BRUCE BUILDING SOCIETY.

Otago Daily Times, Issue 15933, 28 November 1913, Page 3

BRUCE BUILDING SOCIETY.

■The annual meeting of Bruce Property Investment and Building Society was held in the Coronation Hall, Milton, on Wednesday evening, Mr J. A. Duth:o (president) occupying the chair. About 70 members were present. The committee's forty-fifth annual report stated that thero had been an excellent demand for loans throughout the year, and the inquiry still continued brisk. The totai number of shareholders at present in the society was 282, holding in all 2572 shares; of these 1676 were investing shares, the balance being advanced upon. The net profit available for distribution amongst the shareholders, after deducting £163 14s 6d fc working expense's, was £1390 7a 9d. The committee recommended the payment. of a dividend of 54 per cent, (absorbing £1319 4s 2d), transferring £10, to. reserve fund account, and carrying forward £61 3s 71 to tho now account. On account of declining years, Mr William Taylor, who'had been a member of committee and vicepresident for many years, had notified his intention of resigning at the annual meeting The report and balance sheet were adopted, the chairman making brief comment on the continued prosperity of the society. Mr J. A. Duthie was re-elected president, Mr Wm, Moore was elected vice-president vice Mr Taylor (resigned), Messrs D. Reid and James Gray wore appointed to fill the two vacancies on the committee, and Mr E. Moore was appointed shareholders' auditor. The secretary's salary was fixed at tho usual figure (£l00), and the auditors' remuneration at £3 3s each.

Hearty votes of thanks were accorded the office-bearers for their economical and highly successful management of the society' 6 affaire during the past year. Complimentary references were also made to Mr W. Taylor's active association with the society as committeeman and vice-

president, during a period extending over 30 years, and regret was expressed that ho was compelled to decline re-election owing to advancing years. The roll was then called, and absentee members fined 2s 6d for non-attendance.