WELLINGTON AND HUTT BUILDING SOCIETY.

New Zealand Mail, Issue 365, 8 February 1879, Page 20

WELLINGTON AND HUTT BUILDING SOCIETY.

The fourth annual meeting of the Wellington and Hutt Building Society took place on Friday evening in the society's offices, Custom House-quay. Mr. E. W. Mills, chairman of committee, presided. REPORT. The following report was read : ** The committee of management have pleasure in reporting the continued success of the operations of the society. The profits for the year amount to £3225 17s. 6d., representing a profit of nearly £3 per share, as against £1 ss. lOd. last year. It will thus be seen that the operations and profits of the society for the past year have far exceeded those of any_ previous year. The securities held are satisfactory, and the properties mortgaged have considerably increased in value. The following members of committee retire by rotation, and offer themselves for re-election, viz., Messrs. E. W. Mills, John Plimmer, and P. Lee. The vacancy in the committee of management, caused by the death of Mr. G. H. Vennell, has been filled up by the appointment of Mr. W. M. Bannatyne." • The Chairman, in moving the adoption' of the report, congratulated the members on the success which had attended past operations of the society, and said he saw no reason to doubt that the success of the year just ended would continue. Although the society had been in existence but four years it had had its troubles, but seemed to be well over them now. He noticed that in 1875 there were 868£ shares taken up, the profit for the year being £1232 odd, or about £1 7s. a share ; in the next year there were 995 shares taken up, the profit was £2913, or £2 18s. 6d. per share; in 1877, there were 1012£ shares, total profit, £1305, or £1 ss. lOd. per share, and this year, as the xeport stated, the profits were £3225 17s. 6d., representing a profit of nearly £3 a share on 1077 shares. It would be observed that this year the profit was double that of the previous year, but then in 1877 there were great difficulties to contend with. The gross profit for the four years had been £8465 14s. 6d. or £7 17s. 3d. on shares on which £l2 had been paid up. (Hear, hear.) The expenses of management were, in 1875, £337 13s. Bd. (exclusive of legal expenses), in 187 G, £382155. 7d.; in 1877, £315 9s. 6d. ; and this last year, £342 2s. Id., including the solicitor's account for four year's work, some £55. An overdraft remaining from the previous year of £2OOO had also been paid off. He remarked on the fact that since last annual meeting the society had secured better and more central offices at no increase of expense, and referred to the great amount of time and energy the secretary, Mr. Ledger, gave to the interests of the society. (Hear, hear.) The subscriptions were well paid up, both in town and country, and there were no arrears worth speaking of. Mr. R. Lee, a member of the committee, in seconding the motion, also remarked on the success of the society. He had made a calculation as to what amount the payments would reach, allowing interest at the rate of 12i per cent., a very good rale. He found it to be £l7. The money actually paid in amounted to £l2, and the profits were £7 17s. 3d. Taking off £l, the amount paid for entrance fee, the worth of the shares might be set down at £lB 17s. 3d., so that the shareholders had £1 17s. 3d. more profit on each share than' 124 per cent, on the money invested. (Hear, hear.) The report was adopted unanimously. ELECTION OF OFFICERS. The retiring members of committee, Messrs. Mills, Plimmer, and Lee, were re-elected without opposition ; and Messrs. W. B. Waters and T. W. Pilcher were re-appointed auditors. Votes of thanks were passed to the committee, the secretary, and to the chairman^ The proceedings then terminated.