MILTON

Otago Daily Times, Issue 25394, 27 November 1943, Page 7

MILTON

Bruce Building Society.—The seventyfifth annual meeting of the Bruce Property, Investment, and Buildjng Society was held last Monday. Mr G. H. Thomson presided over an attendance of 60 shareholders. In his report the president made reference to the death of the secretary (Mr J. J. Lane), who had keen associated with the. society since 1896, and members stood in silence as a mark of respect. At the close of the year, Mr Thomson said, there were 264 shareholders holding 2560 shares °* w £ich 1645 were investing shares and 915 loan shares. Owing to the present conditions, the committee found it increasingly difficult to locate an cutlet for the accumulated funds. During the year £7OO had been invested in Liberty Loans and £IOOO deposited in the Post Office Sa^ n S s This amount would be absorbed in the repayment of matured shares. The gross profit, including £7B 4s 2d brought forward, was £1354 6s Bd. leaving a net profit of £1022 IBs Id The committee recommended a transfer of £s° fr°m the reserve fund, making £1072 18s ia available for distribution, and also recommended a dividend of 4 P e! T o e The following officers were elected. President, Mr James Gray: vice-presi-dent, Mr G. Melville; secretary, Mr G. H. Thomson; shareholders auditor, Mr H. E. Ransome. The retiring committeeman, Mr H. Fitzsimmons, was re-elected, and Messrs J. W. Pringle and J. McMurtne were elected to fill vacancies.