MANAWATU BUILDING- AND INVESTMENT SOCIETY.

Manawatu Times, Volume II, Issue 56, 2 May 1877, Page 3

MANAWATU BUILDING- AND INVESTMENT SOCIETY.

FII^fT ANNUAL GENERAL MEETING. The fissl annual general meeting of the above society, was held m the Public Hall," Palmerston North, on Saturday, 28th April, 1877. The Chaieman, stated that the meeting had been called for the purpose of laying the Annual Report and Balance Sheet before the members of the Society. EEPOET. ► The Board of Directors, m submitting the First Annual Report to the Investment Members, desire to call attention to the . success which has attended the first year's operations, the nett profit being. £246. 3s 4d, equal to, 9s 6d on each Investment Share. Application for advances to the extent of £6,325 were received, out of £4,080 were granted. The 'securities given m each case are ample. There has been no difficulty m repayment of Borrowers' Subscriptions, and the properties where necessary are fully insured. •• * During the year 572 Investment Shares were taken up. The advances £4,080, less £75 paid ofr, are represented by 92 Borrowing Shares. The books of the Society have been audited by -Messrs Greig and Keeling, ' and the Directors are much indebted to these gentlemen for the large amount of care and attention given to their work. • In accordance with Clause 2of Rule 7, Snclson, Waldegrave, Linton, '■ and Nanriestad, retire from the Board of Directors, but are eligible for reelection. For the "Board of Directors, , &.M. Snelson, Chairman. Chas. J. Pownall, Secretary and Manager. f STJNDEY EECEIPTS AND EXPENDITUBE. The receipts, under alj. heads, including Bank overdraft of £2,000, make a total of £4,397 3s Id. The expenditure, inclusive of £3,895 4s advanced on mortgage amounts to £4,381 5s 2d, to which is added cash m Land £15 17s lid, making a total of £4,397 3s Id. PBOFIT AND LOSS ACCOUNT. The profits made by the Society from all sources amount to £592 2s,' from which are deducted the working expenses amounting to £345 18s Bd, leaving a balance of £246 3s 4d, which represents >.the nett profit made by the Society ■ during the year. .. : . BALANCE SHEET. . Sundry Liabilities. — Investors' subscriptions £1,582 ; balance due on ad*Vances, £184 16s ; ; interest account due, £64; Bank overdraft, £2,000 — total £3,83G4-fig|^» which is added balance from Profit 'aTRi Loss - account, £246 3s 4d, making a total of £4076 19s 4d. W Sundry Assets. — Advances on mortgage, less repayments and transfers trom borrowers' subscriptions, £3,856 18s 4d '; office furniture, £84 12s 9d ; preliminary expenses, £119 9s 9d ; cash balance, £15 17s lid, making the total £4,076 19s 4d. Resolved,— That the Report as read be adopted.; . ' The Chaibman said, That before going on with the election of directors, lie would ask the meeting to consider - the position of the Society as shown m its printed report ; and its prospects as shown m the following prospective estimate : — Estimate for year ending 28th Feb-ruary,-1878 — Investment on £4,oooadvanced £ at 15 per cent. ... ... 600. l; Less Bank interest on £2,000 at 9 per cent. ... ... ... 180 £420 Interest on £2,100 paid by £ 700 Investment shares. 155 Commission on £2,100 ... 55 Valuation Fees, about ... 20 Fines, Entrance fees, and working expenses ... 65 % - Prospective income £715 7CO Investment shares at 8/4 per share, equal to 15 percent, compound interest amount'to .... £291134 The Chaibman further stated that the Board of Directors had passed a high compliment on Mr Pownall, the manager of the Society, but. for some reasons they had thought it well to advise the uneoiniiig Board that m their opinion the

manager's salary for the coming year should not exceed £100. DIBECTOBS. The following* gentlemen having been duly proposed and seconded, were unanimously elected as Directors of the Society for the year ending 28th February, 1878:— J. Waldegrave, G. M. Snelson, J. Linton, and J. JSTannestad. ATJDITOBS. Resolved, — That Messrs Keeling and | Greig receive each £3 3s for their services m auditing the accounts of the Society. Resolved, — That Messrs Keeling »nd Greig be appointed Auditors to the Society for the ensuing year. Mr Gkeig asked whether it was necessary that a majority of shareholders should be present at that meeting m order to legalise any action taken. The Chairman thought that it was not necessary at a general meeting which had been properly advertised. Mr Hughes said he would like to say a few words m reference to the statement made relative to the Manager's salary. The retiring Directors had stated that m their opinion the salary of the Manager should not exceed £100 for the forthcoming year. lie thought that as the Society had not got a large amount of capital available for j>lacing out at interest, they should endeavour to get their work done as cheaply as possible. He had heard that some other societies doing a larger business than theirs paid even a less amount than £100 per annum to their managers. There was not sufficient work at present to employ the whole of a man's time, and he thought it would not be a hard matter to obtain (he services of a gentleman possessed of some other employment. He thought, however, that the Directors were the best judges m the matter, and would leave the question with them. Mr Patten presumed that the Directors did understand the matter better than outsiders, but for his part he did not believe m cheap labor. It was quite possible that they might get some one to accept the management at the rate suggested, but then they might not get so trustworthy a servant as the present Manager. By curtailing the salary of the Manager m this way, and perhaps employing a nou-effieieiit officer,, there was a danger of reducing the revenue of the Society. If next year presented a falling off. or even if the income of the Society was only at par with its income during the past year, then he thought they might take steps to reduce the working expenses. Mr Pownall said he felt that he was entitled to say a word relative to the question before the meeting, as it was one that affected his position. There was no doubt that they could get some one to accept the office of manager to the Society at a less rale of remuneration than he was m receipt of, but it was questionable if the duties pertaining to the office would be satisfactorily discharged. He filled a position of great trust, having large amounts of money passing through his hands ; and he had worked hard, m endeavoring to establish the Society upon a sound basis. By attempting to cut down his present salary they were simply . proposing to place him m a false position m the Society. When the Society was first started it was agreed that the manager should receive £150 per annum for his services, and that his remuneration should increase as the Society progressed. He could say that the Society had advanced and that not a single bad debt had been made under his management, and he could not see why the Directors should, whilst complimenting him for the services he had rendered, attempt to reduce his'salary. He certainly would not submit to any reduction, and was perfectly satisfied to resign the postiou he held. Mr Gbeig said he thought the matter did not rest with that meeting or with any general meeting of the members. The CHAlfiMAtf said he was aware that it did not, but that the retiring Directors had thought it better to lay the question before a general meeting . According to Rule 10 " The Manager, Solicitor, and Bankers shall not be removed from their respective offices but by a majority of the Directors present at a special meeting called for that purpose, and whenever any of the officers shall resign or be removed from their said offices a majority of the Directors present at a special meeting to be called for the purpose shall elect a successor or successors." A vote of thanks to the Directors terminated the business of the meeting.