NORTHERN BUILDING AND LOAN SOCIETY.

Press, Volume LI, Issue 8708, 2 February 1894, Page 3

NORTHERN BUILDING AND LOAN SOCIETY.

The annual meeting of this Society was held at the office, Cookson street, Kaiapoi, on Wednesday evening. There was a bare quorum of members present. Mr E. Parnham, Deputy-Chairman of Directors, in the absence of Mr R. _loore, presided. The Chairman said the. small attendance was ey ideutly proof that shareholders were satisfied with, the operations of the_ Society, .the profits of which were slightly over the amount required .- a to pay the interest provided by the rules. As the first issue of shares had during the year been paid out the amount of capital had been somewhat reduced, but was expected to increase again when the present new issues of shares were all taken up. He moved—"That the report and balance sheet presented to shareholders be taken as read and adopted and passed." The report noticed, that the profits were £384 163. The receipts of the year were -38466, the principal items of whioh wareLoans, repaid, £4460; fixed deposits, £1800; subscriptions, £939. redemptions, £606, and interest £552. The total receipts were £8466 8s 9d.

The disbursements were—First issue of shares paid, £5745; loans £1938, management expenses £82 9s, leaving a Bank balance of £217. / The profit and loss account was £472 4s Bd, with a balance of £384 16s. The liabilities were :—lnvestment shares, interest and profit to December 31st, 1892, £3504; profit and loss, £384. Tbe assets ■were :-—Balance of mortgages and loans, £3573; Bank balance, £217; interest, safe, _c., £93. The statement had been audited by Messrs T. G. Blackweil, W. Fraser, and JR. J. Alexander. Mr R. Evans seconded the motion for adoption of the report and balance-sheet, which was unanimously agreed to. Messrs R. Evans and R. 3. Alexander were declared elected as Directors and the shareholders, on the motion of Sir A. T. Clark, seconded by Mr J. H. __eeti_ey, recommended that Mr T. Drabble be elected a Director to fill a third vacancy. Messrs J. Harold Evans and R. J. Alexander were elected Auditors. Vbtesof thanks were passed to the Directors, the Manager, ancf Auditors, and. the meeting terminated.