Imperial Building and Investment Society.

Otago Witness, Issue 1581, 4 March 1882, Page 19

Imperial Building and Investment Society.

The eighth annual meeting of this Society was held on Thursday in the rooms of the Young Men's Christian Association, Moray place. The President (Mr A. Rennie) occupied the chair, and there were between 20 and 30 members present. DIRECTORS' BEPOIVT.

The directors submitted their report, embracing the year ending Bth January, 18S2, as follows :—

The transfer of the business of the Union Building Society, reported last year as then under negotiation, was in the early part of this year completed in terms of the resolutions passed by the shareholder* of both societies. The Society has not during the year transacted so much business as the Directors could have wished, but the period has been marked by a dearth of such securities as it wa3 considered advisable to accept. The Directors truat that tbe time is at hand when there will be found a greater demand for mouoy than has been experienced since the late general depressfon set in. The Society s rules present every facility to both borrower and investor. A security some time in the books has been realised, an offer having been made which it was decided to accept, in order to close off the account. But for this the profit and loss account would show nearly 10J per cent. As it is, the result is over 8k per cent., or equal to £1189 2s sd ; and of,ttnß sum the Directors recommend the division of 8 per cent.— say £1104 12s lOd, and the addition of £84 Os 7d to guarantee fund, which would then stand at £144 8s lid. Messrs Palmer, Carter, Drummond, and Douglas retire from the directory, and Mr Black's term ias auditor expires, hut all are eligible for re-election, except Mr Douglas, who has recently left the province. The report was taken as read. Mr Reeves asked if the auditors when auditing the balance-sheet were thoroughly conver, sant with the agreement between this Company and the Union Company, and in the event of their having been so acquainted, would they give their assurance that all the items were, m strict accordance with that agreement. j The Chairman stated that he believed they Mr Reeves would not be satisfied until the question was answered, and if they could not give a decided answer, he would move that the meeting be adjourned for a week, by whjen time he might be able to obtain the mfonhation. . . , .] , After some further discussion it was decided that the report be adopted, Mr Reeves entering his protest.

ELECTION OP OFPIOEBS. For the four • vancancies on the Board of Directors, Messrs W. H. Quick, John Hewraa, Robert Wilson, F. Palmer, James M'Grill,- U T. Clarke, and C. Carter were proposed, and on a ballot being taken the following gentlemen were declared duly elected :— Messrs Hercus (21), Wilson (21), M'Gffl (16), and Palmer (14) Messrs Palmer and Carter polled 13 votes each, and the Chairman gave his casting vote in favour of the former. Mr Thomas Black was re-elected auditor.