BUILDING SOCIETY.

Bay of Plenty Times, Volume XIII, Issue 1694, 5 June 1884, Page 2

BUILDING SOCIETY.

Tiik fifth annual meeting of the investing and borrowing shareholders of the Tauranga and Katikati Permanent Building and Investment Society was held at the Society's office, Spring street, Tauranga, on Tuesday, 3rd June, at 7 o'clock p.m. Presont— H. S. Brabant (Vice President), in the chair, Messrs David Lun- ■ don, W. M. Comtrons, Henry Blick, G. H. Whitcombe, George Maberley, P. Anquetil, P. Sturkey, Thos. Hewitt, .Robert Henry, R. Home, 0. A. Clarke, John A. Clark, John Maxwell, Jas. Home, A. P. Home, Thomas Whelan, J. C. Adams, J. B. Chappell, and Captain Henry Johnson. The Secretary, Mr Eitz - Gibbon Louch, read the advertisement convening 1 the meeting. The annual report of Diroctors and statement of accounts was then read, as follows : directors' report. The Directors have much pleaauro in meeting the Members at the termination of the fifth year Jof the operations of the Society. The business transacted has been satisfactory, showing a large increase over the previous year. A sum of £1,980 has been advanced during the year to the shareholders, making a total of £7, 300 since the Society was formed.

The securities upcm which the money has been advanood are all first-class. The accounts are before you, and have been audited. A surplus profit is shown of £130 19s 5d after payment of £8 per cent, guaranteed to the Investing Shareholders, which the Directors propose to' allocate as follows : Ist, To credit the Investing Shareholders with a bonus of £60 8s Id in addition to the sum of £8 per cent, already credited for the past year ? 2nd, To credit the Borrowing Shareholders with a bonus of £60 Is 2d dn the amount of their repayments, leaving a balance of £10 10s 2d to be carried forward to the current year. The question of the Secretary's traveling expenses to Auckland has been left over for the consideration of the Shareholders. During the year Messrs W. Kelly and John Maxwell, Directors, resigned, and your Directors elected Messrs R. Homo and J. H. Sheath in their room respectively. Three Directors retire in accordance with the Rules, viz.> Captain Henry Johnson and Messrs David Lundon and James Home, and are eligible for re-election. H. S. Brabant, Vice-President. Fitz- Gibbon Louch, Secretary. FIFTH ANNUAL STATEMENT OF ACCOUNTS For the year ending 31st March, 1884. Receipts. March 31, 1883. £ a d Cash in hand 0 4 9 March 31, 1884. Entrancofees 18 6 0 Transfer fees 2 4 0 Survey fees .. .. „ 14 15 0 Mnea l-eceived 8 10 11 Subscriptions on investing shares 1,748 19 7 Repayments on borrowed shares 1,180 8 9 Deposits 1,250 7 11 Pass and rule books .. .. 1 10 0 Balance due Bank of New Zealand .. 833 16 3 £5,059 3 2 JS.vpoi dlt lire. ! Maroh 31, 1883. £ s d Unpresented cheque „ „ 210 0 Balance due Bank of New Zealand .. 316 11 2 March 31, 1884. Loans issued on security of mortgages .. ,•. . . . . 1,980 0 0 Deposits withdrawn and interest thereon.. .. .. .. 1,686 9 11 Interest paid Bank of New Zealand 36 7 8 Shares withdrawn and interest accrued thereon . . . . 772 3 5 Management — Secretary's salary .. .. 100 0 0 Incidentals G 12 11 Printing and advertising . . 18 8 0 Directors' fees, 1883 . . . . 19 10 0 Auditors' fees . . . . . . 6 6 0 Treasurer's fees . . „ 5 5 0 Bonus to Secretary, 1813 . . 20 0 0 Bonus to shareholders (borrowing) paid • 38 12 3 Survey fees paid 14 15 0 Balance in hand .. .. .. 5 11 10 £5,059 3 2 PKOPIT AND LOSS ACCOUNT. Dr. March 31, 1883. £ s d To Bonus credited to Investing Shareholders . . . . „ 73 10 G Bonus credited to Borrowing Shareholders . - . . . . 74 14 0 Bonus credited Secretary for 1883 20 0 0 March 31, 1884. To general expenses „ „ 156 111 Depreciation on Furniture '. . 4 0 0 Interest credited to Depositors 37 15 7 Interest paid Bank of New Zealand .. 36 7 8 Interest credited to Investing Shareholders at 8 per cent . . 244 111 Balance 130 19 5 £777 11 0 Gr. March 31, 1833. " £ s d By Balance' .. „ „ 184 19 6 March 31, 1884. By Transfer fees . . . . . . 2 4 0 Entrance fees . . . . „ 18 6 0 Fines received .. „ „ 8 10 11 Pass Books and Rules. , „ 1 10 0 Forfeited investing shares „ 0 410 Interest on loans .. .. 061 15 9 £777 11 0 LIABILITIES AND ASSETS. Liabilities. March 31, 1884. £ s d To amount due Investing Shareholders, including interest andbonuson previous years, as per credit balances .. 3,925 15 0 Depositors, including interest 148 211 Amount due to Borrowing Shareholders, bonus for previous years . . . . . . 63 17 1 Amount due Bank of New Zealand 833 26 3 Balance ..' .. .. 130 19 5 £5,102 17 8 Assets. March 31, 1884. £ s d By present value on Loans secured on mortgage .. .. 5,054 19 7 Pass Book« and Rules on hand 9 15 0 Office Furniture .. .. 32 11 3 Cash in hand 5 11 10 £5,102 17 8 Fitz- Gibbon Louch, Secretary. W. M. Commons, Treasurer. auditors' report. "We, the undersigned, having been appointed Auditors for the Tauranga and Katikati Permanent Building and Investment Society, have the honor to report that we have examined the Books and Vouchers of the said Society for the period commencing the Ist day of April, 1883, and ending 31st day of March, 18S-1, and find the same correct (as per above Statement). We have also examined the securities held by the said Society for loans advanced, and found the same correct, in accordance with the Society's Register of Deeds. "John A. Clark, E. Sheppakd, Auditors. Tauranga, April 21, 1884, The Chairman moved the adoption of the report. Seconded by Mr Henry and carried. ELECTION OF DIRECTORS.' Captain Johnson and Messrs Lundon and J. Homo retired by rotation. The two former were candidates for re-election. Mr A. W. Burrows was also a candidate. Mr W. M. Commons moved that Captain Johnson and Mr Lundon be re-elected, and Mr A. W. Burrows be elected, Directors. Seconded by Mr WMtcombe and carried. TREASURER. Mr C. A. Clarke proposed that Mr W. M. Commons be re-elected Treasurer. Seconded by Mr Lundon and carried. AUDITORS. Mr Whitcombe proposed that the Auditors for the past year bo re-elected. Seconded by Mr C. A. Clarke. Mr Lundon moved as an amendment that Mr J. H. McCaw be appointed an Auditor. Seconded by Mr Henry. TII3 amendment was put by the Chairman, when six voted for and four against. A ballot was then demanded, and taken with the following results — Mr Sheppard, 77 ; McCaw, 63 ; J. A. Clark. 28. The Chairman thereupon declared Messrs Sheppard and McCaw to be duly elected. A question was asked how many separate votos were recorded for each candidate ? The Secretary replied 11, 11, and 7^ Mr Maxwell asked how it was one individual had 34 votes? The Chairman replied that he had a number of proxies in his hand, and he had used them in the interests of the Society. THE SECRETARY'S TRAVELLING EXPENSES. The matter had been deferred to the annual meeting for decision, as there seemed to be some difference of opinion on the matter. After a great deal of discussion and comparison of views,

Mr Maxwell moved that the amount of travelling expenses incurred by the Secretary in going to Auckland in the interests of the Society be refunded to him. Seconded by Mr Commons. Mr "Whitcombe moved as an amendment that tha amount be not paid. Mr Jas. Home i seconded th,e amendment, which was put to the meeting' and lost. The original motion was then put and carried, one voice voting against. ' j On the motion of Mr R. Home, it was re- | »olved that the minutes of the meeting be read and confirmed. This concluded the business of the general meeting, and the Directors' meeting followed immediately.