INDUSTRIAL AND PROVIDENT. BUILDING SOCIETY.

Auckland Star, Volume XXVII, Issue 272, 16 November 1896, Page 3

INDUSTRIAL AND PROVIDENT. BUILDING SOCIETY.

The annual general meeting of tbe Industrial and.Providonb Perraanenb Building, Land and lnveetmenb Society was beld on Friday afternoon. Mr J. J. Holland (Presidenb) occupied tbe chair, and there was a good attendance. Report and Balance-sheet.—Tho 16th annual reporb of the Board of Management was read. It stated thab business done in the year 1895-6 hod boon an increase on thab of lasb year. Owing to tho great reduction in the interest, there had been a larger amounb than usual of mortgagors paying off before tbe term of their mortgages bad expired, and tho directors considered bhab tho time had come when the scale of repayments should bo reduced, and in response to the requisition to bhe President, n special general meeting had been convened to bo hold immediately after tbe annual general meeting, to give effect to tbe alteration in the rules. Tbo directors anticipated bhab wibb tho reduction of the repayment of loans, and tbo activity in the building trade, bhe society would during tho ensuing year do considerable larger busino_B. After deducting from profits all charges and sinking funds, and increasing reserve fund, interest bad been credited to investing members' accounts ab the rate of Bix por cent, per annum. Tbe statement of accounts showed that the total receipts up to Sept. 30th, 1890. wero £11.791 4s !_d, including an initial cash balance on Sept. 30bb, 1895, of £378 14i 2d. Borrowers' repayments amounted to £6,078 18. lid, and investors' subscriptions to £2,068 15s. Tbo cash in band and bank on Sept. 30th, 1896, was £1,7-19 4s 6d. Tho profib_ and loss account .bowed interest and profit on j sales of property to be £1,308. 19... Tho assets showed securities to tho value of £13,925 10s 4d. j Mr Holland, in moving the adoption of tha foregoing, said that during tbo year the ] business done had been of a very safe j character. Grout care hnd been exorci_ed I in obtaining good securities, and the Society could look forward confidently to increased prosperity during the coming year. Mr C. La Roche seconded, and tbe reporb and balance-sheet were adopted. Election of Officers.—Officers were i then elected as follows for tbe ensuing year:—Mr J. J. Holland, Presidenb; -Mr H. G. Wade, Vice-President; Mr ... B. Stone, Treasurer ; Messrs B.tt Hey, D__cre, Finch, Henna, Kidd, La Roche, McDonald, and Mason, Directors: Messrs G. Frasor and J. J. Ker, Auditors. A vote of thanks waa accorded to tbe Board of Managemenb for their services during the pasb year. A vote of thanks to tbo chair torminatod tho proceedings.