WELLINGTON BUILDING SOCIETY.

New Zealand Times, Volume XLIII, Issue 7342, 5 December 1884, Page 3

WELLINGTON BUILDING SOCIETY.

An extraordinary general meeting of the Wellington Building Society, 1873, war convened at the Chamber of Commerce last evening, by Mr John Kirkoaldio, to entertain a proposal of a member of the committee to wind np the society's affairs Immediately. In the absence oi Dr Diver, who was prevented by sick ness from attending, Mr Whitehou.e was voted to the chair, and opened the meeting by reading the advertisement. Mr Kirkoaldio explained that the meeting was simply a preliminary or conversational gathering, and was not a legal meeting of the society. If any steps whatever were taken they would have to be ratified in due course in order to give them the stamp of legality. He then stated that the committee had endeavored to get the balance-sheet ready before the next monthly call, which fell dno on the following day (th's day), but it had been quite impossible to do so, therefore the figures hs was about to give might take them somewhat by surprise. Mr Gill, with whom ha hud a conversation before that gentleman went np country, agreed with him that it would b® moi® fair if everyone of the 708 unrealised shareholders should be taxed £3 ptr share, so that the defalcations of Mr Wright, amounting to £2OOO, would be covered equally. At present, by paying 16s, the 405 realised shareholders contributed £1572. while the unrealised shareholders, by paying ss, only contributed £417. Mr Gill, then fore, if the unrealised shareholders would meet the realised ehareholdets in n spirit of fair play, and take a little less than £6O, the society could very soon be wound up. Through having held hia present position in the society, he was well acquainted with the books, aud the figures he would now give were as correct as they could possibly be, The available assets of the society were Mortgages, £1942 0j 7d ; sundry debtors. £1655 9r '6d j money borrowed on shares, £2033 ; oifioe furniture, £lO ; money in bank, £ll 13j 8d ; and Trust and Loan account, £11,955, from which had to be deducted £444 12s 8u for sundry creditors, contingencies, &o. This left a balance of £17.192 Jf-ja SJ. In order to give each shareholder £6O wanted £18,150, and they had just £IOOO less. The interest on the Trust aud Loan account amounted to £B9 13s 40, bringing the assets up to £17,282 4s 91. This would give to eaeh shareholder £57 2s 61, if no more calls were paid. The call to be made the following day would make £304 2» Cd thus giving to the unrealised shareholders a sum of about £SO after deducting the necessary costs. If that sum were not accepted they were short of over £9OO, the expenses of the society would continue, and they would not bo able to wind up the society until the February call. Ho, therefore, proposed that "From tho balance-sheet shortly to be issued and in view of equalising the payments between the two olassei cf shareholders tho realised shareholders herewith agree to pay tho December call and redemption, and the unrealised shareholders to accept without further call the arim of £SB iu full payment of each share held by them in the Wellington Building Society.” Tho proposal was seconded by Mr aexton. Mr Frederick Bead spoke against the proposal. He thought it very unfair on Mr Kitkcaldie’e part to call together the members so eoon before tho end of tho financial year. He looked upon his action in coming down suddenly with a ponderous mass of figures as an attempt to throw dust in the eyes of the shareholders and to get them to do something which they would regret. It waa an attempt to rob unrealised shareholders of £3 per share. <" No, no.”) Mr Kirkcaldie had said nothing about over £IOOO of assets that the society had realised by the sale of shares of panicstricken shareholders. He would like to know who had had the use of his money during the eleven years he had been paying in. (“Hoar, hear.”) He bad been paying £4 10s a month, instead of paying a rent of perhaps £3 or £3 10j. (Cries of, “Why didn’t you buy a house ? u and laughter.) Mr Lning said that at a former meeting he had proposed that a compromise should be tnade between tho two parties—the ! realised and the -unrealised shareholders, and Mr Edwards, the solicitor; had said that nothing could be done unless by mutual consent. He

would ask Mr Kirk'-aldie « *;-« meeting agreed to his proponuon, wmdd it he legal to wind up the society ? Mr Kirkoaldiereplied that hehad ascertained by the latest Act that it would be legal to wind up the society if two-thirds of the sbarebo.tiers agreed to tho proposition,' He would not take advantage of any shareholder. AU be would do was to plead the cause of those who were not able to plead for themselves. This he would say, that not one of the realised shareholders had receive 1 more than £SO for Ins share If they all signed the paper that evening, they would have plenty of time b.-’ (ore tho balance-sheet was brought down to consider the matter. This he would tay, that if they did not accept the £52, they have to come down and pay their subscriptions in February next. , „ , Mr Reid moved as an amendment, lint the shareholders pay £2 per share at ouce, aud wind up the society forthwith." Mr Carr seconded the amendment. Mr Cook sai l they all had a great respect for their present secretary, but he (Mr Cook; did not think that Mr MoK nzie’s word, so far as his assertion that the society would be wound np in January next was concerned, was to be taken. Mr Thomas McKenzie remarked that the balance-sheet would be published on the 11th. He might state that his word had never been doubted during the last forty-five years be had been in Wellington. He had certainly said that the society would have been wound up in October, and then in November. He now would state ho saw no reason why tho society should not bo wound up in January next. Ho spoke merely as a member of the society, and was not there as tho secretary of the society. Mr Kirkcaldie did not believe that if the society was wound np at once tho shareholders would forego more than 25s eacin He was perfectly willing to go on paying for the next eleven years, bat others were not so well able to go on paying, and ou their behalf ha spoke, for ho knew how bitterly many of the members bad suffered during the past twelve months. He reminded the meeting that no action they might take on that occasion would have any legal weight, but if the paper he had brought down were signed by them that evensng, it would strengthen his hands at tho next annual meeting. Many of the members of the committee were on his side, he might inform tho meeting. He would tell them that they must pay their calls on the following day, but if his (Mr Kirkcaldie’-) proposition was agreed to he believed the call paid under protest would ha refunded during the month. He had a letter in his pocket which had been given him by Mr McKenzie, which he had shown to Dr Diver, who had expressed the opinion that it should be made public Theletter was written by Mr Gill, and it showed that the proposition which he had ifiat evening brought doan emanated from Mr Gill, He had never intended to show the letter, and he could assure Mr McKenzie that its contents were sacred, and it would be returned ou the following day. Mr Laing thought that it would be wise if the whole of the committee conferred with Mr Kirkcaldie. They might at the annual meeting bring down a proposition somewhat similar to Mr Kiikcaldie’s, which probably might be acceptable to the shareholders. The Chairman said the matter had been taken out of the hands #f the committee, who had had no opportunity to express any opinion ou the subject of winding up at once, Mr Kirkcaldie would have great pleasure in leaving the matte? in the hands of the committee if the meeting so desired it,

Mr Bannister was positive that two months would prove more than sufficient to terminate the sociafy. The amendment was put, and on a show of hands being taken, was declared to be lost. Tho number of hands for being 11, and against 32. The Chairman declare IMr Kiikcaldie’s proposition carried. A. vote of thanks to the chairman concluded the proceedings. After the meeting a majority of those present signed Mr Kirkcaldio’s proposition, which will necessitate a special meeting.