Clutha, Kaitangata, &c., Building and Investment Society,

Clutha Leader, Volume I, Issue 45, 20 May 1875, Page 5

Clutha, Kaitangata, &c., Building and Investment Society,

The first meeting of the shareholders of the Clutha, Kaitangata, Tapanui, and Ma- ; taura Building and Investment Company ; , was held in the Council Chambers on tbe evening of Monday. The meeting was largely attended. Mr R. M'Owen was 1 voted to the chair. In introducing the business, he expressed his gratification at . seeing so large and influential a gathering at thia the inauguration of the new venture, and which, judging by the support and encouragement already received, was, so far as initiatory matters were concerned, a most decided success. , From what had already transpired, he opined that within a very short time, the Association was bound to afford tangible proof to its numerous shareholders and others the great want that existed in the district for an Institution such as its promoters hoped to make this Company under the exercise of careful and efficient control. , (Applause.) He concluded by calling upon the Interim Secretary, Mr A. Stewart, who said :— Gentlemen, " I beg to make a short statement regarding the Society, showing it* present condition and its prospects for the future. " Up tb the present time the number of shares applied for amount to 1404. The number of shareholders applying for these shares is 125 j thus giving an average of 11 shares to each shareholder. As you are aware the prospectus originally issued states the total number of shares at 1000, but this figure was merely an estimate which the promoters intended a<a a soTt of guide to work up fo v Like the first Clutha Society, we would have been quite justified in starting operations had only the half of that number of shares been taken up, knowing that further issues could be made when required. The applications have, however, far exceeded our anticipations, and now instead of XOOO. shares, it is likely , that, 2000; will be taken upV Of ' course 'in t a matter of this sort, the more the : merrier, the greater the number of shares .we haye, the less will be the proportionate amount of expenses, and consequently the greater will be the amount of profits. , By leaving : the. list open till, say the middle of September nex.t, and the present" sharehpld|fi, exerting themselyiea ; a? little; We ''inajr "]«MC leailfc count on "having 200>; shareholders^ ! o*^Bg^ 'mlrM^-%Mch"-"wiU^'am4unt--. to'i:'L3oQjr jf& will thus have a sum oft* EilQQ;Tsef month j to advance! ' to ; membera.rH Of .course: . -the > rules will have to. be made out in such a;

way as will leave, the, directors at liberty to lend to outside borrowers when the demand from members has subsided. As the share list will fhow, the shares are taken up by setters and others in all parts of the Clutha and surrounding districts. As you are aware, the Kaitangata people have started a Society of their own, and we have .consequently very few shares taken up at that place. There has also been some intention of starting similar institutions at Tapanui, and Mataura. As yet nothing has appeared publicly with regard to them. In the event of these Societies not fcoing on a much larger number of shareholders may be counted on in these places where it will be nee ssary to appoint agencies to receive subscriptions and attend to the business of the Society generally. The promoters having had no opportunity of preparing rules, this meeting among other business, will have to appoint a committee to assist the Secretary in supplying the necessary laws and regulations in accordance with the Act: With regard to the Secretary the promoters received two applications ; one of these was from Mr Russell, and so highly did they esteem that gentleman's qualifications for the office that they decided fjou closing with his offer at once. Knowing the shareholders would be unanimous in the matter, the promoters did not consider it prudent to give Mr Rufsell the opportunity of changing his mind."- The meeting then proceeded to tie election of officers. On the motion of Mr A. Stewart, seconded by Mr John Dunne, Mr Robert MOwen was unanimously elected President. On the motion of Mr John Dnnne, seconded by Mr Thomas Stanbrook, Mr Alexander Stewart was unanimously elected Vice-President. The Bank of New Zealand was named bankers for the. Company, on the motion of Mr Dunne, seconded by Mr Stanbrook. The appointment of Mr J. M, Russell as Secretary was affirmed by the meeting. In bringing forward a motion to that effect, Mr Dunne spoke in high terms of the business capacities and urbanity of the nominee. The following were elected a Board of Directors :— Messrs J. G. Smith, M.D., J. Dunne, A. C. Campbell, J. Barty,Thos. Stanbrook, Wm. Stewart, Geo. Renner, Robert Grigor, John Gow, F. C. Roberts, Robert Scobie, A. M'Duff, C. V. Brewer, and Alex. Kilgour. Messrs Brewer, Gow, and Dunne were elected trustees lor the Company, and Messrs Stanbrook and Reunert were appointed audiors for the ensuing twelve months. A Sub Committee, consisting of the President, Vice-President, and Messrs Grigor, Campbell, Dunne, Stanbrook, aud Brewer, were elected to assist the Secretary in drafting rules to be submitted for approval at a future meeting of shareholders- It was agreed that the monthly meeting for payment of calls should be fixed for the second Wednesday in June. The re-election of Mr Donald Reid, as solicitor for the Company was affirmed. The meeting then separated.