CO-OPERATIVE BUILDING SOCIETY.

Auckland Star, Volume XXXII, Issue 126, 29 May 1901, Page 2

CO-OPERATIVE BUILDING SOCIETY.

ANNUAL .MEETINGS

The annual general meeting of the Auckland Co-operative Terminating Building' Society was held last evening in the St. James' flail. Mr A. -7. Entrican, chairman of directors, presided, and there wa-< a very large attendance. The following was Die annual report presented to the meeting: "Your directors have much pleasure irf presenting to you the fourth annual report and balance sheet, and congratulate the members on the continued prosperity of the Society. Since our last annual report the third, fourth and filth groups have been completed, and nearly ail the shaves have been allotted In the sixth group. Advances to the amount of 2 15.339 14/10 have been made during the year, making a total of £34,239 1-1/10. This does not include premiums added to advances amounting to £1689 1/, which makes a grand total of £33.920 15/10, secured by mortgage in the name of the Society. On making a careful examination of the balancesheet it will be found that the profits per share in each grotip are as follows: First. £1 8/11; second, ill 3/6; third, 17/11; fourth, 4/7; fifth, 4/5. Total, e:;%9 IS/9, which would make a very satisfactory profit on the amount of subscriptions paid into the Society, and your directors won Id urge on the members the necessity of-their continued loyalty, as the ultimate success of the Society depends j as much on the co-operation of the members as The wise management of your directors. The retiring direcv tors are Messrs Entriean, Huddle, Lamhourne, and a fourth seat was rendered vacant by the resignation of Mr A. McNeil. AIJ the retiring directors are eligible, and two offer themselves for re-election. In accord-! anee with rule. '.'A you will be called to determine the directors' remunera- , tion for the year. As per rule 4. your j directors have decided to strike a levy , of 2/2 per share in Hie first, second I and third groups; 1/5 per share in ! the fourth group, and 1/3 per share in the fifth group, to meet the working expenses for the past, year. The said levy is due and payable on the JOili June." In moving the adoption of the report and balance sheet the Chairman said the shareholders ought, to be pleased, with the state of things revealed therein. The report, was a. very satisfactory one, and the. Society had progressed, steadily year by year. The profits for the past year had been: First group. £443 17/; second group, £32S 14/; third group, £384 16/; fourth group, £164 8/; fifth group, £163 8/. The Society was the strongest in the colony and the most prosperous. To maintain this prosperity members must, sti-ek to the Society and to their groups.

Mr Chas. Spencer strongly objected to one point, viz., that the Society's shares were not at a premium. Our population was a shifting one, and shareholders were often obliged., much against their will, to sell their shares. They had difficulty in doing so, and had to pay commission! on the sale. The whole thing wa.s caused by issuing too many shares, which were at a discount. He thought no more groups should be issued without consulting the "shareholders. If shares were at a premium-they would have no foreited shares.

Dr. Walker seconded the adoption of the report and baJnnce sheet, which was carried with one dissentient.

It was decided that the directors' remuneration be 7/0 per sitting, as in previous years. In answer to Mr Spencer the Chairman reminded the shareholders that two attempts had been made to start opposition societies in Auckland. If the directors declined to issue fresh groups they would find an opposition society started. They should trust their directors, who, ho claimed, had managed the matter with great caution anil prudence, and he hoped the shareholders would not tie their hands. The directors were of opinion that no more groups should be issued in the meantime so long as there was no danger of a new.society starting. Another question that had arisen was that the profits of the Society should be individualised and added to the shares like the bonuses of a life insurance policy. He thought there was something in that, and he had no doubt, that the directors would consider the matter and make some suggestion to the shareholders. Afr Entrican concluded by emphatically denying that he was retiring from the chair and from the directorate because he was riot satisfied with the state of the Society. He was exceedingly pleased to say, on his retirement from the chair, that the Society was never in such a good, safe and prosperous condition as it was now.

The votes for the election of four directors and an auditor were counted during the evening, the election resulting as follows: W. Lambourne (re-elected), 667; J. P. Buddie (reelected), 626; J. Kirker, 567; C. Bartley, 551; Drl Walker, 378; M. McGregor, 366; A. E. Fenton, 350; J. A. Cooper, 314; W. Dimery, 274: JosephMiller, 179; D. J. Wright, 171; ,T. Field, 115. Messrs. W. Lambourne, J. F. Buddie and J. Kirker were therefore declared elected for three years, and Mr. C. Bartley for two years. Mr. W. R. Holmes was elected auditor by a majority of 400 votes.

Appropriations by sales were held in the first, second, fourth and fifth groups. In the first, group £200 brought £40 2/6, and a second £200 brought £40 1/. In the second group the first £400 realised £80 5/, and an additional £200 brought £40 1/6. In the fourth group £400 brought £80 4/, and in the fifth group a similar sum brought £80 10/. In No. 3 group £800 was disposed of by ballot. The holder of shares Nos. 194 and 288 received £400 without interest, and the holder of shares 976 and 977 a like amount, without interest. In No. 6 group £400 was ballotted for. Tbe first hieky number, 536, held only one sharo, and got £300. No. 51.3 was next drawn, and, being the holder of two shares, got £400 without interest. The total sum disposed of by ballot was £1400, which., with £1800 by sale, made a total of £3200. The meeting concluded with a hearty vote of thanks, proposed by Mr. Jones, to Mi-. Entrican for his services as chairman of directors.