BUILDING SOCIETY

Manawatu Standard, Volume XLV, Issue 192, 18 July 1925, Page 4

BUILDING SOCIETY

MANAWATU CO-OPERATIVE. ANNUAL MEETING. The second annual meeting of the Manawatu Co-operative Building Society was held last evening, when the chairman of directors, Mr G. G. Priest, presided. The annual report (previously published) and balance-sheet, which had been issued to the shareholders, were taken as read on the motion of Mr McGregor, seconded by Mr Neal.

The chairman, in formally moving its adoption, stated that there was no need to deal with the report at length. At the previous annual meeting the second group had only been formed two and a-half months; now it had been firmly established, while a third had been launched, some 800 shareholders having made application for admission and the position could he viewed with satisfaction by the directors and those responsible for the formation of the society. The balance-sheet revealed a very satisfactory financial outcome and shareholders could depend on a most reasonable percentage in interest on their investments. The speaker. in referring to the good work performed by his co-directors, stated that they had not proved such merely in name, for they had all worked for the success of the society. One director in Mr AY. MePhail, had. owing to his being transferred, been compelled to relinquish office and his departure had entailed a severe loss to the society. One omission had been made in the report, added the speaker—reference to the good work of the secretary (Mr AY. C. Harrington)—who had performed his manifold duties most satisfactorily, while the thanks of the shareholders were likewise due to-Miss Edwards, of the secretary’s office staff, for the unfailing courtesy extended the members.

Ah Harrington, in returning thanks, outlined the financial position of the society, maintaining that if it continued to grow as it had done during the past three years it would play a big part in the business activities of Palmerston North.

Air AlcGregor to'ok the opportunity to extend his congratulations to the directors on the balance-sheet presented. The total of £2478 18s received to date in subscriptions in No. 1 Group revealed that practically the maximum amount had been received, which was indeed satisfactory. Mr G. D. Battle seconded the motion which, when ptit to the meeting, was carried unanimously.

ELECTION OE OFFICERS. The election of officers resulted:— Directors: Messrs G. B. Cope, AA’. E. AA’ard and AA'. Newlands (re-elected to fill vacancies); auditor, Mr R. AA’. Priest (re-elected). An appropriation of £IOO was made to James Kay, his tender of £SO being accepted. Two applications for the full £SOO at a lesser rate were held over to enable the two applicants —whose tenders were at the same rate —to forward fresh tenders for the reduced amount.

At a subsequent meeting of the directors, Mr G. G. Priest was re-elected chairman.