HAWERA BUILDING SOCIETY.

Hawera & Normanby Star, Volume 5, Issue 765, 4 April 1884, Page 2

HAWERA BUILDING SOCIETY.

*. | The aunual meeting of members in this society was held last evening, Mr. M. D. King, chairman of directors, presiding. The report (as printed yesterday) and balance-sheet were read, the result of the year's operations being a 10 per cent, dividend and £50 carried to the reserve fund. Statements by the chairman and the manager showed that the capital of the society had gradually increased from £879 in 1879 to £3390 at the cud of last year, the mortgages having in the same time increased from £885 to £4G91 ; and tbat not a single loss hail yet been made. Owing, doubtless, to the hardness of the times the deposits had fallen off: for capital borrowed from the bank the interest payable had been 9 percent, instead of 6i, as in previous year ; aud therefore the directors had for the time being restricted operations, and had simply done business with moriey permanently invested in the society, instead of using bank money. The adoption of the report was moved by the chairman. Mr. Parkinson seconded. Several shareholders complained that the accounts should have been out sooner, and explanations more or less satisfactory were given, hut it was understood that similar delay should not occur again. The result of the year's operations were considered satisfactory, and the motion was unanimously agreed to. Ou the motion of the chairman, seconded by Mr. Syme, Mr. Riddil'ord was elected a director. Mr. Riddiford moved, aud Mr. Douglas

seconded, that the auditors for the ensuing year be Messrs. "Wanklyn and D. Hutchison. It was resolved, on the motion of Mr. Wanklyn, that the accounts be made tip half-yearly and within three weeks of the termination of the half-years. A vote of thanks to the directors brought the meeting to a close.