OTAGO MUTUAL STARRBOWKKTT SOCIETY.

Otago Daily Times, Issue 14440, 5 February 1909, Page 6

OTAGO MUTUAL STARRBOWKKTT SOCIETY.

The fifth annual meeting of the Otngo Mutual St-arr-Uo-ivketv Society, held in the Trades Hall last evening, was attended by ii fair number of members. The chairman of Directors (Mr H. l'arrani) presided. The Chairman, in moving Iho adoption of the report and balance sheet (already published), congratulated the members on the satisfactory position of the society. It would be noted that, lifer live years existence there remained 629 members, who hold 1964 shares, and as their books hud closed and their numbers could hot increase, that was a satisfactory condition to be ill. During file existence of the. society there had not been one unsound security which showed that the directors had exercised great care in conducting the business. It would also be noted from the balance sheet that Ihe directors had kept well within the margin in regard to working expenses. The proceeds from the sale of loans for the year amounted to £647, and the whole report, was very gratifying, with the one exception thai there had been IC6 shares, amounting to £1054 Bs. withdrawn. He congratulated the society in having in Mr Mercer a secretary who conserved the interests of members in every way. Mr T. Scott (vice-chairman) seconded the adoption of the report, and balance sheet. In regard to I lie withdrawals, it was not the wish of the directors to see any member withdraw, but sonic of their members, owing to a depression and because some of them had lo leave the colony, had been compelled lo withdraw. The majority of those who had withdrawn had done so hecause of their inability to meet, their obligations in- connection with their shares. The amount showing to the credit of profit and loss account was the best of any of Hie societies. The directors considered it, desirable, ilia! each of their number should hold .the chairmanship in succession, and that was the reason Hint Mr Fat-rant, who had done exceedingly well, was presiding Hint evening. The report and balance sheet were adopted unanimously. Messrs John Watson, jun., and W. 11. Adams, the retiring directors, were reelected without opposition.

The auditors (Messrs Hugh Mitchell and J. T. Hamann) were also re-elected.

The fees of the directors v,'oiv fixed at six s-uinoas each per annum, a motion by Mr D. Caddie to increase the fee to ten guineas laiisimi for want of a seconder.

The foes of the auditors, on Ihe motion of Mr .1. Brown, weie raised from nine to ten guineas each.

Mr \V. It. Adams returned thanks for being re-elected as a director, and concurred, will) the clnivmnn in his reference, to t-lio valuable work done by flip secretary, lip was in thorough accord with llio action 'of the nipf-timr i" dcelinim; to increase the fees of the' directors, which, though small, woi'P sufficient, for a society conducted on mutual principles. They all wished to nil!lce the society one of the most successful in Hip colony, and that intention could bo assisted by kpopinj? down working exunnsns. A free' loan of £S(W was drawn by No. 325. the shares lioiirr lipid by a. nurse in a mpntal linsiiilnl. and the m-emium loan fell to the ImlrW of fluster 318, a lady resident ill Great Kiiii; street. A vote of I hanks to the chair concluded the business.