COMPANY MEETING.

Dominion, Volume 1, Issue 187, 2 May 1908, Page 3

COMPANY MEETING.

DEPOSIT, MORTCACE, AND BUILDING ASSOCIATION. The seventh annual mooting of the Wellington Deposit,: Mortgage, and Building Association, Limited, was .held last evening, . Mr. W. H._ P. Barber, M.P., being in 'the chair;. There was a large attendance of shareholders. The directors''report stated that the. net ■ ■ v. profit of the year's business was £1868 14s. >j which, with the addition' of £126 Is. 9d. brought forward from last year, made a total of £1994 16s. 7d. i now available.'' It was recommended that this amount be ap- . plied as followsTho payment of a dividend. s for the year' at 'tho rate of 6; per cent., per annum; which absorbed £1487- 16s. 9di; to. tho reserve fund, £250 . (making it'. then £1000); and tho balance, £256 19s. lOd. to > ' be carried forward to nest year's account. The capital of the Association was all paid up to ten shillings per share. Iti would be' •. .remembered that the Association's offices were completely destroyed by fire in October, 1906. Tho Bank of New South' Wales build- ; ing had now'been restored,. and the Associa- -! tion moved into its former premises in that building in February last. ■ ■■'.. . ;■;' : In moving the adoption of tho report and - . balance-sheet, the Chairman. said that although .tho volumo of business done during, tho year did not ,show an increase, the profits were well maintained, which might' be ~.. . 'taken as evidence as to the soundness of. the Association's investments. / The directors exercised great caution in respect to: the securities offered, so that only a'small pro- ' portion of the applications received wero favourably considered.' For'.the year-under;} review tho interest received and accrued was £3547'35. 2d., as against £3475 3si 5d., & slight, increase; while ' the interest' on de-i ,! posits paid and accrued was £1197 19s. lid., being slightly under the amount for the ; preceding year. Tho deposits, as shown by . the balance-sheet', showed a small 'increase. V In December last the rateof interest paid .•;■.■ on deposits- had to bo raised in order to- <■■■ fall into lino with the rates given by kindred companies. ' Tho Association's invest- .' ments on March 31, 1908, were £57,283, as against £57,295 Is. 2d. last year, practically ' stationary. Tho capital of- the Association ; 'was now all subscribed, and.was paid up to ten shillings per share, which provided tha directors with a working capital of £25,000, leaving as security to depositors tho uncalled :' capital of £25,000. This, together .'with the * ■■■ ■ reserve fund, which would now' stand 'at t •'. ■ £1000, and the high-class, securities held by the Association gave to depositors aiguaranteed, security of .the highest order. Tho ■ directors: again wished' : to impress upon .f ishareholders the • desirability of obtaining further, deposits. They had numbers of ' ■ first-class securities offering, .and were they. in, a . position to : advanco' tho ■ required amounfa, the"profits,of the Association w-ould be increased-without'-a proportionate increase in tho working expenses, and-the advantage' ; to shareholder in tho shape of an increased ' dividend would be considerable. \ • Mr. F; W. Swift seconded the motion. ( A shareholder asked why tho'shares had : been'quoted .at less than'los; on tho Ex- •- I change." - -v '■' ■ '' ■ Tho Chairman-replied that he saw no reason -why .this. should have been done.- Pe> /'-H' ■ haps ,someone had some special reason actuat- . >" ing.him., , ; ■ \ The retiring directors, Messrs. W. Cable .... and 1 J.tßussell, were re-elected. ■ ; Tho auditors, Messrs; R.-T. Badham-and • - J; H. G.;Rowley, were also 're-elected. ; ■It was decided to grant tho. directors .a total,remuneration of £100. ■'■ , y:. Tho meeting-then resolved itself , into an ' extraordinary general '-mcotaia to consider a- •} ---,: resolution to • alter ..the articles of - associa-.. e■tion'.- ,' ; .[i.,!. ' ; ~ * ■ The Chairman: moved th?.t' alterations *be£. • made as . follows :—To allow shareholders to hold-3000 shares -instead of 1000 ;to 'enable . .. the annual .meeting to bfi held any :timo dur- . ing the 'month -of May one .director, instead of.-two, to sign'cheques; and to allow the directors to, arrange their meetings when . necessary. .Ho remarked that, ivith a.capital , ' of 50,000 shares, there .was, no reason to limit ? a shareholder to -.1000. shares. Mr. Cohen - • moved as an and Mr. Watson seconded, that the" holding be limited to 2000 shares. The amendment was carried, and the -,-■■■ . resolution, as'amended, was approved of. ,'-Tho.'meeting concluded with a voto of thanks to the chairman.