BUILDING AND INVESTMENT SOCIETY.

Lyttelton Times, Volume CXIV, Issue 13891, 27 October 1905, Page 3

BUILDING AND INVESTMENT SOCIETY.

The thirty-th'ird annual meetang of, the Mutual Benefit Building and Investment Society of Canterbury (permanent) was held yesterday, Mr \\ . i±. Hargreaves presiding. The report for the year recorded a steady maintenance of successful business, tEe profits earned enabling the payment of a dividend, of 7 per cent for-the year, and leaving a balance oi £464 Is 6d-, from which tihe directors recommended that a sum of £3OO should be placed to the reserve fund (making it £2500), and. that the balance £164 Is 6d x should be earned forward. The retiring directors were Messrs John Connal (who did mot" seek re-election) and William Henry Hargreaves, who was eiigiole for (re-elec-"rfo& financial statement for the year ended September 30 showed that the receipts, inclusive of deposits tso,ybd--9s 7d and redemption £21,721 15s 6d, amounted to £85,946 Is 3d. The pumcipai items of expenditure ware—. Loams on mortgage- and investment shares £2l 123 9s 3d, deposits repaid £50,d50 lis 4d, salaries, directors' fees, printino\ stationery and miscellaneous £B2l 3s° 7d. The profit and.loss atocount showed' that the disbursements amounted to £6029 13s 3d, and tihe receipts, inclusive of £IOO carried forward from tho previous year, £6493 14s 9d.'.. The balance-sheet stated that the liabilities amounted to £104,545 15s 9d, the principal items being paid-up capital on "A" shares and accrued interest £4B 312 10s, investment "B " shaines and accrued interest £2511 3s 8d deposits and accrued interest £53,044 13s lid, and reserve fund £2200. The principal items included under assets were, loans on mortgage and investment shares £103,528 12s 6d, and cash balance at bank £979 15 Id. In speaking to the report, the chairman said that he could only (reiterate what was contained in the report. He thought that the profit and loss account was very- gratifying. He did not think iih<& Society x had a single doubtful security among all:its properties. The report and balance-sheet were adopted. The chairman said everyone would deplore the retirement, through illhealth, of Mr John Gonnal, and would wish him a speedy return to health. In the absence of other nominations he declared Mr Henry Wood and himself elected to tihe two vacancies on the Board of Directors. Mr Hugh ' Wilson was appointed shareholders' auditor, his duties to commence as from November 1. Votes of thanks to the Board and staff and to the ohaiirmiaai closed the meeting.