AUCKLAND PERMANENT COOPERATIVE BUILDING AND INVESTMENT SOCIETY.

New Zealand Herald, Volume XIX, Issue 6423, 19 June 1882, Page 6

AUCKLAND PERMANENT COOPERATIVE BUILDING AND INVESTMENT SOCIETY.

The annual meeting of members vraa held on I Tuesday, June 13, in the rooms of the Young j Men'a.Christian Assoeiation, for the purpose _ of receiving the annual report and the elec- ] .lion: of Haultain (president) in the chair. < < The Secretary (Mr. Jno. Batger) read the .annual report, as follows :— J A; The'Commictee in presenting their annual report, are able to congratulate the shareholders upon the favourable result of the year's business, notwithstand- J -ing many adverse cirumstances. --i Beoxipts.—These .amounted to £84,427 10s 6d, ; being £13,356 0s 7d less than in the previous year, , hut showing a decided increase, in the jncome of investors' subscriptions. The diminution of revenue is . accounted for by.the committee having- been obliged ' to. refuse money on deposit, reducing the receipts "under that head from. £41.257-0s- 2d as last year, to i £13,608_6s as per present account, a difference'of ■ £27 648 l4s 2d. - ■ -• " ' LQASS.-r-The amount lent on mortgage during the , yeirwas£9Uo. r ,.,., ' '.BAIiAJJcfrsHEET.—The accounts for the year show • net-ijroflt'(after crediting investors*: shares with » interest at the rate of 8 per cent.' per annum) of i £117119s 4d- This admits of a bonus at the rata of • 2 per^csnt.'per-annum, besides providing amply for _ contingeßcles. ; A bonus at the rate of 2 per cent, per -, annum has therefore been credited to all investors' , .shares :which.have been on the -books for twelve ■* months - and upwards, and. to all borrowers' shares 1 which were current on Ist April of this year. Pbotbktizb is Liquidation.—Alter paying the bonus as above, the committee propose to transfer the surplus of proat and loss account to-- the credit of "properties liquidation suspense account," which , will then have accumulated about £290 as a provision * .to'meet losses in realising securities which have fallen to the society by default of borrowers. Con- ( sideling the large amount which has been advanced ] during the ten yeirs of the society's existence, it is r "(rratifying to find how suiiaU the number of defaulters } has been. The total amount of the society's losses ; during the ten years Is £30812s lid. ) " Shabes.—2733 new. shares were issued during last ( yeari -The'.share income, as per register on 31st 1 .March, was as follows:—8137"t investors' shares, pro- 1 decing weekly £40617«6d; 3165J borrowers* shares, j producing weekly £283 2s 4jd (11,303 shares); weekly lacomei;£669l9s IOJd. ', . i - -Fotohe Bchiskus—Mtmbers -will have no diffi- ' culty in finding in the accounts now submitted some s :plain indications that the state of the money market In this colony is permanently changed from what it f 'waswhen the 'society was founded.. Thereisadistintt increase in the ntiruber of' investing share- * holders/and an equally;distinct decrease of borrowers, ' while the .amount of money obtainable on depoiit at 1 low rates of interest is greatly in excess of any sum c the society is likely to absorb, even if business largely J .increaood. 7 lt has always been, the aim of the com- T .mittee to afford to borrowers every facility which j eordd he given consistently with safety; and they have now; after careful consideration, come to the conclusion that, in order to keep pace with the times, *■ the - society's roles will. have to be altered so as to 1 .largely Increase the advantages offered to borrowers, I 'and thus to attract more business in the future. The a committee hope that the increase of bnsiness which « may reasonably be expected will partly compensate . for the reduction they propose in the por-centage of 1. profit: but even if this hope is disappointed, thoy \ trust that investing shareholders will recognise the t necessity far.keeping the society's terms of business ] well within the limits that have been fixed by the , state of the money market. i .. Alteb_&tion'B is Roles.—The proposed alterations ■ 'have been notified to members in the .manner prescribed; by the rules, and are to be submitted for ' consideration to a special general meeting to be held 1 after the annual meeting. The principal object 'of. the proposed changes is to improve the .position :of borrowing members. This is to be .effected.in four .particulars:. Ist, by reducing the weekly repayments; 2nd, by reducing the scale of ''fines; 3rd, by reducing the cost of deeds and facilitating the granting of additional loans; 4th, by empowering the committee to grant short timo- loans at lower rates of interest, than the scale for four * years and upwards yields. But in order also to meet the need rot checking the over-supply of funds, ithe proposed changes provide : "— l. For restricting the number of investing shares > held by any one membor-to 400, instead of COO as at present. 2. For empowering the committee to stop the issue til Investing shares when desirable. Should the r>ropcied alterations be carried, the reduced scale of repayments jWill come into force at once, and should enable members strongly to recommend tbe society to any of their friends who may not at present consider the terms favourable to borrowers. T. M. ir.AUt.TAiK, President. Joan Batoeb, Secretary. The report was adopted. The following gentlemen were elected as officers and committee - for the ensuing year :—President, Colonel Haultain; Vice-President, Mr. .T. Thompson; Treasurer, Mr. J. Potter. Committee : Messrs. F. Cherry, "YV. S. Cochrane, H. N. Garland, G. Harper, H. W. Heath, J.James, W. Lodder, S. Vickers, and J. Watts. Auditors: Messrs. L. A. Durrieuand \V. Gorrie. Trustee: Mr. B. Tonka (nominated by the committee).