THE F.O.P. BUILDING AND INVESTMENT SOCIETY.

Oamaru Mail, Volume X, Issue 3607, 28 August 1886, Page 3

THE F.O.P. BUILDING AND INVESTMENT SOCIETY.

Tho tenth annual meeting of the First O iroarn Permanent Building Society was held last evening, the President (Mr J. W. Humphrey) being in the chair. The annual report, accompanied by the balance-sheet, was submitted, as follows : "Your directors have pleasure in submitting the tenth annual balance-sheet. The amount of new business done during the year has been very limited, on account of the prevailing depression, and your directors have thought it prudent not to posh business. After paying the usual dividend of 8 per cent, to permanent shareholders, a balance remains of L 231 10s 2d, bat, keeping in mind the depreciation in value of property in the town, your Directors cannot recommend more than a bonus of 6 per cent, to subscribing shareholders. The meeting has to elect three Directors and an Auditor. The retiring Directors are Messrs Chase and Bidoo, who are eligible for re-election, and one in the room of the late Mr S. Gibbs. The Chairman in moving the adoption of the report and balance-sheet, said that the condition of the Sodtty was highly

i satisfactory. Bat tbe Directors deemed it j 9 necessary to provide for the depreciation • of properties falling into the hands of the > Society by carrying forward as large a ) balance as possible to cover any loss that i might arise in this respect. ! > The balance-sheet and report were • adopted. 1 Meters Chase and Sidon were re-elected 1 directors, and Mr Forrester was elected a - director to fill the vacancy caused by the 1 death of Mr Gibbs. 3 Mr Chrißtie was re-appointed sharef holders' auditor. A vote of thanks and confidence was r accorded the Secretary for his diligence 1 and attention to the affairs of the society - daring the past year. 7 The Secretary acknowledged the comf pliment. ; On the motion of Mr Davidson, a vote - of thanks was accorded to the deputation, J which In conjuction with the Secretary, 1 had taken in hand and brought to a sucs ceasfal issue a delicate piece of business to f the benefit of the Society. f Mr Spence on behalf of the recipients > of the vote returned thanks.