LYTTELTON PERMANENT BUILDING SOCIETY.

Lyttelton Times, Volume CXVII, Issue 17285, 28 September 1916, Page 11

LYTTELTON PERMANENT BUILDING SOCIETY.

ANNUAL MEETING. The forty-sixth annual meeting: of the Lyttelton Permanent Land, Building and Investment Society was hold last night, Mr J. Pitcnithly presiding over a good attendance. The report stated that the directors could not, as formerly, congratulate shareholders on the amount of business transacted during the veer. Although the amount of loans had not ben very large sufficient profits remained to enable the directors to recommend that a bonus similar to that of last year be credited to all terminating shares that have been in existence over twelve months. After crediting tho terminating shares with rate of interest, varying from 4 to 6 per cent there remained a substantial amount on tbe profit and loss account, out of which the directors recommended a bonus of 2J per oent on all terminating shares. In connection with loan transactions mention was made that matters had no doubt befin upset by the war. The amounts granted were £620, repayable by monthly instalments, £1490 on flat mortgages, and £O6l on the security of terminating shares, making a total of £3071. Terminating shares matured to the amount of £2255 3s, those withdrawn accounting for £1784 16s 2d. The balance-sheet showed the receipts for the year ended August 31, 1916, to nave been £SBIB 7s sd, the principal items being subscriptions £4945 10s, fines £32 15s Bd, advanced shares released £939 19s 3d, interest on advances £263 19s 6d, mortgages £1313 11s sd, permanent shares £IOO, and interest on mortfages £907 17s Bd. The expenditure was set own as £8449 2s sd, including 12 2-5 shares advnncod £620, advances on flat mortgages £1490, advances on security of terminating shares £961, 45 terminating shares matured £2235 3s, 76 terminating shares withdrawn £1784 15s 2d, 17 permanent shares withdrawn £BSO, interest paid on permanent shares £146 10s 7d. insurance £79 18s Id, salaries, etc., £2Ol 9s, and <ptek in hand and at bank £369 5s Tho assets wore £26.771 9b lid, the principal items being 252 advanced shares £7358 IPs 3d. advancoa on security of shares £2359 16s, advances on flat mortgage? £15,521 14s lOd, arrears and interest due £492 3s lOd, properties £670, and cash £369 ss. Tho liabilities included 67 3-5 permanent shares £3280, 971 terminating shares £20,735 6s 4d, profit and loss aecount, including £462 16s lid for 1915-191 G £2G2G Is 3d. Tho Teport and balance-sheet were adopted. Messrs C. E. Curtis and S. W. Mitchell, the retiring directors, were re-elected.