PERMANENT BUILDING SOCIETY

Nelson Evening Mail, Volume LIII, Issue 120, 22 May 1919, Page 3

PERMANENT BUILDING SOCIETY

57th ANNUAL MEETING,

The SYth annual meeting of the shareholders of the Permanent Building Society was held last evening, there being one only over a bare quorum piesent.

The report and balance sheet as printed were taken, as read, and the chairman of directors (Mr P. Bond), in moving their adoption, pointed out that the society continued to make steady progress. The total amount of loans' current was in round numbers £122,000, the highest on record. Nearly £26:000 had been advanced during the year. The expenditure account was only £8 more than for the previous year, and the reserve fund had been increased by £660 to £3660, the armings of this fund being now sufficient to pay all running charges other than salaries, including rent of offices. He referred to the satisfactory business done in the way, of deposits, emphasising the fact that this side of the society’s business was a convenience to small investors and business people as well as being of material advantage to the shareholders. He also spoke of. the continued expansion of the society’s business in the more distant, portions of the district, and mentioned that the alteration of rule 21 permitted the advance of moneys outside the provincial district, which enabled residents in Marlborough province who were in t meh with Nelson to participate in the £>dvantages, the society offered. Reference was made to a booklet which set out in a popular form the objects and methods of working, the society, hno tins had proved , very useful .to .both intending and present shareholders. Mr Geo. Rout, the secretary, was commended for the admirable manner .n which he had carried out his duties and, advanced the interests of the sbc.oty. Mr W Lock, who seconded the motion, said he was well satisfied with the working of tho society, ihe fact tha profits were secured to the shareholders at a rate equal to the interest charged borrowers was clear proof of successful working. Ho complimented the directors and the secretary on the insults achieved, paying a warm tribute to Mr Rout. who. he said, was the right man in the right place without any doubt. The motion was carried tnrth<'? * remark. „ ~ Messrs H. Baigent, L. .Kerr, O. M. Simpson, and J. A. Stnngcr the ret.i ring directors, being the only shateholders nominated, were declared duly reelected, as were also Mssrs K, Cat.ey and J E. Milner, auditors. A vote of thanks to the directors and the sea votary, proposed by Mr and seconded by Mr Fawcett, concluded tho meeting.