RANGIORA BUILDING SOCIETY.

Press, Volume XLVI, Issue 7253, 8 March 1889, Page 3

RANGIORA BUILDING SOCIETY.

The annual meeting of the shareholders of the Rangiora Building and Investment Sociei y was held in the Borough Council Chamber on Wednesday evening. There was not a large attendance, and Mr J. Johnston, Chairman of the Directors, presided. The Secretary (Mγ M. Amy) read the report of the Directors for the past year, which stated that the Directors, in presenting their eighth annual report, have much pleasure in being able to state that the business of the Society has been quite as successful as could have been anticipated, considering the financial depression which has existed. The accompanying balance - sheet explains fully the financial position of the Society. The profit (after deducting interest for "B" shares, and placing one-fourth to credit of reserve fund) is £317 93. The amount credited to each " B " share of every issue is shown in the table, by which may also be ascertained the value of each share at the close of last year. The Directors hope that the financial depression is now passing away to give place to more encouraging business prospects. They, therefore, having every confidence in the Society's continued progress, would urge upon the members to do all in their power to make its advantages more widely known. The retiring Directors by rotation are Messrs W. H. Foster and J. Withers, who are eligible for re-election, and are the only shareholders who have given due notice that they are candidates. The financial statement showed the receipts for the year to have been £8052 3s 3d, the principal items being—Subscriptions on investment shares, £1440 15s; redemption money, £275415s 9d; interest, £1119 3s lid; working, entrance, and transfer fees, £9115s 2d ; fines, £53 4s 3d : special deposits, £2045. The principal items of expenditure were—Loans on mortgage, £1975; loans on investment shares, £99; special deposits repaid and interest, £2419 4s Id; interest and dividend on capital shares, £157 Is 8d ; investment shares withdrawn, £2114 19s 9d; fixed deposit at Bank £500, and balance at Bank £534 8s lid. The balance-sheet showed liabilities amounting to £12,765 6s Id ; capital shares, £1000; investment do, £8897 7s 9d; special deposits and interest, £2116 10s 9d; at credit of reserve fund, £331 10s: profit to be allocated, £317 9s. Assets—By balances on mortgages and loans, £11,521 15s 10d; interest due, £29 17s; arrears and fines, £123 0s sd; furniture, &c, £58 5s 10d: fixed deposit £500 and Bank balance £334 8s lid. The accounts have been audited by Messrs E. R. Good, J. R. Wilson, and certified as correct. The Chairman, in moving the adoption of the report, said that as last year there was not such a demand for money as in Erevious years, the operations of the ociety had been somewhat curtailed. There had been fewer applications for money, and the Directors had been compelled to refuse some that they thought did not offer sufficient security. To relieve the Society of some of its surplus cash, several members had withdrawn some of their shares, in most cases taking up others of recent issue in place of them* There was ewery prospect of more prosperous times, «nd the Society would, no doubt, share in the general improvement. The interest made by the money invested by the Society amounted to about per cent, interest on the capital, which was more than most Sociotiee of the same character had realised this year. Only the small amount of £27 had been lost on mortgages during the year, and there was only one property at present in the hands of the Directors. He moved the adoption of the report. Mr A. B. Blackett seconded the motion. MrS Aybrs asked for information respecting the amount paid during the year to the holders of capital shares, and was answered by the Chairman and Secretary. Messrs J. Withers and W. H. Foster were re-elected Directors, and Mr E. K. Good was re-appointed shareholders , auditor for the ensuing year. A hearty vote of thanks was passed to the Directors and the Secretary (Mr M. Amy) for their services during the year, and the meeting termina ed with a vote of thanks to the Chairman.