BUILDING INVESTMENT

Evening Post, Volume CIII, Issue 61, 14 March 1922, Page 11

BUILDING INVESTMENT

METROPOLITAN SOCIETY'S ; ANNUAL MEETING. .

| " The annual meetingfof shareholders in thci Metropolitan ..permanent, .Building and investment Society was held last evening. , In the absence pf Mr. W. M. Hannay, who is ill,' Mr...William Maekay presided. Other directors present were Messrs. Gordon J. Reid, Henry Hume, and G/R, N. Wright./ • ' \ . ' In moving the adoption of the annual report,; th£-, chairman said :— "I think you,will 1 agree with mo that the society has' again to be congratulated upon its strong financial position; The profits are such, that your.directors' ttel justified in recommending the payment of a bonus of 1 per ,cent., . in addition to the usual dividend of. 7 per cent. You will see from the balancesheet that after the provision of £3419 for the payment of /the dividend and bonus, and^the transferring of £1000 to the reserve fund, we are able- .to catry, forward &1073. The opportunity for thrift as offered by the B-'shares continues strong in public favour. F&r the year under* review this account shows an increase of £5525. During" the year £6000 has heen pai4 out on matured shares, and 456 new shares have been issued. A very important matter which I "wish to bring before the meeting 1 is that the society has not taken, advantage, of the recent legislation ■providing"for\ the postponement of the payment of deposits. Every deposit has been and will be honoured on due date. . I am sure this fact will be much appreciated by our depositors. Finally, I must mention with deep regret the serious loss sustained by ftie. society during 1,, the! year by the deaths of the Hon. J. G. W,. Aitkeri, for 25 years a member of the board,.,,and' Mt. C. A. Ewen, tjie, society's able secretary, for the,past/' twenty years. Both gentlemen were of ripe experience and untiring- in their effort* to promote ths society's welfare." The motion was seconded by Mr. Hume and "earned withoutv discussion. Messrs. Gordon J. Reid and Henry Hume were re-elected directors of the society. Messrs. 0. G. Kember and E. Bucholz were elected auditors.