OAMARU MUTUAL BENEFIT BUILDING SOCIETY.

North Otago Times, Volume 1552, Issue XXVI, 11 April 1877, Page 2

OAMARU MUTUAL BENEFIT BUILDING SOCIETY.

The annual general meeting of the members of this Society took place in the Long Room of the Mechanic* Institute, last night, there being about 25 members present.

MINUTES, &C. The chair having been taken by the President (Mr A. J. S. Headland), he called upon the Secretary to read the minutes of last meeting. This having been done, the minutes were confirmed without discussion.

ANNUAL REPORT. The Secretary then read the following.— Your Committee have great pleaiure in plaorog before jou (he Fourth Annual Report, and do so with the greater satisfaction, at they haTB to congratulate you on the vary profitable natar* of the year's transactions. The Balance-sheet shows a net 4 , total profit of L 3 18s ll|d per share, or L 2 5s ] Id for the past year, equifiient to about nineteen pounds per oentum p«r annum. Your Committee need not allude to the decision arrived at bj the general meeting, convened to oonsider the adfiiability of changing the Society into a Permanent one, us the members are well acquainted with the result The Committee does not reoomtnend the offering of a bonus at present to withdrawing shareholders, but would suggest that the consideration of so doing should be left to the members of the incoming Committee. Your Committee are of opinion that jour Secretary has been underpaid for the last two yenr», and reoomtnend that he receive a bonus of L6O, »nd that his salary for the current ycwr b« 1^ 9K The following members of Ouuunirfoe n>llr», and are eligible for re-election, vii., Messrs Thomson, Sinolair, and D. Miller. Messrs Bee and Gnlbraith, who were members of Committee, hare oeased to be shareholders, consequently members will hare to be eleoted in their placet. On behalf of the Committee, A. J. S. Hkadi,and, Ohairmon.

N«tt profit at 28th Fabranry, 1877, £2182 7i Bd, divided amongst 540 •harts— £3 18i ll|d par shirs, and bulano© forward of IOJd. We horebj o«rrify that w« hart tztmined th« for«f oing ttatttnant of rwMipt and ezpan. dituro, together with the various booki, tecuritiei, and vouohart of tha Sooitty, and that w* bar* found tk»m oorraot. ££%£: I*—Otomoi Stjmptm, Storatarj. Oamara, Fabroary, 1977.

The OomfcUtee of the Om*u Mutual Benefit Bulldlni looitty. GentleMen, — Herewitli w» beg to hud you bainm-e theet of your Sooioty, for the yrnr ending 881 h February, 1877, and hare to expret* our »»tUf»otion with the progret* made during that time. We have examined the various books, ▼ouohere, and teouritiee, and weuld take Una opportunity of bringing under your notioe the careful and effioient manner in which the account! have been kept by tour BecreUrj, Mr Geo. BumpUr.— We are, eVo , A. Y. Bmitm, \ . .. to J. a. Fine*, | Audltori On the motion of Mr Forrester, seconded by Mr Baudinet, the balanoe sheet, as read, waa adopted. The report having t>een read by tho Chairman, it was adopted, on the motion of Mr Forester, seconded by Mr Geo. Mackenzie. election or ornoßM. The Chairman then aaid that the next business was to elect the officers for tho present year. souciTora. On the motion of Mr Baudinot, seconded by Mr M'Oombe, Messrs Julius and Balmer Were re-appointed Solicitors to the Sooiety. BBORBTAKY. Mr Filleul proposed that Mr Sumpter be re-eleotsd Secretary, as per salary recommended in the report of the Committee. The motion was seconded by Mr Geo. Mackenzie, and carried. VALUATOR. On the motion of Mr Baudinnt, seconded by Mr John Thomson, Mr T. Forester was re-appointed valuator. TRBABURBR, Mr Baudinet proposed that Mr Filloul be re-elected Treasurer, and that he receive a bonus of LlO for his services (the same as last year). The motion was seconded by Mr M'Combe, and carried, AUDITORS. The Secretary said that before proceeding with the election of auditors he wished to point out to the meeting that the salary voted last year was hardly sufficient for the work done, particularly when it waa taken into consideration that the work had increased considerably lately. He was sure that the auditors had had fully three weeks* work, and ho thought all present would admit that L 7 7s was scarcely sufficient payment for three weeks' work. Mr Filleul then proposed that the auditors receive LIO 10s eaoh. Mr G. Bruce seconded the motion. As an amendment, Mr John Thomson proposed that the sum be L8 Bs. Mr Baudinet seconded the amendment. On being put to the meeting, the motion was carried by a majority of one. TRUHTBEfI. The Secretary also pointed out that the work of the Truntoes had increased and said that L 3 3s was scarcely enough to pay those gentlemen for the duties they have to perform. On the motion of Mr Forrester, seconded by Mr G. M'Kenme, the amount was inoreased to L 4 45. , 00MMITT1I. The following gentlemen were oleoted to fill the vaoanoies occurring on the Committee, via . Messrs D. Millar, Jas. Kay, W. C. Baudinet, and J. MOorabe. PLAUB Or MISTING. The Chairman having suggested that it would be more oomfortable, and at the same time more convenient, to hold the numiiui of the Society a* the Secretary's office. Mr Baudinet proposed — That *h© monthly meetings be held at the Seoretary's office, and that the Committee should decide whore to hold the annual general meeting, and appoint a place accordingly. Tho motion was seconded by Mr John Thomson, and carried. PRINTIKO COPIM Or THE BALANOB BUBBT. It was resolved that 100 copies of the balance-sheet be printed, for distribution amongst members. COMrLIMBNTABT. A vote of thanks having been passed to the Chairman, the meeting terminated.

£ •. d. £ s. d. To Subiorlption Account 8808 17 0 „ Redemption ... 150 18 0 „ Interest 1839 10 0 „ Final 104 8 1 „ Transfer Fees ... 410 0 1596 6 10 „ Prinoipal repaid by monthly Instalments 3226 6 8 „ Profit from last bahnce ... 1262 7 0 „ Overdraft at National Bank of New Zealand 8508 6 7 £18,402 4 10 Ob. Bj Investment Account 15,838 15 11 „ 224 Share* withdrawn 2837 2 0 „ Bonus allowed on 224 nhares at 25s 280 0 0 „ Interest on Bank overdraft ... 241 17 8 „ Ditcount on Subsoriptions paid in advanoe ... 210 0 „ Discount on Mortguges repaid before expiry of term 13 13 0 „ General ezpenics 188 6 8 726 6 11 £18,402 4 10 Pbojit and Lost. | £ s. d. £ s. d. To Redemption ... 150 18 0 „ Interest 1386 10 0 „ Fines 104 8 1 ..Transfer Fees ... 410 0 1696 6 10 Profit from last balance »262 7 9 £2858 14 7 By Bonus allowed on 224 shares withdrawn 280 0 0 „ Interest on Bank overdraft ... 241 17 8 „ Discount on Sub* siriptions paid in advanoe ... 210 0 „ Discount on Mort* gitges repaid be* fore expiry of term 18 18 0 „ General expenses 188 6 8 726 6 11 Balanoe 2182 7 8 £2868 14 7 Number of shares last year ... 764 „ „ withdrawn... 224

Balance Sheet or the Oamabu Mutual BbHBPIT BUILDIKd SOOIBTT, For the Tear ending 28th February, 1877. Db.