HAWKE'S BAY PERMANENT BUILDING AND INVESTMENT SOCIETY.

Hawke's Bay Herald, Volume XXI, Issue 5286, 21 January 1879, Page 2

HAWKE'S BAY PERMANENT BUILDING AND INVESTMENT SOCIETY.

The fourth annual meeting of the above society was held in the Council Chamber last night, Mr C. B. Winter in the chair. The minutes of the previous meeting were read and confirmed. The Secretary then read the following Report and Balance-Sheet : — Your Committe have much pleasure in laying the Fourth Annual General Accounts to 30th November, 1878, before members, in compliance with rule 58. The shares good on the books at the end of last year were, 968 ; taken up during the year, 230 ; from which has to be deducted— Forfeited, 35; relinquished, 21 ; withdrawn, 55 ; redeemed, 14 ; remaining good on the books at end of year, 1073. These shares are held by 169 members, whose shares are represented as follows :— First issue, 439; second issue, 65 ; third issue, 68 ; fourth issue, 22 ; fifth issue, 27 ; sixth issue, 16 ; seventh issue, 73 ; eighth issue, 8 ; realised, 355. Total, 1073. Application for loans, to the number of 44, representing £7060, has been made during the year, and have been i

disposed of as follows i— Grarited, £5150 ; withdrawn, £100 ; declined; £1000 ; pending, £600 ; advances on shares, £210. Total, £7060.. \ Of, the above applications granted; £1000 was unadvanced.at the end of the year, in consequence of funds iidfc being available. . . During the past year, the power of sale had to be exercised on one of the securities, in consequence of the continued neglect of the mortgagor to pay his redemption moneys. A surplus in favor of the member resulted from the sale. Great care is still exercised in the investment of the funds, and no large amounts of redemption payments are due by individual members. . Your committee have, again to congratulate members on the continued prosperity of the society. During the last year the number of shares have been increased from 968 to 1071, notwithstanding the striking off of 125. Tour committee have also to congratulate shareholders on the sound financial condition of the society, aB indicated by the balance sheet, which shews a sum of £699 5s 7d of assets over liabilities during the past year; of this sum £144 has been placed to the credit of the reserve fund, in accordance with rule No. 80, (making a total to the credit of such fund of £342 0s sd) £329 5s Od to the credit of profit of investment shares of the first issue, £89 18s 4d to the second issue, £77 18s 4d to the third issue, and £59 3s lid has been carried forward to next year for shares of subsequent issues. The amount of profit and interest to the credit of investment shares of the Beveral issues are as follows : — First issue— Profit to credit end of third year, 17s 10^d ; profit credited this year, - 15s Od ; interest to credit under rule 81, £1 6s 4d. Second issue— Profit credited this year, £1 7s 8d ; interest at credit * : under rule 81, 19s 7d. Third issue— . \ Profit credited this year, £l 2s lid : in- * terest at oredit under rule 81, 12s iod. !yr Fourth issue— interest credited under ; ' 81, 8s 6d. Fifth issue — interest credited under rule 81, 4s 2d. Sixth issue — interest credited under, rule 81, 2s Id. . ; The fourth and fifth issues will participate in profits next year. ...,;;, Owing to the room in the Government buildings, hitherto occupied as an office by this Society being required for general government purposes, your committee have purchased a building to be, , v used as an office, and the Borough Ooxm-'jr cil have courteously allowed the same to . f be erected in Browning-street. . 5 During the past year Mr John Dinwiddie has retired from the committee,- ■ and Mr Thomas Scully has been elected"' in his place, whose election it will be.,,;; necessary for you to confirm. Messrs. Winter, Ellison, and Joshua,.,;,; Bennett are the retiring members of the committee, who are eligible for re-elec^ . tion. Messrs Craig and Margoliouth are the v - retiring auditors, who are also eligible for, .. re-election. \ "■■'" O. B. Winter, Chairman. J. B. Fielder,, Secretary. Napier, 17th January, 1879. «,, >:

J. B. Fielder, Secretary. We certify that we have examined the books and vouchers of the society for the year ending 30th November, 1878, and find the same correct, and that the above statement and balance-sheet agrees with the books of the society, and contains a true and correct statement of tiie financial position of the society. We also certify that we have seen the deeds relating to securities for advances, and have ascertained that all buildings are covered by policies of Insurance against fire. John W. Craig, > . „. 0. L. Margoliouth, } Auditors, Napier, 14th January, ] 879>

Mr W. Miller proposed " That the report and balance-sheet be adopted." Mr Becker seconded the motion, which was carried. Mr Becker proposed, and Mr Dennett seconded, " That Mr Scully's election be confirmed," which was carried. Mr Miller proposed, " That the three retiring members of committee, Messrs Winter, Ellison, and Bennett, be reelected." Speaking as a member of the committee, he might say that the three gentlemen named performed the duties of committeemen most satisfactorily. Mr Motley seconded the motion, which was carried. Mr F. Williams proposed, " That the retiring auditors, Messrs Craig and Mar- ' goliouth, be re-elected." Mr Batham seconded the motion. "Mr Motley proposed Mr Joseph Liddle as an auditor. Mr Dennett seconded the motion. On a ballot being taken, it resulted in . Messrs Craig and Liddle being elected f auditors for the ensuing year. The chairman reminded members that a new ißsue of shares had just commenced, and he hoped members would induce their friends to take up shares in the society. Mr Miller proposed a vote of thanks to the secretary of the society, Mr Fielder, to whose efforts most of the success of the society was due. Mr Winter fully endorsed Mr Miller's remarks as to the energy and ability displayed by Mr Fielder in connection with the society. A. vote of thanks to the chairman terminated the proceedings.

PROFIT AND LOSS ACCOUNT POR THE FOURTH YKAK. DS. £ s. d. £ s. d. / To tines diie end \ last year .;. 27 1 0 Interest on advance due last year 29 7 6 56 S 6 Interest paid during year ... 191 2 7 Profit paid on retiring shares ... 1 15 9 Management ... 142 1 3 Interest credited to members ... 385 19 9 Accrued interest onfixeddeposits to end of year 114 14 0 Balance profit for year — Reserve fund 144 0 0 Credit shares, first to third issueß .. 196 1 8 Retained for Bhares of 4th to Bth issues ... 59 311 699 5 7 Total ... £1591 7 5 Ce. £ s. d. £ s. d. By Accrued interest on fixed depositßatendlast Jear ... • ... 76 1 2 Balance profitlast year 123 5 5 Fines received ... 48 15 3 Entrance fees ... 27 10 0 Transfer fees ... 5 8 0 Sundries ... 0 10 Interest (cash) ... 1052 © 1 Interest on realised shares previously placed to credit under rules 73 and 81, and on converted shares 134 10 9 1258 5 1 Forfeited profit 40 5 0 y Forfeited subscriptions 35 15 0 Forfeited interest 11 7 1 95 7 1 Fines due at end of year ... 10 0 0 Interest due at end of year ... 8 8 8 28 8 8 Total ... £1591 7 5 RESERVB IUND. Db. £ s. d. Balance 342 0 5 . Total ... £342 0 5 Or. £ s, d. By amount to credit at end of third year 190 1 4 Profit forfeited by members during year 7 19 1 Amount from profit and loss account 144 0 0 Total ... £342 0 5 J. B. Fiblder, Secretary.

Statement of Receipts and Expenditure for the fourth year ending November 30, 1878. RECEIPTS. Dr. £ s. d. £ s. d. „. To investment subscriptionsreceived 2147 0 0 .. Fines on investment . .. subscriptions re- . ..'....« ;) ceived ' 19 8 6 ■.- Redemption Payments — ; ; . Principal ... 2094 6 9 „ Interest ... 1052 0 1 .". "*' Fines ... 29 6 9 3175 13 7 Entrance fees ... 27 10 0 Transfer fees ... 5 8 0 Sale of rules ... 2 12 0 Repayments of amounts borrowed on security of shares „.. 162 0 0 Fixed deposits ... 4171 11 6 Sundries 0 10 Overdraft Bank New South Wales 853 15 7 Total ... £10,565 0 2 EXPENDITURE. Or. . £ 8. d. £ a. d. By Investments — On mortgage... 5350 0 0 On security of shares ... 215 0 0 5565 0 0 Withdrawal of fixed deposits ... 4132 13 6 Interest on same... 131 17 4 4264 10 10 Interest on bank overdraft ... 35 6 6 Investment shareß withdrawn — Subscriptions ... 362 7 0 Interest ... 27 16 11 Profit , 1 15 9 : — 391 19 8 Management — Salaries ... 112 12 0 Auditors' fees ... 6 6 0 Printing, Advertising, &c. ... 20 18 3 Sundries ... 2 5 0 142 1 3 i Office furniture ... 10 0 Overdraft Bank of New South Wales last year ... 165 111 Total ... £10565 0 2 Balance-sheet. — liabilities. Dr. £ s. d. £ a. d. To Bank overdraft 853 15 7 Amount to credit of investment shares ... .;. 7154 16 6 Fixed deposits ... 2645 18 0 Interest on same... 114 14 0 — 2760 12 0 Interest to members under Rule 73... 19 2 5 Interest to members, under rule 81 719 18 1 Interest ©verpaid on converted shares 17 3 1 Profit to credit of shares of first issue at end of last year. ... 401 510 Balance due to member on mortgage on which power of sale has been exercised 20 16 9 Reaervefund ... 198 q 5 Balance profit ... 699 5 7 Total ... £12,844 16 3 ASSETS. Cr. £ s. d. £ a. d. By Investments — On mortgage 16,100 0 0 Less repayments ... 3564 4 8 12,535 15 4 On security • of shares 353 0 0 Less repayment ... 123 10 0 229 10 0 Value of office furniture ... 51 2 3 Fines dne by members ... 10 0 0 Interest due by members 18 8 8 28 8 8 Total ... £12,845 16 3