NORTHERN BUILDING AND LOAN SOCIETY.

Press, Volume XLVI, Issue 7264, 25 January 1889, Page 3

NORTHERN BUILDING AND LOAN SOCIETY.

The sixth annual meeting was held on Wednesday evening at the Society's office, Cookson street, Kaiapoi. There was a fair attendance of shareholders. Mr R. Moore, Chairman of Directors, presided. The Manager, Mr J. Lowthian Wilson, read the report, which stated the result of the year's bnsiness showed a return of about 9£ per cent. In view of the small number of first-class securities offering this was considered satisfactory. The profits of the year had been allotted as follows: — Interest as per Table A, £360 os; profits divided, £153 3s 3d; carried forward. 2s lid. Total, £51311s 2d. The withdrawal valne of investment shares was shown in a table annexed to the statement. The Directors did not propose to issue any investment --"ares this year. The retiring Directors, rfeasrs E. Parnham and R. Moore, hau vecn nominated for re-election. The financial statement for the year ending December, 1888, showed receipts, £3397 18e Id The amounts received for subscriptions were £1001; for redemption fees, £1364 0s 8d; interest, £528 8s 6d; fines, £36 5s 2d. The disbursements were loans on mortgage and upon shares, £1863; deposits re-paid, £600 ; investment shares withdrawn, £397 7s 0d ; the management expenses, £88 17s 10d; the balance at bank, £343 18e 3d. The profit and loss account showed a balance of profit £513. The liabilities were credited to investment shares, £6091 4s 3d; the assets being, loans and mortgage, £10,200 (less principal re-paid. £5874); loans on shares, £1782; bank balance, £343 18s 3d; arrears, £94 4s lid; safe, &c, £24 19s. The report and balance-sheet were adopted, on the motion of the Chaieman, who referred to the sound financial position of the Society, and explained that the Directors had the command of ' funds at all times to meet any demands for i loans on mortgage or in other ways. Messrs E. Parnham and R. Moore, the retiring Directors, were unanimously reelected. _. A vote of thanks to the Directors for their services was passed and the meeting adjourned. At a subsequent meeting of the Directors Mr R. Moore was re-elected, for the sixth time in succession, Chairman of the Board.

There were about a dozen members who used last session to hold prayer meetings Iα one of the committee rooms of the House of Commons. These meetings have been resumed, and among those who take Mtrt in them are Sir J. Smith, Mr James Stuart, and Mr Mark Stewart.