CO-OPERATIVE BUILDING SOCIETY.

Dominion, Volume 3, Issue 840, 11 June 1910, Page 7

CO-OPERATIVE BUILDING SOCIETY.

Tho annual meeting of the No. 1 Cooperative Building Society of Wellington was to have been held last evening, but there was not a quorum. The directors' report was as follows: —AVitli pleasure the directors of the No. 1 Cooperative Building Society of Wellington present their sixteenth annual report. The society was established on a very liberal basis, and ill the last few yeairs tile number of the appropriations of loan made by ballot lias been considerably larger in proportion even than the liberal provision that was at first intended; but the stability of tho society lms been steadily maintained, and there is a satisfactory halanco on tho profit ami loss account. Your directors, aro pleased to • report that the society in all the years o-f, its existence has never been called to suffer a loss on any security, and that the securities held at present aro amplo for tho purposes for which they have been accepted. The subscriptions received in the year amounted to £374 18s., and the redemption moneys to £10-17 13s. 4d. The increa.se on the profit and loss account for tlie yea>r amounted to £30 Gs. 7d., wlnoli makes tho total of the balanco £571 Is. 9d., exelus.ivo of any money accrued from forfeited shares a.iul a small amount of interest accrued to tho society in the Post Olfico Hank. The directors retiring this year are Messrs. F. Kitto, A. Milne, W. Trait, and H. A. Webb. Messrs. Kitto and Milne offer themselves for re-election, but Messrs. Pratt and Webb have paid off their loans and left the society.