SAVED FROM REPROACH

Press, Volume LII, Issue 15608, 5 June 1916, Page 3

SAVED FROM REPROACH

'•JOHN PAYNE'S FARTHINGS." AND THE BUILDING SOCIETY. There was considerable public in-k-rest in the annual meeting of the Auckland Co-operative Terminating Building Society on "Wednesday night (says tho Auckland "Star"), consequent upon the attitude of tho directors in ignoring t-lio resolution passed by last aTmual meeting, at the instance of Mr John Payne, that nine farihings should bo given- by the society for patriotic purposes. The directors, Jeoling that the resolution was tlio result of u "snatch vote"' slipped through in a heatod moment ot debate, and that to tako notice of it would put an inefiaceabkrsiigjna ofcihe Society, had prompt : ly> subscnbccT 'tii'7so for patriotic purpose's in the "name of the shareholders. Last night the directors came before the shareholders to accept ih.< verdict on their a.ction. In . defence of the action of thr- directors, tho chairman (Mr J. TV Buddie) stated that the sum given, ~700, was a. fairly large amount as a whole, but reduced .to terms of the iadividual member, it shrank into insignificance. It nieant a reduction of 9id per share of the profits to be paid to shareholders on the termination of a group, or about 4*d per member for shareholders who withdrew • after a group was fifteen years old, or 3d per share from those who withdrew after ten years. In the light of those fissures it seemed to him that the shareholders could not do otherwise than express appreciation of the prompt action of the directcis in removing a. reproach that would have attached to the Society. Mr Buddie's remarks were interrupted at intei-vals by sympathetic applause. and, on the adoption of the report being seconded, the motion confinning the action of the directors was promptly carried unanimously without j discussion, and amid applause.