METROPOLITAN BUILDING SOCIETY

Dominion, Volume 1, Issue 154, 24 March 1908, Page 9

METROPOLITAN BUILDING SOCIETY

ANNUAL MEETING. *' .Tho* seventeenth annual meeting of . the Metropolitan Building and Investment • Society was held last..evening,•. tho chairman (Mr. Wm. Mackay) presiding. '• ••' Thoiannual report, and balance-sheet-, particulars of which wero jmblishod in our issue of March, lj), were adopted.. Speaking to the motion for the adoption of tho report and balanco-sheot,tlio Chnij:ntan . said*'that tlio society's . business . had steadily, increased'..on cautious lines; ' Loan's had been well secured, and interest had been fairly well paid as it fell duo. Tliero were no bad debts. During the past twelve months ti cautious, even conservative, policy had been Rightly or wrongly, it was considered by tho directors'that. much..'.of tho land in the suburbs of Wellington.had reached too high a pi-ice, Greater prudcnce'.had.there-fore-been exercised in accepting it as security, and ni much larger margin had been stipulated than many borrowers had been able to offer. This accounted for tlio fact that the item in tho'balance-sheet;;'"loans oil mortgage," did. not slipw much expansion, being hn increase of only £5570 over last year's business. r Reference was also made by tho speaker to the'growth of the.'society's business 1 and tlio* consequent necessity for increased offico accommodation, .which had been met by, tho acquisition 'of an office in tho Commercial "Union Assuraiico Company's building.'

Owing to tliohardening of the; money, markets, nna -tho .rise in the bank. rates tor deposits, it had been found riceessary to offerbetter,'terms for deposits', rfnd briVFcbrttnry; •15 last, tho interest, on these was raised to 45- per cent, for money lodged for twelve months. It was obvious, . continued ■ tho speaker, •. that '-unless- the market became, easier, lending rates would requiro to ' bo raised, as fho> margin of profit between; 4} per cent, and tile present rate for Igaiis ,was ton small.' ■■■■'. ~...• Messrs. AV. M. Hannay and J. G. W. Ait-ken, M.P.,. tbo retiring directors, wcro unanimously re-olectod. , Mr. j\itkeii, on behalf of Mr! Hannnv and himself, briefly . returned thanks. - _ ' . ' 'Tho society's Auditors, Messrs. Henry Kember and Son, and.B. Uuchul/., wcro reelected. 1 " .

A-hearty vote of thanks to the secretary, Mr. C. A. 'Ewoil, and his staff, was carried by acolamatiou.