CO-OPERATIVE BUILDING SOCIETY.

Auckland Star, Volume XXXI, Issue 103, 2 May 1900, Page 2

CO-OPERATIVE BUILDING SOCIETY.

ANNUAL MEETING

The annual meeting of the Auckland Co-operative Terminating Building Society was held in St< James' Hall

last evening. There was a. crowded attendance. .Mr A, J. Entriean, Chairman of Directors, occupied the chair.

The annual report and balance-sheet were presented. The report was as follows: —

Your directors have much pleasure in presenting- their third annual report and balance-sheet, and congratulate the members on the prosperous condition of the society. Advances to the amount of £8474 have been made during the year, making a total 6f .£18,900 since the formation of the society; and while your directors have taken the greatest care to give every assistance to members to secure homes of their own through the help ot: the society, yet they have always the interest of the society steadily in view by having a safe marg-in of security. The profit in each group for the year is about 7s 6d per share, or a total profit in the three groups since the formation of the Society of £2402 4s 3d. In the second group one mortgage of £200 has been paid off, which makes the repayment larger than in the first. The retiring directors are Messrs R. 'Walton, E. B. Jones, A. McNeil, who are eligible and offer themselves for reelection. In accordance with rule 74, you will be asked to appoint an auditor for the ensuing year. The retiring auditor is eligible and offers himself for re-election. In accordance with rule 34, you will be called upon to determine the directors' remuneration for the past year. As per rule 4, your directors have decided to strike a levy of 2s 4d per share in each group to meet the working expenses, as shown in the balance-sheets. This amount is due and payable on the 14fch May. Your directors would point out to the members this fact—that no other form of investment can be compared with this society for the investment of small weekly savings, and they would commend to your consideration the advantages, to be gained by ,a loyal attachment to the society. They also hope the members will bring the matter before the notice of their friends and acquaintances with the view of getting a fourth group in active operation. —(Signed) A. J. Entriean, Chairman.

The Chairman, in moving the adoption of the report . and bal-ance-sheet, referred to the continued prosperity of t-e Society, its sound financial position, the excellent return that shareholders had already obtained upon their investments. They had, he said, a really good thing; he knew of nothing better in Auckland for the investment of weekly savings. The third group of 1000 shares was almost coiripleted, 986 shares being already taken up, and the directors anticipated starting a fourth group almost immediately. The fourth group would not be started, however, bo lore it had at least 500 subscribers. The

Chairman said some members regarded the division of profits in the future instead of annually as a drawback, but he thought the rule an excellent one. They must not run away with the idea that they were all going to make a fortune at once. They would all have the benefit of their savings in time, and would have equal opportunity of repaying the appropriations they obtained. Dr. Walker seconded the adoption of the report.

Mr A. McNeil supported the motion. He said he had been a member of the Society for the three years of its existence. 'During that time £18,900 had been put into the hands of members, and that night's appropriations would bring the total to £20,000. The repayments amounted to about the rent of a house, and when a member had repaid his appropriations in 11 years the house became his own. As an investment he lmew of nothing better. The percentage of profits on payments last year was equal to 14 per cent. He had inspected all the properties held by members of the Association, and felt it a great pleasure to see the occupants so happy in improving the places that would soon, by the payment of small sums weekly, become their own. He was certain that not one of the properties would ever return to the possession of the Society. Mr McNeil expressed the opinion that the Society shoulfl not insist on a margin in obtaining securities for appropriations and

premiums. Mr McNeill, in conclusion, highly praised the services rendered to thrt Society since its forma>tion by Mr R. Hood (Secretary), and Mr F. W. Smith (Solicitor). The report was adopted unanimously. ' The retiring directors, Messrs It. Walton, E. R. Jones, and A. McNeil were re-elected, the votes recorded hi their favour being: Walton 216, Jones 204, McNeil 196.

Mr C. Bartley was re-elected auditor, a second auditor to be appointed by the directors. The Chairman said he did not agree with Mr McNeil that there should be no margin of security. A margin of security was the foundation of societies of this kind. They must- ha^ft absolute security for investment, for there could be no safety or success unless this was rigidly adhered io. As long as he had anything to do with the directorate he would keep that well in the forefront. (Applause.)

Mr C. Bartley expressed similar views. He said it was the invariable experience that so soon as societies of this kind disregarded the need of a margin of security they went down hill.

Directors' fees for the year were fixed at 7/6 per meeting.

The upset price of appropriations of £200 each by tender was fixed at £40. In No. 1 Group £400 was disposed of by lender for £84 15/; in No. 2 Group £400 was sold to the hig-hest tenderer for £95 2/; aijd in the third group £92 4/ was tendered for a similar amount. A bailor for £400 in the first group fell to shares 40 and 41, and a ballot for »S4OO in

the second group was cast in favour , of shares 847 and 848. The meeting closed with a vote of thanks to the Chairman.