NATIONAL PERMANENT BUILDING SOCIETY AND SAVINGS INSTITUTE.

Otago Daily Times, Issue 4010, 23 December 1874, Page 4

NATIONAL PERMANENT BUILDING SOCIETY AND SAVINGS INSTITUTE.

The first yearly, meeting of the members; of this Society,: to receive the balance-sleet for the year, was held in the Temperance Hall last eveuing. The President (Mr Alexander Rennie) was in the chair. In bringing the report before the meeting he spoke of the prosperity of the Society for the past year, and trusted it would be as successful, if not more so, during the present year. .',-..' - ■' ; :•,.-> ,'. ' report. ;.. The report of the year's 'business, in the opinion of your Directors, is satisfactory, considering the scarcity of money and the efforts niade by other societies to increase their business! More;money could have been advanced to borrowers, but your' Directors, taking into consideration the high rate of interest, deemed it advisable not to do so until the bank rate of interest on overdrafts had been reduced, as they considered the margin left for profit to'the Society not sufficient inducement to incur indebtedness to its bankers. The number of shares subscribed for during the year hasbfen 1081. ' '" ' ' v ! The different properties heldi in mortgage to the Society are 18 in number, all of which are thoroughly good securities, your.Directors having taken every care in considering the application that the Society shouldbe fully protected .[/-: j..iij,.: / .-,.... Your Directors have apportioned the sum of £107 3s; Od, to be placed to the creditof the Shareholders as bonus on the year's transactionSj and have distributed the preliminary; expenses over a series of five years— this was done in order that future shareholders should bear a due proportion of the cost of forming the Society..,' :■,■:,.■ t ,i; ■ - t ■...,;;,-, ... -. .... ■ ' The balance sheet showed i the: receipts for the year to have been L296112s Bd, leaving a balance of L 37 )8s 6d on the .disbursements,- ■wrhjch included L 2625 for advances on mortgage. The profit and loss .account showed a credit balance of L 22 19s7d. Mr,«J. Y.Telfkb proposed the. adoption of tht) report, which Was seconded by Mr Geohge, and carried unanimously. r .■ •" i . The Retiring Directors/Messrs C; S. Reeves,. R. Rossbotham, and.ThomasGeorge, wereunani-; mously re-elected Directors for the present year. MrJ.T. Tetter was elected.a Director in the: place of Mr JohnHealy, who had been appointed by the Directors during the year, , and who consequently retired in accordauoo with the rules. Mr James James was appointed one of. the Auditors on behalf of the shareholders. The meeting was brought to a dose by a heaity vote of thanks to the Chairman for presiding.