder have been carefully valued, an* tho rentals therefrom, alter deducting al* expenses, excepb repairs, yield 7 per centl on tho valuabion sob down in tbe balance-; sheet. The Land and Income Assessment Act, as at firsb passed, did not exesnp!* building societies from taxation, bub owing! to representations from this Society ante kindred institutions, of the unfairness Witfc which the Bill operates against the meor. bers, an amending Act was introduced and; passod, by which building societies are relieved from further taxation. Hae the Society not boen compelled to pay this assessment, your director* would have beon able to declare a large? dividend than that of last year. After de«f ducting all charges, the shareholders havr; beon credited Wibh interest ab the rate o*. six per cent, por annum, and tho reserve fund increased. The following nominal bions have been received :—H. G. WadeEsq., Presidenb; Henry Brebt, Esq., VicePresident; C. B. Sbone, Esq.. Treasurer f Messrs E, Bartley, James Dacre, R. Er, Finch, J. J. Holland, A. Kidd, C. La Roche. P.H. Mason and D.B. McDonald, directors!Messrs J. J. Ker and George Frasery; Auditors. — (Signed) For the Board c$ Management, Thomas Peacock, President* Statemenb of accounts for the year ending Sepbember 30bh, 1893.— Roceipbs : Cash ifc hand and bank, 30th September, 1892, £1,366 10s 9d ; investors' subscriptions* £3^373 os lid; borrowers' repayments,. £7,457 6s 8d; deposits, £8,743 15s 2d£ bank deposits and interest, £604 10s; rentsi from offices, £326 ; rents and sales of pw perties, £054 18s 6d ; borrowers' genera-.; account, £20 18s 2d ; insurances. £84 IK 2d ; interest, commission, etc., £11 lbs 9d i entrance fees, £25 Cs 6d ; survey fees, £2f, 2s Gd; fines, £19 5s Gd ; books, £2 8s _ total. £22,72G 13s 7d. Expenditure: Loans advanced, £3,13? 103 ; shares matured and withdrawn £8,09? Ils9d; deposits, £8,0731258 d ; interest pai^ depositors" and paid-up shareholders £44* Ms 8d ; office rent and rates, £367 19s 2d i properties in liquidation, £233 15s lOd j insurances, £80 5s 4d ; borrowers' genera. accounts, £36 7s ; survey fees, £28 7s. 3d J reburned fees, £10 7s 3d ; land tax, £62 144 lid; offices, £9 13s 7d; miscellaneous* including salaries, directors' honoraria^ charges, stationery, advertising, and prints ing, £598 18s Id ; nterest on overdraft, £8_ ls6d; bank deposit, £950; cash in bank and in hand, £510 14s 7d : Total, £22,726 13s 7d. Profit and Loss Account.—Dr. * Tc interesb credited depositors and paid-up shareholders £541 lis Id ; general expenses' —salaries, directors' honoraria, charges, rents and rates, printing, stationery and advertising, £656 lis 3d ; land tax, £62 148 lid ; interest credited investing shareholders ab 6 per cent.- per annum, £586 2s 7d ; balance, £33 2s 3d : Tobal, £1,880 2a Id. Cr.: By balance, £29 lis 2d; fincH, £26 7a lOd ; interest, £1,824 3s Id : Total, £1,880 2s Id. Balance-sheet, September 30th, 1893.— Liabilities : To shares due investing shareholders, £14,593 17s Sd ; interest ab 6 per cent, per annum, £586 2s 7d ; depositors, £6,047 193 ; borrowers, balances loans authorised, £500 ; borrowers, prepayments, £7 ISs 6d; accounts owing, £242 lis 2d; reserve lur.d, £145 18s 9d;. profib and loss, £33 2s 3d: Total, £22,157 9s lid. Assets.—By securities : Present value of mortsages, £16,829 3s 4d ; repayments due, £113 10s 2d; properties, £2,922; deposits, £953 3s 4d ; offices, £33214s 8d ; office furniture, £67 2s 2d ; accounts owing, £426 15s 8d ; books, £1 0s 6d ; fines due, £1 5s 6d ; cash in hand and bank, £510 14a 7d ; total, £22,157 9s lid. (Signed) J. Bancroft, Manager. Geo. C Stan-yell) Aaditorß , John J. Keii )