NO. 3 CO-OPERATIVE BUILDING SOCIETY.

New Zealand Times, Volume LVX, Issue 3128, 14 May 1897, Page 4

NO. 3 CO-OPERATIVE BUILDING SOCIETY.

The report of the directors to be considered at the annual meeting of No. 3 Co-operative Building Sopiety to-night will be a very satisfactory one. It states that the operations of the Society during the first year of its existence have been encouragingly successful. The sum of .£I3OO was appropriated in loans to members in the course of the year, and all the members who have received appropriations, and have had time to complete their securities, have commenced and are continuing the repayments with commendable promptitude. The amount of arrears of subscriptions is rather large, but more than £2O of the,amount has been received since the financial year closed, and a considerable portion of the remainder is owing by members who owe less than a month’s subscription each. The full amount may be expected to be received within a short time. The profit on the year’s working, as shown in the oredit balance of the profit and loss account, is very satisfactory, seeing that as the amounts appropriated in loans have severally been large, there has only been one appropriation sold in the year. The directors retiring are Messrs Fletcher, Whitehouse and Browne. Soma time ago Mr Fletcher, who was the Society’s chairman, intimated that pressing engagements would prevent him from continuing in the directorate after the end of the Society’s year, and he does not now offer himself for re - election. Messrs Whitehouse and Browne retire in accordance with the requirements of the Society’s rules, Mr Whirehsuse, by ballot, and Mr Browne as having been elected to fill an extraordinary vacancy caused by the retirement of Mr H. J. Williams, through pressure of his outside business, in the year. Messrs Whitehouse and Browne are eligible for reelection, and have notified their intention to be candidates. Mr Martin has also given due notice of his intention to be a candidate for election to the directorate.

The balance -sheet shows the total receipts for jthe year to be .£1431 19s 6d, and the credit balance .£319 19s Gd.