SIXTH ANNUAL REPORT OF THE PROVINCIAL LAND & BUILDING SOCIETY, PERMANENT.

Nelson Evening Mail, Volume II, Issue 31, 7 February 1867, Page 2

SIXTH ANNUAL REPORT OF THE PROVINCIAL LAND & BUILDING SOCIETY, PERMANENT.

In laying before the shareholders the balance sheet and accouuts of the past year, the Directors beg to congratulate them upon the near approach of the termination of the original series of shares.

The resolution passed in September, 1865, alluded to in last year's report, allowing holders of the Ist Series of Shares to withdraw at their actual value, has had the result then anticipated, 593 shares having been withdrawn and extinguished in the Ist Series during the past year. The shares in the different series now stand as follows : — Realised. Unrealised. Total. Ist Series 411 £72 683 2nd „ 56 45 101 3rd „ 46 4 50 4th „ 66 13 79 sth „ 49 13 62 6th „ 71 18 89 7th „ 4 0 4 703 365 1068 A.s in the course of a feAv months, the Ist Series of Shares will have arrived at their full value, viz. £25, it will be necessary for the Directors to make provision for the payment of the unrealised shares, and as there will not be sufficient funds in hand for that purpose, the Directors will, doubtless, avail themselves of a provision in the new Building and Land Society's Act, passed at the last Session of the General Assembly, enabling them tQ raise money on debentures. The sum of £625 has heen advanced to shareholders ou special loans, aud with the sum of £175 lent the previous year, caa be called in at any time, on giving three months notice. Two properties forfeited to the society for non-payment, have been sold during the past year, viz. the Soho Brewery, and Mr. W. Turner's property,in Russell-street, the nett proceeds of which were divided among the holders of the Ist Series. The value of the shares is as follows, viz. : — Ist Series £23 8 0 sth Series £6 18 0 2nd „ 12 211 6th „ 5 611 3rd „ 10 3 4 7th „ 318 1 4th „ 810 7 It will be the duty of this meeting to elect six directors, in the place of Messrs. R. Burn, R. Smart, H. Lucas, aud T. Watts, who retire by rotation, but are eligilde for re-election, and Mr. D. Burns aud Mr. W. Lane, who have withdrawn from the Society. Three Auditors have also to be appointed. By order of the Directors, John Percy, Secretary.