MANAWATU BUILDING SOCIETY.

Manawatu Times, Volume LXXVIII, Issue 12784, 6 May 1914, Page 2

MANAWATU BUILDING SOCIETY.

Mr G. J. Scott, chairman of directors, presided over the annual meet- J ing of Manawatu Building Society. The report and balance sheet showed a credit balance of £665 19s lid which it was decided to appropriate as follows: —£378 9s Id as additional interest or bonus to shareholders as per attached certificate, making a total of 9 per cent for the year, £IOO to reserve against losses account; £lB7 10s lOd forward to next year. Attention was drawn to the Society's investment shares, which are issued every six months. The monthly payment of 5s per share is within the reach of most, and, as interest is added annually, and interest on interest, the values increase so rapidly that in about six and a-ha'f years, the investor will draw £25 per share. The chairman moved the adoption of the report and balance sheet and in seconding the motion, which was adopted, Mr J. A. Nash said the directors very much appreciated the services of Mr Scott, who did good work in the interests of the Society. The two retiring directors, Messrs J. A. Nash and G. C. Keeble, and Messrs H. N. Cooke and R. A. Fuller, retiring auditors, were re-elected. Mr G. J. Scott was granted the usual bonus of £2O and the auditors fees were increased to 10 guineas each.

At a meeting of directors held subsequently, Mr Scott was re-elected chairman of directors.