OTAGO BUILDING AND LAND SOCIETY.

Otago Witness, Issue 402, 13 August 1859, Page 3

OTAGO BUILDING AND LAND SOCIETY.

The first Annual General Meeting of this Society was held on Monday evening, at which there was a very large attendance of members. Mr. Lambert in the chair:

The Chairman before proceeding with the business of the meeting, took occasion to congratulate the members on the highly satisfactory progress of the Society during the past year, and the manifestly substantial benefits which the members had derived from being connected with such a useful institution, as having afforded many of them the means to purchase land and erect homes thereon for themselves; and there was no question that the improved appearance given to the town by the numerous recent erections, was in a great measure attributable to the facilities afforded by the Society to enable its members to secure a piece of land and to put up houses. It was also very satisfactory to state that the profits of the Society- for the past year had amounted to upwards of 77 per cent. The following Report and Balance Sheet were then read and adopted : —

REPORT.

" The Committee of the Otago Building and Land Society have great pleasure in submitting to the shareholders this their first annual report. The progress which the society has made during the first twelve months of its existence, which expired on the 2nd May last, they are hippy to cay, has

exceeded their moU sanguine expectations, and is such as they conceive must be amply satisfactory to all.

' The total number of shares taken up at present is 825 -iopi renting a capita! of ,£20,u"25. Tiie profi's lOneh 111 1 n \ e acciucd fioui all soiuees are £1189 6s. lid, 31'eidmn; on etch share taL''>n up troni the oonuii.'iic iiH-nt of the society a profit of £1 18s. 6'W., or on the ngg'egite amount of subscriptions paid, 77 p"i" cent.

" The committee, after having fairly tested and dulj considered the permanent constitution which it was originally proposed to give the society, have, on account of the impossibility of obtaining the requisite bank credit, ielt H to be necessary (pending the decision of this meeting), to relinquish the plan, and (all back on the teiminatinsr principle, on which alone in this place it has been found possible to wo;k sim'lai societies. Without this alteiation they plainly haw that the society could not be cairied on for many \eais, and only the timely adoption of this alteiation could have saved it from inextiic-ible confusion, They confidently, therefore, trust that the shareholders "will appiove of the couise they have adopted. "The Committee would submit to the shareholders that the Secietaiy's salary is altogether inadequate to the time and attention necessary, as well as the responsibility involved, in the management of the society's business. They therefore recommend that the salaiy be increased fioin £25 to £±0 per annum."

"We hereby certify that we have audited the above Accounts, compared them with the Vouchers, and find them correct. DAVID ADAM,) . „, JAS. JJAHR, / Audltori - CIIAS. REID, Secretary. Mr. Hartley Jenkinson was elected Chairman in room of Mr. W. Lambert, who declined to be re-elected ; Messrs. M. Graham, D. Adam, D. Campbell, and R. Ilowlison were elected members of committee ; Mr. W. L. Leggat for the shareholders, and Mr. 11. F. Hardy for the committee, were appointed auditors. A vote of thanks to the retiring chairman, Mr. Lambert, closed the business of the General Meeting. The money on hand was then disposed of at the following premiums : —

urn sol £75 500 25 150 100 50 50 Id. I*l em in in per £25. Total piemiuni. £S 10 ... £25 10 8 0 ... 160 0 8 11 ... 8 11 8 11 ... 51 6 8 8 ... 33 12 8 10 ... 17 0 8 7 ... 16 H £312 13 Sum in hand 652 0 964 13 Sum sold £950 o

CR. By Subscriptions at credit of Shareholders £1936 0 0 „ Expenses of Management .... 84 17 10 „ Interest paid in Advance .... 0 10 „ Discount on Payments in Advance 0 9 9 „ Balance to be accounted for.. 0 1!) 6 „ Profits to be divided and placed to credit of Shareholders 1489 g 11 1 r. n

PROFIT AND LOSS ACCOUNT. Dll Io Entry Money received, including Arrears «£lO3 7 6 „ Subscriptions 19;36 0 0 „ Interest 59 16 0 » Fines J6 6 10 „ Transfer Fees 2 8 6 „ Premiums on Advance 1378 5 6 „ Premiums on Shares, including Arrear 15 3 6 „ Cash unaccounted for 0 7 2 .£3511 1J 0

DISBURSEMENTS. By Advances to Members £3500 0 0 „ Cash Paid for Books, Printing, &c 31 5 4 „ Discount on Payments in advance 0 9 9 „ Cash paid Committee for attendance 16 7 6 „ Secretary's Salary (1 year).. 25 0 0 „ Odd Fellows' Rent of Hali... 7 0 0 „ Arrears of Subscriptions 55 14 0 „ Arrears of Fines 1 14 10 „ Arrears of Interest 2 7 0 „ Arrears of F/i try Money 0 7 6 „ Arrears of Premiums 2 11 0 „ Cash less accounted for ....... 0 19 6 „ Cash paid Revising Officer for Revising Kules 5 5 0 „ Balance iv hand of Banker .. 3G2 13 7 £4011 15 0

RECEIPTS. To Entry Money on 827 Shares £103 0 0 „ Arrears of do 0 7 6 „ Subscriptions received 1875 16 0 „ Subscriptions in advance...... 4 10 0 „ Subscriptions in arrear 55 14 0 „ Interest received 57 8 0 „ Interest in advance 0 10 „ Interest in arrear 2 7 0 „ Fines received 14 12 0 „ Fines in arrear 1 14 10 „ Transfer Fees , 2 8 6 „ Premiums on Shares 12 12 6 „ Premiums in arrear 2 11 0 „ Premiums on advances 1378 5 6 „ Sums sold (not yet paid) 500 0 0 „ Cash unaccounted for 0 7 2 £4011 15 0