INDUSTRIAL BUILDING SOCIETY.

Press, Volume L, Issue 8484, 16 May 1893, Page 3

INDUSTRIAL BUILDING SOCIETY.

The Industrial Building Society held it§ fifth annual meeting on Friday night at ita offices, Manchester street. There .was a good attendance, and Mr H." 8./ Kirk presided. , The report was taken aa read. It stated, inter alia :—•'• The,balance sheet annexed shows that a net jprofit hoe been made during the year of £129 Is, and that the sum of £573 3b 6d now stands to the credit of profit and loss account aa accumulated profit. The latter item represents a percentage of 4 per cent, per annum ou the -paid-up value of .enures. Tho item of arrears on shares is larger than your Directors like to report, and it would be well if shareholders would make a special note of this. Repayments on loons are being made with reasonable punctuality. The total number of appropriations mado up to date is twenty-seven; £8100 has thus been advanced by the Society, of which £1489 19s 9i has been repaid. Am was anticipated, advantago is being taken of the rule providing for withdrawals at tho end of the first five years. Up to the present time thirteen notices have been received, and this will doubtless have a prejudicial effect upon our next year's Work. There is no reason, however, for alarm, though the income receivable in repayment of loans will be partly absorbed, and approE nations somewhat delayed. The securities eld by the Society are, in the opinion of your Directors, sound. Great care has been exercised in this respect, and your Directors would strongly urge adherence to a conservative policy as absolutely essential lor the continued euccees of the Society."

The report and balance eheet were adopted. Messrs J. Glanville, J. h. Scott, and W. Langdown were elected Directors, and Mr H. de C. Hudeon shareholders' auditor.

Votes of thanks were passed to tho retiring Directors and the Chairman, and the meeting terminated.

Subsequently a general meeting was held to make the twenty eighth appropriation of £300. It was decided that it should be made by sale, and it realised £40. The proceedings then closed.