BUILDING SOCIETY

New Zealand Times, Volume XXXVIII, Issue 8683, 17 March 1914, Page 2

BUILDING SOCIETY

METROPOLITAN ANNUAL MEETING Th© annual meeting of the Metropolitan Permanent Building, and Investment Society was held last - evening. Mr W. M. Hannay, chairman of directors, presiding over a good attendance. The chairman in moving the adoption of the xeoort and balance-sheet, said that in spite of the stringency of _tho money market during the year there had been quiet but steady, progress in the society’s business, while at , the same ‘time the directors had. continued their usual conservative policy. It was a matter, for congratulation, that, the reserve fund was steadily increasing, and now amounted to JEIO.OOO, The annual additions to their reserves must be considered satisfactory, and should increase the confidence of depositors, Shareholders could greatly assist the society in the direction of securing additional deposits. which could be profitably employed. Mr Hannay said the reserve fund bad been increased by £IOOO. deposits by M3OO, and the contributions on B shares by ,£BOO. while loans on mortgage had somewhat similarly increased. The working expenses were slightly greater than last year, but as he then indicated, they could not expect to continue to work an increasing business wihoni additional cost, which at the present time was very low. As 1 was mentioned at their last meeting, the applications for B (contributing) shares became so great that the directors were reluctantly compelled to suspend their issue. In December last shareholders were notified that the issue was resumed, but the applications were so great that the issue bad again to be suspended. As the holding of these shares was a great encouragement to thrift, the directors were desirous of resuming the issue at at early date and have under consideration the issue of a limited number each month. The report was adopted. A vote of thanks was passed to the directors, secretary and staff. The chairman in returning thanks said that be could not express sufficiently the indebtedness of the directors to the valuable services of the. secretary. Mr L. A. Ewen. ... Messrs Hume and Mee were re-elected directors, and at a subsequent meeting of the directors Mr Hannay. was reelected chairman for the ensuing year.