UNITED STARR-BOWKETT BUILDING SOCIETY.

Otago Daily Times, Issue 12472, 1 October 1902, Page 3

UNITED STARR-BOWKETT BUILDING SOCIETY.

The third annual meeting of the UniU'c' Starr-Bowkett Building Society was holla the board room, Agricultural Hall Buildings, last evening. Mr J. Gray occupied the chair, and about 70 «hareholdei's were present. Tho Chairman, in moving the adoption of the report (already published) and balance shoot, said the directors felt pleasure in thinking that these would meet with acceptance. During -the year just ended they had done well, and the profit and loss account for tho last three years showed a profit to have been added to the society amounting to £1201. For the year just closed the profit was £733" lis lOd. That should D 9 very satisfactory to all. It must be gratifying to ail that the society was earniug profit* at this early stage, and they might congratulate themselves on having made a very good beginning—one that had laid the foundation of future success. That they bad mad© -a profit of £1200 in three years gave assurance that they would have a good society that would ensure, to many a*one the benefit of getting a home for, himself on easy terms. Another indication o'f the society's prosperity was the fact that their membership had increased. During the year 354- new shares were issued, brought about partly by advertisements, partly by the influence of members and directors, and to a large extent by the personal influence of the secretary, Mr Bayley. He would impress on members the- desirability of inducing their friends to become members. Every new share brought into the society meant a fixed profit of about ss. According to the rules of the society, there could be no new shares issued after the end of tho present year. Since the report was drawn up there had been 89 new shares taken rip—that is, since August 31. He had much pleasure in moving tho adoption of the report and balance sheet. —(Applause.) Mr Sharp seconded the motion. In reply to a shareholder, the Chairman stated that the profits were much greater in the past year than in the two previous years, as they had had more appropriations in the past year. So many new shares had come in, and there had 'been four sales last year.as against two in the year preceding it. The report was adopted unanimously. Messrs J. Gray and E. A. Rosevear were re-elected directors, and Mr J. Mitchell was re-elected auditor. Tiro remuneration of the directors was fixed at 10s per meeting, an amendment that it remain -at 7s 6d, as at present, being lost. The auditors' fees were fixed at 10 guineas each, • as against 7 guineas previously. The eighteenth appropriation of £500 was them disposed of 'by auotion, going at £30 10s per £100, after good competition. The nineteenth appropriation of £500 was next disposed of by ballot, the winning number being 14-7, held by one shareholder.