UNITED BUILDING SOCIETY.

Auckland Star, Volume LV, Issue 251, 22 October 1924, Page 8

UNITED BUILDING SOCIETY.

A SUCCESSFUL YEAR. -DIRECTORS' FEES INCREASED. The annual meeting of members of the United Permanent Building and Investment Society, of Auckland, was held at the Chamber of Commerce to-day, Mr. ,11. Neill presiding. The directors' balance-shet showed the year to have 'been most successful, •the number of shares 'being 45,037, an increase for the year of 9G19, while the 'balance at credit of profit and. loss account including £2230 4/11 brought forward, was £G423 0/6. Dividends paid in October 1923 and April 19-24, amounted to £2653 18/5, of Tvhich £SOO was transferred to,;"the reserve fund, leaving available £2964 2/1. Of this amount it was proposed to declare a dividend of 7J per cent, add £1000 to the reserve fund, and carry forward £350 C/ 10, making the. fund £5000. The (balance-sheet was adopted, and Messrs. I?. Xeill and W. S. Whitley were reappointed directors, there being no other nominations. (Messrs. Thompson and Tewsley ■were" reappointed auditors. There was some discussion following a motion 'by Mr. Biss, that the directors' fees for the past year should be £250 instead of £150. 'but this was opposed iby Mr. D. K. Harty, who held the opinion that the society was not on a sufficiently strong footing to warrant such an increase. The reserve fund was only £5000, and he thought that when •this was increased, the question of increasing the fees could be considered. He moved "That the directors' fees be £150, and that they 'be granted a bonus of £50 for the past year." This was lost when put to the meeting, and the motion to fix the amount for the past year at £250 was carried. Tlie secrctarv was voted a bonus of £50.