INDUSTRIAL AND PROVIDENT PERMANENT BUILDING, LAND, AND INVESTMENT SOCIETY.

New Zealand Herald, Volume XVIII, Issue 6272, 23 December 1881, Page 6

INDUSTRIAL AND PROVIDENT PERMANENT BUILDING, LAND, AND INVESTMENT SOCIETY.

The firbt annual meeting of the above society took place last evening at the society's offices, Q.'.eeu-street. Mr. Thomas Peacock, M.H.K., president, presided. There were about thirty membeis present. The minutes of the last hi-.lt-yeuily meeting were read and confirmed. The manager (Mr. G. Fraser) read the animal report, and statement of accounts, as follows : — The Board of Management have much pleasure in meeting the shareholders, to place before them the result of the operations of the first year of the society's business. Tho persistent efforts of the directors to keep down expenses and to push the society's business have, as will be seen by tho accompanying statement of accounts, been rewarded with suc:c3s. It gives the Beard muc'i satisf.ction to intimate that interest, after the rate of S por cent, per annum, h;s been credited on members'investments ; and they recommend that out of the surplus balance remaining, a bonus after the rate of 3 per per coiit. per annum be credited to investors and borrowers. Our society is now doing a sound, stead} business, and when the facilities we offer to persons for payin? off part or the whole of a mortgage at any time during its currency, and havhig the repayments proportionately reduced, become more widely known, we cannot fail to secure the entire confidence of the public, and do a much larger business. Working men and others will study their own interests by joining us, either as investing or borrowing members, or both. Tho Board has been enabled to secure for the society a most convenient otlice, at a very moderate vont. Board of Management for Next —Thomas l'eacock, i"aq., M.G.A., to be Pre:irtcnt, Thomas Mackay, Eaq., to bo Treasurer, and the followinc gentlemen directors—Messrs. G. Aickin, E. Hartley, H, B ett, J. Dacre, J. J. Holland, J. Marshall, ii. P. Pierce, C. B. Stone, and 11. G. Wade. The election of the officers for the next year requires now to be made. Mr. Morton, the Vico-President of the nominations were made the otlice of Vice-Presi-dent will require t ► be subsequently filled up by the new Board. It becomes necessary also to elect two auditors for the next year. For the 'Joard of Management, T. Peacock, President." Statkiiemt of Accounts for the Yea.r EkoiNO S'th September, 18S1. Receipts.—lnvestor;' subscriptions, £5203 9s £d ; borrowers - repayments, £1273 10s Id ; deposits, £2523 2s id ; entrance fees, £122 2* 6d ; survey fees, £37 9s 9J ; books, £0 8s ; interest. £3 13s r.d ; tinea. £6 5s S'l; surveyors' expenses, £1 Gs 3d; offices, £3 10s: total, £SS£3 Ss Cd. Expenditi UK.— Preliminary expanses (formation of society), £127 9s ; loans (cash iwi<i t<, borrowers,, '■Cli/a'sed- ilnj-o.it, (repaid to deposito-s), *300 ; interest (paid depositors, banker's overdraft, &c ) £4 9s (id; miscellaneous (Manager's salary, Surveyors' expenses, fees, advertising, stationery, &c), £2CO 14s Sd: inte.ct on p;'id-up shares, £14 15s 10d: office furniture, £21 lls : books (pa;s books and rules), £21 ; new oiicos, .CjO9 Cs ; cash in hand, 3l)th September, ISSI, £27 10s; cish in bank, 30th September, ISSI, £415 lGs 9il : total, £SSS3 Ks Cd. Proft and Loss Account. Da,—Preliminary expenses in forming society (proportion for first year), £42 9s; general expense", iicludin<j salaries, piintin;, stationery, andadvertiLing, £277'/i 9d ; balance, £175 14s 9d : total, £495 Cs Gd. Cr..—Entrance and transfer fees, £1778-?; fines £20 10s ;■«■ ; interest, £546 Os lid (loss amount credited to i'od')—£fc4 Os Id'; books, £3'5.5 : total, £49j ita 6d.~ BAr.AXCESIIEET, 30TH SErTUMUER, ISSI. Lr.Mii-.TiEs.— bhares— due investing sh, reroldera, on shares. £5102 7s 7d ; shares—inttie?t, £192 Gs 10d— £5;!54 14s sd; deposits, £1423 2s Id ; intsreat due depositors. £23 19s 7d -£1447 Is lid; borrowers , prepayments, £-12 135 3d; borrowers' bahmcei, loans authored, £731 Ss 6d ; accounts due, £71 10s -M ; profit and loss balance, £175 14s fld : total, £7S2S .;,ijs2 7s 4d ; borrowers' repayments, due to 30th Scptombor, unpaid, £S5 Is; borrowers' fine" due, 103 ■Id ; new olliec premises, -C 520 4s 9d ; offioe furniture, £21 lls ; preliminary expences, formation of society, ru'.t:-!, form c , &c, £35 ; pass books, &c, on hantt, £15: cash in bank and in hand, £443 3s 9d : total. £7523 3s 2(1. Messrs. John Buchanan and Jno. Milne, auditors, certified by declaration to tho correctness of tho above accounts. The President said he had great pleasure in moving the udoptiou of the reports just read, and in doing so it was scarcely necessary for him to make any lengthy remarks. Daring the past ye:>r money had been exceptionally low, and this had naturally retarded the business of the eoc'ety. Tho fact of money being cUe.ip w.is gratifying to the public, though it prevented their society's businesss from being io profitable, »3 ciusing less demand for advanfes. The directors had not been tempted, however, into miking indiscreet advances; they had vigilantly inspected all securities offered, prefenipj safety before extension. Tuo report alluded to the new offices of the society. He believed the slowness cf its growth in its earlior stages was caused by inconvenient offices, and since the change to a more central T>o:.ijion there Lai been a marked increase in business. Dining the pist year all their funds had been profitably utilised, and he hoped the incoming year would bo njf.rk.cd by still greater progress. The directors hal made no claim to the honorarium wl.'Vu the rulc3 accorded to them, and to they were rightly entitled, preferring in the e.oliar stages of the society to waive that claim for the common good. —Mr. G. Aickin said perhaps it would be well to explain to shareholders that tho item, " new office premises, £520 U 91," did not fall wholly on tho lociety; half of it was paid by their tenant upstairs. The sum for preliminary expenses was also spread over three years, as wzs the custom in floating such societies. He considered tho progress made a» very remarkable, considering the plethora of money and tho number of competing agencies at work.—The President observed that the society, like any other borrower, would liquidate tho amount for new offices by payments ovor a seiies of years.

Election of Officers.—Mr. A. E. M.iokechuie moved, and Mr. Carlaw seconded, "That the following be the officers for the ensuing year : —President, Mr. Thomas Peacock, M.G.A. ; directors—Messrs. G. Aickin, E. Hartley, H. Brett, J. Dacro, J. J. Holland, J. Marshall, G. P. Pierce, O. B. Stone, and H. G. Wade." Carried unanimously.—The auditors for the past year, the President stated, were Messrs. John Buchanan and J. Milne. Mr. Buchanan was unable to devote the time from his business, and a successor would have to be elected. —Messrs. J. Milne and it. AI. Clarke were elected. -Mr. Carlaw moved and Mr. Shaniighan seconded a vote of thanks to the directors for their services during the yeir, which was carried unanimously.—The Pr> sidenfc, on belnlf of the management, thanked the shareholders. The directors had been punctual 'n their attendance, and had sedulously watched over tho interests of the society. They were greatly indebted to Mr. Aickin, who, when they lacked convenient offices, placed a portion of his premises at their disposal, and thus saved the society a considerable turn of money. — Mr. Aickin said he had been limply rewarded for all ho had done, by tho gratifying prosperity of the society.—Mr. Clarke proposed that, an honorarium should be paid to the directors for the ensuing year.—Tho President stated that the directors would decline to take any honorarium till cho position of the society would fully warrant it.—Mr. Clarke withdrew his motion, nnd the proceedings then closed.