BUILING SOCIETY

Manawatu Standard, Volume XLVII, Issue 124, 23 April 1927, Page 2

BUILING SOCIETY

ANNUAL MEETING. SATISFACTORY POSITION. The annual meeting of the Manawatu Permanent, Equitaible, Building and Investment Society was held in the secretary's office yesterday afternoon. Mr J. A. Nash, M.P., .presided.

The report was as follows: Your directors once more place before you the balance-sheet and profit and loss account for the year ended 28th February, 1927. The balance of profit and lose account is £2213 Is. On the Ist September, 1926, an interim dividend at the rate of 4 per cent, for the year wan paid, and it is now suggested to pay a further dividend of 5 per cent., making a total of 9 per cent, for the year. \ This is subject to confirmation by the annual meeting. This payment, together with the amount to be credited to, investing shareholders, will absorb £ISOO 17s lid.. It is also proposed to transfer £SOO to reserve, making the balance in this account £61(0, to which must be added £IOOO, in • dividend equalisation account, making a total reserve of £7400. There will be a balance of £212 3s Id to carry forward to next year. In accordance with the rules, two .directors, Messrs Dempsy and Oakley, retire, and offer themselves for re-election. C f the auditor, Mr H. N. Cooke hi.s decided to retire from the position, nrt Mr R. A. Fuller seeks re-elec ;i< n. In formally moving the adoption of the annual report and balance-sheet, the chairman said he was pleased to report that this society had again had a very succe; iful year, the balance on the profit and loss account showing a credit of £2213 Is. The practice of paying the interim dividend had met with tlie approval of the directors, who had >een aiming all through to try and n sate a reserve fund of at least £lO, 00. “This,” said Mr Nash, “would materially help the society, and mil s the security of shareholders much stronger.” He considered a reserve of £10,600 ample, and the profits aoc uing after this amount ivas forthcoir ii g would,-lie stated, be ably invested jy the directors. “So far as the see rities were concerned,” continued the hairman, “they had all been thorough! ' gone into by tire auditor who had fc and everything in firstclass order.” The chairman further stated that 1;h society did not touch anything unlei i it was Worth touching. All inves ments were well looked into, and noth lg unsafe was touched. He would li e to take this opportunity of refai ing to the great work done for the society by one of the auditors (M:.* Cooke) who, lie was sorry to say, hi d been reluctantly compelled to relih uish tie position. He hoped that the society would place on record its appr eiation of the valuable services rend 21 id the society by Mr Cooke.

The adoptioi of the balance-sheet and report wxs seconded by Mr Cooke and carried. Two of tlie directors, stated Mr Nash, were le iring, but both were eligible for r< election, and on the motion of D • Bett, both were reelected. Mr R. A. Ft 'ler was re-elected auditor on the m tion of Messrs J. A. Nash and H. 1 . Cooke. The chairmai then proposed that a resolution be p it on the books in regard to tlie y< oman service rendered the society by ! Ir H. N. Cooke during the past 19 ye irs when he had been acting iqytlie c. parity of auditor. This was seconded b ’ Mr Sim and carried by acclamation. The meeting closed with a vote of thanks to the i hair on the motion of Mr Cooke and Dr Bett.