ONEHUNGA BUILDING SOCIETY.

Auckland Star, Volume XXX, Issue 88, 15 April 1899, Page 6

ONEHUNGA BUILDING SOCIETY.

The annual meeting of the above society was held last night. Mr C. C. Fleming, president, occupied the chair. The report stated: — We have little to say as to last year's operations, which have been fairly successful. The reduced volume oi business consequent on the reduced capital, and the reduction of interest generally, prevent the society from being able to give the investing shareholders a larger return for thenmoney. Interest at the rate of 5 per cent, has again been placed to the credit of investors, and, as a better demand now exists for loans, we are looking forward to a good year s business. Two directors (Messrs v.,. L. Fleming and Thos. Parnall) retire, and are eligible, and offer themselves for re-election. There is one seat vacant on the directory. The report and statement of accounts were adopted. _ •... , In speaking to the report, the Chairman said that during the past year the operations of the society had been fairly successful. Their funds had been kept in circulation, which, ot. course, returned a larger interest than when lodged in a bank, as in some previous years. The balance-sheet ■showed a decrease in receipts of £300, which was largely owing to the loans being of smaller amounts. Their deposits had increased by over £800; and the arrears'had been reduced by £150, This -was a pleasing feature of the year's operations—repayments kept up and arrears decreased. The buikN in> trade had steadily Increased during the year in. Onohunga, with good prospects of continuing, A most hopeful sign of prosperity for the ensuing year was the increased inquiries for investing shares. The retiring directors (Messrs C. C. Fleming and T. Parnall) were reelected on the motion of Messrs H. J. Davies and F. M. Brookfield. On the motion of Mr G. Vanse, a 'esolution was adopted recommending the directors to favourably conif aider the question of increasing the secretary's salary.