Page 2 Advertisements Column 2

Otago Daily Times, Issue 4344, 21 January 1876, Page 2

UNION PERMANENT BUILDING SOCIETY. SEVENTIT ANNUAL REPORT OF DIRECTORS Presented to the Annual General Meeting of Shareholders, held on WEDNESDAY, 19th JANUARY, 1870. Your Directors have the pleasure to lay before the Shaieholders, the Seventh Annual General Statement of the funds and effects of the Society, and an account 0? the receipts and expenditure for the past year, agreeably with rule 51. During the year the whole of the original shares not previously withdrawn have been paid out, amounting to SI share*, of the value of £4050. It will be in the recollection of some Shareholders that in 1572 the Society took possession of the premises in I'rince3 street then occupied by Mr Evans, and mortgaged by him to the Society. Your Directors then reported that this security, although representing a considerable sum for arrears, would eventually work out without any loss to the Society. At the commencement of the year your Directors entered into an agreement with " The Otago Club Company, Limited," to erect suitable Club Sooms on the first floor, and to grant a lease for the remainder of the term for which the property was held, at a remunerativo rent. This agreement has bean completed, and this is now converted from a doubtful security into a very profitable investment to the Society. After making provision for the due realisation of the Terminating Shares and for the payment of accruing interest upon Permanent Shares, Debentures, and for all o.her liabilities, the net surplus profit amounts to £453 0a sd. One-half of this sum Ins been carried to "Guarantee Fund," which now amounts to £1285 143 lOd, more than 10 per cent, upon the whole invested capital of the Society. The other half is carried to " Bonus account" for division among the holders of Permanent aud Unwithdrawable fully paid-up shares. A bonus of £3 10s per share will be paid in cash to all shareholders whose shares are three years old and upwards. Shareholders whose shares are not yet three years old will be paid the cash value less 8 per cent, discount. Directors are to be elected to fill the places of Messrs Archibald Burr aud George Hyde Campbell, who ha^e ceased to be members, and Messrs Andrew Mercer and T. M. Wilkinson, who retire by rotation. The latter gentlemen are re-eligible. The shareholders will also elect a President in place of Mr Charles Stephens Reeves, who is re-eligible. In consequence of the death of Mr Lanseigne, the Directors appointed Mr G. Greville Bridges to be auditor, who now retires, but is also re-eligible. The Bonus will be payable at the office of the 80----ciety on Monday, the 24th instant. CHARLES S. REEVES, Chairman, Dunedin, 10th January, 1876. GENERAL STATEMENT, NOVEMBER 1875. Statement op Rscsirrs and Expenditure Balance 1874 £20 14 8 Subscriptions, repayments, &o COB 5 0 6 Permanent shares aold .. .. .. 1050 0 0 Debentures sold 5007 3 0 Entrance fees 17 10 0 Survey fees 12 0 6 Insurance .. .. .. .. •■ 105 15 10 Interest 123 1110 Fines and forfeitures 06 1 6 Rents 268 15 0 Bank of New Zealand 933 13 2 Current accounts, Cr. 374 i i 14,754 16 3 Investments .. ..£4558 1!) 9 Realised shares paid out 4050 10 0 Debentures paid 1420 0 0 Withdrawals 510 10 10 Interest accounts 442 2 1 Survey fees 12 0 6 Insurance .. .. .. .. .. 105 15 10 Charges of management 338 7 7 Bank of New Zealand 740 0 7 Premises, Princes street 1496 11 3 Bonus on permanent shares .. .. 102 18 6 Current accounts, Dr. 052 9 5 Cash balance 24 9 11 14,754 16 3 Statement of Liabilities and Assets. liabilities. Permanent share capital, 61 shares of £.0 each, fully paid up £3050 0 0 Terminating share subscriptions—present worth of shares including profits to date 27i>5 4 3 Debentures ' .. .. 4837 3 0 Interest suspense account 255 8 8 Current accounts creditor 374 t 4 Withdrawals .. 12 3 0 Bank of New Zealand 933 13 2 Bonus fund 232 9 8 Guarantee fund 1285 14 10 13,736 0 11 ASSETS. Investments 11,064 10 7 Premises, Princes street ICB3 6 0 Office furniture 5 5 0 Current accounts debtor 952 !) 5 Cash 24 9 11 13,736 0 11 PROFIT AND LOSS ACCOUNT. Entrance feea .. 17 10 0 Fir.es and forfeitures 06 1 6 Profits and investments 1564 2 i 1677 13 10 Interest accounts— On permanent sharc3 ..£179 2 0 On debentures .. .. 100 18 0 On Shares withdrawn .. 40 16 8 On general acconnt.. .. 223 11 9 549 15 7 Charges of management— Secretary, Directors, &c.- .. 197-6 0 Stationery and printing .. 33 1 0 Advertising and postage .. 50 10 8 Law and other charges .. 43 9 11 Terminating Share Capital, transferred to adjust profits 320 10 3 Guarantee Fund, half net' surplus transferred 226 10 6 Bonusfund 226 10 0 £1077 13 10 Guarantee Fund. Balance 1874 £1059 4 5 One-half net surplus profits, 1875 ,. . . 220 10 5 £1255 14 10 Balance £1285 14 10 £1285 14 10 Bonus Fund. Balance, 1874 £108 18 2 Balance brought down 5 19 8 One-half net surplus profits, 1876.. .. 226 10 0 £232 9 8 Cash paid to shareholders 102 18 C Balance 5 19 8 £108 18 2 Dunedin, 17th January, 187 d. Audited, and compared with the Society's books and vouchers^ and found correct. M. W. HAWKINS, Secretary and Actuary. G. GREVILLE BRIDGES,) . rt „ J. S. WEBB, '} Auditors. The Chairman (Mr C. J. Reeves) moved the adoption of the leport, and congratulated the shareholders of the Society upon the prosperous statement laid before them. Though their transactions have not beeu so large as thoso of some other societies in Dunedin, the results were comparatively more lucrative. There was one feature in the Society which he did not think had gained that prominence amongst moneyed people and the shareholders tint it should have, viz.—permanent shares. They would find in the balance-sheet the sum of £3050 as representing 61 shares. These Bliares were absolute fixed capital of the Society, and could never be drawn out, but must remain as ordinary bank htock. Altogether with that of the guarantee fnud, amounting to £1285, theSoeietyhadapermanentcapitalof £4335, which was unwi tlulrawable and formed a backbone for the stability of the Society, this being a feature which no other Society in Now Zealand possessed. That, he considered, of itself ought to be a great induceme :t to per pie who hai money to invest in sums of £50 and upwards to place it in the Society, where it would be profitably employed for the benefit of the inves 01s. Not only was the security of the Society uudeuiably good, but it was exceedingly profitable to those wtio invested in it. They were able to pay to permanent shareholders for the past year a bonus of £3 16s for each £s') share, in addition to a fixed interest of eight per cent., being equivalent to £15 12s per cent, per annum on the past year's operations. The interest of eight per cent, was always accumulating on the shares, and was paid h:ilf-yeirly. It was to be hoped the shareholders would bear this in mind, and remind their friends of so profitable an investment—better than which there was none in the country. They would find people here with thousands of pounds, which th -y placed in other institutions at a paltry five per cent., and here there was a much larger interest, while the security was in every respect as good. In the books of the Society there was not a bad or even a doubtful security, a fact which, he thought, very satisfactory, it having been always the policy of the Direction to do a safe and profitable business rather than a large and speculative one. He asserted, without feir of contradiction, that there was no other Society iv the Province of Ota=;o or Colony of New Zealand in a more prosperous state. The motion was seconded by Mr Samuel Ja- oos,aud carried unanimously. Messrs Thomas Merrett Wilkinson, Andre 1/ Mercer, Samuel Jacobs, and Daniel Brent were elected Directors. Mr Charles Stephens Reeves was re-elected President, and Mr George Greville Bridges was elected to be shareholders' auditor. The meeting then adjourned tine die. 21j CHRISTMAS and NEW YEAR \J PRE3ENTS In immense variety, useful and ornamental. Our Noted Dinner Service, 50 pieces, for 3 45s Od China Tea Services, 24 pioee3, for .. .. H* 0d China Breakfast Services, 30 pieces, for .. 19s Cd Lustrrs and Vases, real Bonemian, from per p: iix 10* 6d Bedroom Toilet Sets, six articles .. .. 15s 6d Other articles too numerous to mention, equally good value. WEIR AND SAMSON, Princes street (Nearly opposite the Bank of New Zealand). Wholosale and Retail. RELIABLE INDEMNITY Against Loss by Fire secured to Policy-holders In the XTATIONAL INSURANCE J3I COMPANY OF NEW ZEALAND, Representing ONE MILLION STERLING Of Capital, with Unlimited Liability of its Shareholders. LIBERAL TERMS AND PROMPT SETTLEMENT OP LOSSES, Characteristic features of the Company. A. HILL JACK, General Manager.