COMMERCIAL BUILDING AND MUTUAL INVESTMENT SOCIETY.

Otago Witness, Issue 1343, 25 August 1877, Page 7

COMMERCIAL BUILDING AND MUTUAL INVESTMENT SOCIETY.

The annual meeting of the members of the above Society was neld in the lower hall of the Athenaaum on the 17th. Mr Andrew Lees was in the chair, and there were about 60 shareholders present. REPORT, ETC. The following report and statement' of the financial position of the Society were tak9n as read :—: — ' • The Directors, in laying before the members the seventh annual report, have to regret that, owing' to a small clerical error, the annua meeting has been so long delayed. The progress the Society has made during the past year must be highly gratifying to all concerned. Original and other shares matured have been paid out. 2598 new shares have been taken up, making in all, since commencement of Society, 10,551. The securities consist of 332 mortgages. The present number of investing shareholders is 621, holding 4814 shares, exclusive of borrowing members' shares. The Directors have to recommend a 'bonus of- 15 per cent, on amount standing, to the credit of shareholders, in accordance with- the rule 3. The retiring Directors are Messrs Boyd, Jack, Eliott, and Lees. ~ The Directors 'have to recommend that the Society J)e brought under the Building Societies 1 . • Andrew Lees, President. CASH ACCObKT. To entrance and transfer fees, L 330 14s 6d ; fines, XHs 6a 3d ; subscriptions, L 10,630'& 3d; repayments, L 21.448 16s 3d; debentures, X 13.797 8s 7d ; interest, L9B 5s sd ; insurances, L 27 8s sd ; -Bank of New Zealand, Dunedin, L48,24514s 7d ; do do Oamaru, L1.442 12a 7d ; dy do Palmerston, L 689 2s 4d ; Palmerston Branch, 2s 6d ; balance, 105— L96.826 4s BJ. By advances on mortgage, L 26,913 13s lOd ; debentures, L 970 213 5; interest, L 1523 8s lOd ; shares withdrawn, L 5887 18a ; shares matured, L 4308 9a 9d : insurances, L 177 1& Id; charges, rent, advertising, stationery, &c, LlB2 7s 2d: salary account, L 412 12s 6d ; Bank of New Zealand, Duuedin, L 45.437 0s 7d; do do Oamaru, L 1579 3s sd ; do doJPalmerston, L 689 Is 4d ; Port Chalmers Branch, LlO 9d 2d ; Palmerston Branch, LI 95— L96,826 4s Bdi PBOSIT AND LOSS ACCOUNT. ' To bonus 15 per cent, to participating shareholders, L 4077 8s Id; charges account, stationery, rent, and sundries, L2lB 83 2d ; salaries, L 420 2s 6d ; balance carried forward, L 590 Us 10d— L5,306 10s 7d. By balance from last .year, LSB lls lid ; entrance and transfer fees, L 331 14s 6d ; fines account, L 390 18s sd ; withdrawal fees, L9B 7s; : redemption fees, L52 12s 2d ; interest account, L 4374 6s 7d— L5306 10s 7d. ' • LIABILITIES AND, ASSETS. To shareholders' account, L 34,568 1& ; debenture holders. L 23,170 15s lid ; Bank of New 'Zealand, Dunedin, L2OOO 0a lid ; Bank of New Zealand, Palmerston, Is ; sundry creditors, L 6 12s Id; cash, 10a; profit and loss account balance to new year, L 590 lls 10d.— L60,337 By amount at debit of borrowers, L 60.105 Is 3d ;• sundry debtors, L 54 2s : property account, L3O; agency account, LU 15s 8d; Bank of New Zealand, Oamaru, L136 10a 10d.— L60,337 9s 9a. ! Thos. Callendeh, Secretary. AODITOES' BEPOBT. "We have examined the books and vouchers, and seen the deeds and securities of the properties' held by "The Commercial Building and Mutual Investment Society" of Danedin, and we certify that the above balance-sheet exhibits a correct view of the state of the Society's affairs as at December 17th, 1876. ■ . _ D. ESTLEB BLACKE 1 . „. • ' D.S. Cubbie J Auditors. , The Chairman, in moving the adoption .of ihe report, referred to the great progress which the Society had made since it was established. Mr- Gibson seconded the motion, which was put and carried.