PERMANENT BUILDING SOCIETY OF OTAGO.

Otago Witness, Issue 1319, 10 March 1877, Page 9

PERMANENT BUILDING SOCIETY OF OTAGO.

The thirteenth annual meeting of the above Society was held on the 6th in the City Council Chambers. Mr Quick presided. ANNUAL RSPOETJ The following report was adopted : — The Committee have to report tha,t during the past financial year the business of the Society has again been largely extended, and that, notwithstanding some unusual expenses, the surplus profits represent a larger percentage on the moneys invested in the Society by shareholders than has ever before been realised. The increase in share caoital in paid-up shares has beenLlo,2oo, of which L 4125 hasbeen contributed by holders of Class B. shares on their realisation. The increase in the number of shareholders has been very considerable. The amounts paid up by shareholders at the date of the annual balance were :— Class A shares, 1i34,300; Class B, L 6396 15s, making a total of L 40,69 6155. - The new investments of the year have amounted to L 35,239. A considerable number of advances have been repaid at short dates. The balance of existing investments', after de» ducting all repayments, was L 61,204 lls 9d. " ■ ' The gross profits of the year have been L 6764 19s lOd, of which the ordinary dividends to shareholders have absorbed L 3182 7s 6d. The interest paid to debenture holders and others has amounted t0L1420~9s lid, and the general expenses of the Society have been L9lO 5i One half the surplus profit of L1251 17s sd^ will, as usual, be carried to r the guarantee fund, and the other half suffices to pay to all shareholders a bonus of LI 17s 6d percent, per annum. f ' ; " """ In accordance with the rules, one-fifth of the guarantee fund will be devoted as a further bonus amongst the holders of all shares of five years' standing/ -'.-■■'■ '- ' ' • ; The branch established at the beginning of last year at Timara'has been highly successful; thanks to the untiring efforts of the gentlemen who form the local Committee there, 1 and of the Secretary, >Mr Hales. An' agency' of this Society has juafc been started at Tapanui, where a considerable number of shares has been taken up, and a good prospect of increasing business presents itself .' ' „ ' -Shareholders- will have observed that?mee£ ings have been called for this evening, to cbrt- ' sider the 'propriety of mcorporating the Society under the Act /of last session; and of, making certain, alterations in the /rules. . . The Committee » believe that both these , courses J are desirable. . , , • » „' - The following members of Committee retire by rotation," and are eligible for re-election, viz.: Messrs T. Dick, J. 0. Eva,- G^M^Barrf and E._ Quick. Mr W. J. Burton's seat on the Committee is also vacant through his resignation. For the Committee, - ; D. Brent, Chairman. - ELECTION OP COMMITTEE AND AUDITOBS. The following members of Committee were re-elected :— Messrs T. Dick, J. O. Eva, €r. M. Barr, and E. Quick. Mr Gerald Matheson was elected to fill the vacancy caused by the resignation of Mr W. J. Burton. Messrs Street and A. C. Begg were re-elected Auditors. VOTE OP THANKS. Mr Eva proposed, and Mr Walter seconded, a vote of thanks to the Secretary, Mr J." S. Webb, for his zeal and assiduity in carrying on the business of the Society. Mr Fish bore testimony to Mr Webb's ability in the discharge of his duties. The motion was unamimously .agreed to. THE NEW BUILDING SOCIETIES ACT. On the motion of Mr Brent it was resolved — " That the Society be incorporated under the Building Societies Act, 1876. " . ALTERATION OF RULES. A number of highly important alterations were proposed and agreed to be made in the rules of the Society. A vote of thanks to the Chairman closed the proceedings.