CHRISTCHURCH BUILDING AND LAND SOCIETY.

Press, Volume LVIII, Issue 10869, 19 January 1901, Page 5

CHRISTCHURCH BUILDING AND LAND SOCIETY.

The annual meeting of the Ghristchurch Building and Land Society was held yesterday evening. Mr H. Allison occupied the chair, and there w;is a good' attendance.

The directors, in submitting the twentyseventh annual report and balance sheet, stated that the business of the Society was steadily increasing. The amount secured by mortnage stood at £60,697 4s lOd. as against £56,489 19s in 1899. and £44,985 0s 4d in 1898. Interest at the rate of 7 per cent. would be payable on "A" capital shares, and credited" to "B" subscription shares. In accordance with Rule 52, interest lit the rate of 3£ per cent, per annum would be credited to holders of "D" subscription shares. After allocating interest as aforesaid, there remained a balance to credit of profit and'loss of £183 12s 8d to carry forward to next year. The two retiring directors were Messrs Henry Allison and Cyril Julian Mountfort, both of whom were eligible for re-election, and l»ad given the requisite notices of candidature. Applications for "B" and "D" subscription shares having been so freely made last year, the Board had decided to make a further issue thereof, in the proportion of one "B" , share to two "D" shares. Applications could be made up to 31st January instant. The financial statement for the year ending 31st December, 1900. showed that the receipts had been £37,705 7s 6d. including £9184 8s 9d redemptions and premiums. £21,729 153 5d deposits, and £3790 3s 2d interest on mortgages. The disbursements had amounted to £67,602 4s lid, including £13,595 14s 7d loans and premiums, and £22,741 8s lid deposits and interest. A balance of £103 2s 7d remained in the bank. The profit and loss account showed a credit balance of £183 12s Bd, after allowing for £813 3s interest on deposits, £1750 interest on '"A" shares, £596 5s lid interest on "B" and 'D" shares, and £588 19s 6d management expenses. Against these £3790 3s 2d had been received as interest- on mortgage. The balance sheet showed that the liabilities w.ere £60.616 14s 9d. including £25,875 amount of "A" shares, with interest thereon. £10.674 53 7d amount of "B" and "D"' shares, with interest thereon, £22,017 9s 2d deposits, with interest, and £2000 reserve fund. The assets amounted to £60.800 7s scl, £60.697 4s 10d of which was se-cured-ba mortgage, and the balance of £103 2s 7d was at the bank. There was thus a .hajanee of £183 12s 8d of assets over liabilities. The report and balance sheet were adopted. Messrs Henry Allison and Cyril Julian Mountfort were re-elected directors, and Messrs R. C. Bishop and John Whitelaw wei i rc-electsd auditors. The meeting terminated with votes of thanks to the directors and secretary.