WELLINGTON BUILDING SOCIETY. No. 2. (From the Independent, April 29.)

Daily Southern Cross, Volume XIV, Issue 1033, 22 May 1857, Page 3

WELLINGTON BUILDING SOCIETY. No. 2. (From the Independent, April 29.)

The first annual meeting of this Society was held at the offices, Lambton-quay, on Thursday evening Ust. The election ior a member to serve on the Committee, in the room of Mr. Cox, resulted in favour of Mr. Kinn burgh. The following is the report presented on the occasion : — "The Committee of the Wellington Building Society, No. 2. in meeting the shareholders at the termination of the first year of its proceedings, take the opportunity to point out to the members, that this Society has so far profiled by the experience of the former, as to avail itself of all the improvements which the working oi that Society suggested, ami this it was enabled to do from the fact that a considerable proportion of those who have taken an active part in the formation of Society No. 2, had exercised a watchful superintendence over the affairs of Society No. 1, from its commencement. " "Your Committee desire to direct your attention to two new features which have been introduced into this Society. These are — "First, the deposit account. — This, which is an attempt to blend the operations and ad vantages of Savings' Bunks and Building Societies, is believed to be new- in practice, although the idea was suggested in an English publication several years ago. This account has been made use of by the public to small extent, the sum of £156 having been deposited, of which £70 have been withdrawn, leaving a balance of £86 in the hands of your Committee. j The second feature is of a temporary character, consisting of — "A loan of £400. This sum the Committee were induced to raise in December last, for the purpose of meeting the cases of several membeis who desired to lcalize one or two shares each. It was felt that if this^ want could be supplied without loss to the Society, much good might be done to individual members. It was therefore determined to raise a sum not exceeding £too (the amount necessary for the realization of ten sh-ues), providing such sui. could be obtained for so short a period as six months, and at a rate of inteiest not exceeding ten per cent, per annum. A. few friends readily undertook to supply the requisite funds on the terms proposed. The sum of £400 was offeied by competition, by which four persons were enabled to realise to the amount of 8£ shares, at a cost to the Society of £38 1 10s. The Society will have to repay this sum out of ordinary contributions within the next two months. The interest to be pai I will exceed the amount oi redemption fees received, bat these hitter will go on when the ioitnei has altogether ceased ; while it is further to be observed that the rate at which the shares were realised was the lowest which \oui Committee have deemed it prudent to allow— thus also secunng an ultimate profct to the Soiiety. "The progress and picsent fctate of the Society may be summed up in the following woids: — "The number of shareholders is 220. who hold between them 112 sh.u es, 16 ot which aie held by trustees ot \aricius societies ; 23 shareholders have realised "tik eh airs dm ing the year, at a cost to the Society of £3262 10s., of which, however, the sum of £187 l-ss. remains due to three of the shareholder. The prehminarv expenses of the Society, including fee to the Revising Officer, purchase of account books printing rules, iii.d potion of cost of booK snfe, amount to £67 4d. The whole of this sum has been rather more than covered by entiance fees, which dvi ing the year have amounted to £67 5s , in addition to which copies of the rules have been sold to the amount of £8 9s. 6d , and tiantfer fees ha\p added £21 15s. more to the account. The cuirent expenses for the year have bepn £90 15s. 3d., or about s| pei cent, upon the amount of contiibutions. . "Your Committee feel it but right to express their conviction that they owe no small measure ot the public confidence which they enjoy, to the safe and successful working of the fiist Soiiety. More than one vho stood sceptically aloof iroui that Society have hecome conquerable shareholders in this, and thus li.rge funds have been placed at the disposal of the Committee, pud yet still larger funds could he baneScially employed, as the demand tor the realization ot shaies appears altogether undinimi&hed. Your Committee submit that the necessity for such a Society is shown by this demand, while its usefulness i« demonstrated by the houses which are springing up in all parts ot the Town and vicinity through us operations." EIJWAKD TOOMATH, Chairman. It gives us much pleasure to recoid the satisfactory progiess of such a Society as this, and to add our fullest concurrence in the testimony borne in the Report, as to the able and indefatigable management which its officeis exercise.

Tnr Bishop or Ohri"tchukck.— His Lordship, who armed here on Saturday last, on his way to the Con\ention at Auckland, preached tv\ ice on Sunday. In the morning at St. Paul's from 23rd Chap, of Numbers, 10th ver«e. "Let me die &o ," and in the Evening at St. Peter's, from Ist John 2nd Chap 4th verse. "He that said &c." Both sern.ons were of a superior order, but contained not the slightest reference to the interesting and no\el circumstances under which His Lordship \isited Wellington.— Wellington Independent, April 29.