NORTHERN LAND, BUILDING, AND INVESTMENT SOCIETY.

Lyttelton Times, Volume LX, Issue 6998, 3 August 1883, Page 6

NORTHERN LAND, BUILDING, AND INVESTMENT SOCIETY.

The annual meeting of thia Society was held on Wednesday evening at the Society's office, Oookson street, Kaiapoi. About 40 members were present i Mr E. Parabam in the obair. The minutes of the last annual meeting and of the het general meeting wore read and oon* firmed. The report of the Directors was read by the Secretary se follow* "The seventh annual statement of accounts for 1882 3 is before the shareholders. At July, 1882, the number of abates was 627 l*6th, namely, 348 investment, and 179 1 6lh realised. At this date the number is 610 16th, namely, 833 investment, and 177 l*6th realised. Thirteen unrealised shares have been withdrawn, two realised and five realised shares redeemed during the year. Our total receipt# for the year are £9OOB 9s Id, being a less amount than last year. The investments on mortgage during the year were £2140 > loans to members, £2690. The total sum invested and our meets are esti* mated at £BB,BOO 6» 9d, The profit and lose account shows that a fair amount of businsss ha* been done, but the investments repaid, with the lowering rate* of interest, have not tended to improve the prospects held euc to the Society four years ago. The Directors have invested the income «u rapidly as possible, and to the best advantage on good freehold seouritiss, and £1686 on fixed deposits. It has been rendered necessary to offer the highest price for withdrawing shares in order to absorb the funds seeming, rather than adopt the compulsory ballot tor with* drawal. The Director* who retire by rotation are Messrs W. Weston and O, Hansen, who have bees nominated, and are eligible for reflection. The Directors desire to say that the Auditors report is most flattering term* upon the manner la which the book# and accounts were produced, as well w» oompli* meat the Secretary upon the entire accuracy of the items. Your Directors fully concur ia this report, and express their entire confidence in the business officer of the Society,

The audited statement of aooounle Included the following items (on July 4) !- LiabiliUest Amount dne shareholders an «0 one-sixth shares at £4B, £81,487 1 payments la advance. Ml lit Id i deposits and accrued interest, £6Ol 3s Bdt fire loss balance, £80 1 bank balance? £9 it 4di balance. beingproflt to accrue at termination of Society, £I3,CM B* Bd, total, £88.808 «»M. A*»te '*£l* ties on ITT one-eixth realised ebar«, £17.716 IS* 4d i investment on mortgage, £18,788 1 loans to members, £4885 f intermt due and accrued, £869 fie 6d| deposits, £BSB5 1 free*

boll W**,. «M 9.‘“ ““Jr ** 18s M; armrs, £M7 If* 104 » “*•» •** «30, b/5. a* "Sr BlS7;u |M Wm.U»Wi» — of unrealised shares. . . „ _ , . Mr Blackwell moved; *»d Mr Templeton seconded-" The adoption of lh# report and balance-sheet," Carried. The Chairman declared Masers Weston and Hansen elsoted as Directors lor th# •netting and the elsoted msmbers returned Mr BeharreU proposed ft vote cl thank# to the Secretary for the efflrienfe mstmer to which the book*, Ac., were kept. B*ro«ded by Me f iekeriug ana carried. Mr Wilson, Secretary, returned thanks. , , , Votes of thanks were recorded to the Treasurer, Mr T. H. Evans, and to th# Directors. . . . , The Chairman in returning thanks spoke of the flourishing condition of lh# Sodoty, and stated that it was expected to work Itself out in about three years. The meeting then closed. A meeting of the Directors was afterward* hold, and the monthly payments token.