"A STRENUOUS YEAR"

New Zealand Times, Volume XLIX, Issue 11158, 14 March 1922, Page 6

"A STRENUOUS YEAR"

METROPOLITAN BUILDING SOCTETY. t 7 PER- CENT. DIVIDEND AND 1 , PER CENT BONUS. The 31st annual meeting of members of the Metropolitan Permanent Building and Investment Society was held last- night. There was a good attendance ; and, in the absence, through illness, of the chairman off directors (Mr TV. M. Hannay, J.P.), Mr lVilliam Mackay : was voted to the chair. In moving the adoption of the report and balance-sheet, the chairman said' that he thought the members would agree with him that the society was again to he congratulated on its strong financial position, as indicated by the balance-sheet. The' profits were such that the directors felt justified recommending the payment of a bonus of 1 per cent., in addition to the usual dividend of 7 per cent. After providing the sum of £3419 for the payment of dividend and bonus, and the transfer qf £IOOO to the reserve fund, making it £17,000, they were able to carry forward £1073. The opportunity for thrift afforded by the B shares of the society, .still continued strong in public favour. For the year under review the account showed an increase of £5525. During the year £6OOO had been paid out on matured, shares, and 456 new shares had been issued.

ALL DEPOSITS PAID ,ON DUE „ , DATE. i A very important matter he wished to bring before, them was the fact that the society had not .taken advantage of the recent legislation providing for the’ postponement of the payment of deposits.' Every deposit had been and would be honoured on due date.- He was; sure that that fact "would he appreciated by their depositors. (Hear, near.) Mr Henry Hume seconded the motion, which was carried unanimously without discussion.

On tho motion of Mr Henry Hall, a hearty vote of thanks was accorded the directors, the secretary, and other, officers of the society for their services during the -past ydar. It had, stated Mr Hall, been a etrenuoiis year, and the ieport and balanoe-sheet • were very good .under the circumstances. He’ was sure that the action of t{ie directors in meeting all deposits on one date met with the approval of the shareholders. (Hear,, hear.) Messrs Henrv Hume and ,G. J. Reid, the retiring directors, were re-elected unopposed; and Messrs E. Bucholz and O. G. Kemher were elected auditors for the ensuing year. THE BALANCE-SHEET. Tho balance-sheet showed that the ■profits for the year (including a balance of £llsl I6s 4d brought forward from last year) amounted to £7394 13s Od, lees expense account £852 -4s lid, leaving a net profit -of £6542 8s lOd; and after deducting the interim dividend for six months mi ding August 15th, 1921 (£1050) there was a balance of. £6492 8s lOd. » ' , •

This it was proposed to appropriate as follows:—To credit-holders “B’vpreference investment. shares at 7 per cent; for twelve months ending February 15th, 1922, £lBlO Os Id, nnd 1 per cent, bonus £259 4s sd; to payment of dividend at 3i per cent, for six months ending February 15th, 1922, to holders of “A" shares, £IOSO, and 1 pec cent, bonus thereon, £300; to reserve fund, £1000; a total of £4419'4s 6d. This left to carry forward to next j’car £1073 4a 4«*