UNITED BUILDING SOCIETY.

Evening Post, Volume LXXII, Issue 129, 28 November 1906, Page 2

UNITED BUILDING SOCIETY.

ANNUAL MEETING. There was a large gathering of mem* bei'a present At tho annual meeting of tho United Building Society, held' at St. Peter's last night. Mr. J. S. jßm'lun (Chairman of Directors) presided. The Chuirman moved the adoption of the annual report and balance-sheet, a precis of which has already beon published. The motion was seconded by Mr. Rawson without comment. Mr. W. (i. Tustin congratulated the society on the amount of profit that it had gamed during the past year, but pointed out that the profit was not altogether a enflh profit. Tlie chairman replied that the profit mentioned would only be available for divjnum when the society disbanded, which would not be for several years. Mr. Tustin said he was satisfied that on the whole the balanoe-sheot would be found to be satisfactory, and thai the arrears would not be so great as was at present anticipated. The chairman : There are no arrears. A shareholder urged that the secretary should havo received ft bonus. This suggestion was received with applause, but the chairman remarked that such a motion conld not be put without no* ticfi. The report and balance-sheet were adopted. The election of directors was then proceeded with, and resulted in tho following being elected : —Messrs. W. H. Morrah, H. P. Rawson, J. D. Sitvwrigut, W. O. Tiwtin, O. S. Watkins, and A, Young. ♦ Mr. Laery was elected auditor. MY. Tu»tin moved to amend the rules to provide that the buildings erected by means of loans should bo insured in ouch office as the directors approve (instead of "shall direct.") This was carried amid applause. Mr. Tustin also moved to alter the membership of tho directorate from six to five. The honorarium, lie urged, coul Ibo reduftod proportionately. The Lmotion was. teconaed oy Mr. Stevwright, i'i«nd .rairmd* o&Hf-CBsw of hands. '&£

ballot, however, was demanded, and will be taken later. Mi 1 . Turtin also moved that the offices of the society be removed from the officea of tho United Insurance Company, on the ground that the society should not commifc itself to insuring all its risks in one company, and that it might bo possible for the insuiers in the company to form a. good nucleus for a new insurance company in the future After discussion the motion was withl drawn. A motion by Mr. Tustin to enable members to vote by prosy, provided that no member shall exercise more than two proxies, was carried' on the voices. Mr. F. Jennings moved to reduce a director's qualification from ten to four shares. A ballot was demanded on the motion, and will be taken later. Mr. W. A. Thomson moved that the salary of the secretary be fixed according to the way, in which, he works it up, with a. maximum of £208. Mr. 0. 8. Watkins moved 1 that the matter be left in the hands of tho directors. The opinion was expressed 1 during the discussion that ensued that the secretary was insuffi- I ciently paid ; and it was urged that he ought to be paid a bonus on the year's work. Mr. Davies pointed out that during the past ten months he had received the magnificent sum of £71 aa salary for his services as secretary ; that, of course, was independent of the £90 he had received da commission, which he had' legitimately earned. After discussion, the motion was lost on the voices. A ballot was demanded, and will be taken later. A further motion by Mr. Thomeon that Mr. J. G. Davies be the secretary was also lost on the voices. The remuneration of the directors was fixed at £105, and that of the auditors at £15 15s each. At 11 o'clock the meeting adjourned to a date to be fixed, when the ballots on the motions above mentioned will be taken.