PERMANENT BUILDING SOCIETY.

Daily Telegraph (Napier), Issue 3607, 2 February 1883, Page 3

PERMANENT BUILDING SOCIETY.

Tho annual meeting of the Permanent Bmldiiig and Investment Society was held last eveiung in the offices of the society, Tennyson-street, Mr C. B. Winter, chairman of committee of management, in the chair. REPORT AND BALANCE SHEET. The Secretary read the report of the committee as folloAvs: — In submitting the accounts of the society for tho eighth year, ending 30th November, 1882, your committee beg to congratulate shareholders on the continued success of the society's undertakings. At the close of the past year IGG9 shares were good on the books, viz., 933 borroAving shares, and 1036 iiiA-estment shares. These are held by 242 members. During the past year applications for loans to the extent of £12,378 have been made; £10,778 have been granted, and £1000 declined. « To the end of tho past year the sum of £-1010 has been advanced on security of the shares of the first issue, AA-hich Avill be deducted from the amount payable when they arrive at maturity. It is hoped during the current year the shareholders of the first AA-ill anticipate to a large extent the sum payable to them on the closing of that issue, the interest payable on such advances being oidy S per cent, per annum, and no expense is incurred for deeds and registration. During the past year hcav offices have been erected on the site preAiously purchased; the business of the society is now conducted therein. A part of the building has been leased to the Agricultural and Pastoral Society at a rental of £55 per annum. It has been considered desirable to haA-e the society registered under the Building Societies' Act, 1880, and a special general meeting has been called for that purpose, to be held at the close of the annual general meeting, aud in order to effect the same it aa.ll be necessary to amend the folloAviiig rides: —Rule 3, strike out "2s" in last line, and insert "Is " in lieu thereof ; rule 13, lines S and 9 strike out " and Land Societies' Act," and insert in lieu thereof "Societies' Act, 18S0"; rule 13, line 10, _rike out all Avords after " exceed" in this line to end of rule, and insert in lieu thereof * • the limit prescribed by section 2 of clause 13, Building Societies' Act, 1880"; rule 46, add folloAving words to end of this rule: f' They shall also deAise and procure a seal for the use of the society, A\-hich shall ouly be affixed to any document in the presence of a trustee or member of committee; it shall be kept at the offices of the society " ; rido 116, strike out all Avords after _" buildin"" - in last line of this ride and insert in lieu thereof "Societies' Act, 18S0 " ; rule 120, strike out all words after "purpose" iv second line, and insert in lieu thereof "in accordance AA'ith the proAisions of the Building Societies' Act, 1880." Messrs Ellison, Bennett, and Grubb, aro the retiring members of comndttee, and are eligible for re-election. It will be your duty to elect _avo auditors. 'C. B. AVinter, Chairman. J. B. Fielder, Secretary.

Napier, 23rd January, 1883. A table appended to the report shoAved that the shares held by members number 1036, and that tho present value of each share of the first issue, which commenced on December 7th, 1871', is £38 Gs 9d. ' The balance-sheet shoAved in the liabilities that the amount due to members on investment shares, including interest and profit, Avas £21,660 10s od : amount on fixed deposit, £3013 10s 10d;_ accrued interest thereon to end of year, £179 Gs Sd : bank overdraft, £763 4s 'Gd ; and reserve fund, £581 ' Ss Gd. The assets included £_3,2-56 5s 3d out on mortgage aud ii-i7-I'i on security of shares: rents, lines, and interest due, £77 19s 7d : land, office building and furniture, £1-17 Us Gd. The Chairman, iv moA-ing the adoption of tho report, remarked that the principal features in the accounts wero the _ reduction of the amount on fixed deposit from £6521 last year to £3013 this year, and tho large increase of the amount borroivcd

on the security of shares. The latter encouraged the belief that so much would be borroAved by shareholders of the first issue during the present year that AA-hen that issue ran out the society would not be required to find a very large amount for paying that issue off. If about £-3000 more were borrowed by the shareholders of the first issue, the society would only have to find about £10,000. After some discussion the report and balance-sheet Avere adopted as read. APPOINTMENTS. Messrs. Ellison, Bennett, and Grub Avere re-elected members of committee, and Messrs J. N. Williams, and J. Liddle Avere appointed auditors.

SPECIAL MEETING.

! A special meeting was then held for the purpose of considering certain proposed alterations in tho rules. Tho Chairman said that in proposing to register tho society under the Act of ISSO the main object Avas to give the society better borroAving poAvcrs. At present the society- coulcl not borrow Tjoyond the amount of the receipts for the previous year, and as it was probable that a Large amount Avould have to be bor-l-OAveci Avherowith to pay off the first series, it Avas deemed desirable to obtain power to do so. He anticipated that a large proportion of what Avould haA-e to be paid to shareholders of the first issue Avould be re-deposited with the society, but it was nevertheless necessary to make proAisiou for the payment of the first series. The alterations were agreed to, and it was resolved that application be made to the Registrar for a certificate of incorporation muter the Building Societies' Act, ISSO. A proposal was made by Mr Hill AA-ith respect to placing borrower.-* in this society upon a footing something similar to that of the Christchuroh society, aa-here the borrowers shared in the profits, and Avere charged loAvcr rates of interest than obtained here. Several members Inning expressed themselves AAith respect to the matter it Avas agreed that the question be considered by th'c committee Avho should report on same at the next annual meeting. Mr Edwards then brought fonvard a proposal, to the effect that only members holding ten investment shares should be qualified for election on the committee. He moved that a special meeting be called for altering the 2Gth rule of the society so as to embody in it his proposal. The motion, after considerable discussion, was negatived by a. large majority. Mr Bee brought under notice that the effect of bringing the society under the Act of 1880 would be to very much, restrict the amount AA-hich holders of investment shares could borroAV. Tho Act limited the amount to three-fourths of Avhat had been paid in, and thus a shareholder of the first issue AA-hose share avus Avorth £38 would only be able to borrow £18, because he had paid in only £21. He moved that the committee take the matter into consideration, and communicate AA-ith the members for the district AAith the AieAv of getting the Act altered, so as to increase the amount AA-hich a shareholder might borrow on the security of his shares. The motion Avas seconded by Mr Grubb and carried.

The proceedings terminated AA-ith a vote of thanks to the chairman.