TIMARU PERMANENT MUTUAL BENEFIT BUILDING AND INVESTMENT SOCIETY.

South Canterbury Times, Issue 3107, 17 March 1883, Page 3

TIMARU PERMANENT MUTUAL BENEFIT BUILDING AND INVESTMENT SOCIETY.

The thirteenth annual meeting of the Society was held last evening, in the Sophia street Hall. Mr J. H. Suiter, Chairman of the Board of Directors, presided, and there was a fair attendance of members. Copies of the report and balancesheet were distributed among those present, and the Chairman in a short speech set forth the advantages of the Society to the working classes. The report showed that during the thirteen years of the Society’s existence, there had been paid Investors’ interest, £10,917 ; investors’ bonuses, £5,478 ; total £16,395, being an average of 12 per cent per annum to investors. Ihe expenses of management were at the rate of £3lB per annum, and there was a balance in hand of £742 3s 6d, The borrowers’ rate of interest was stated as “ a shade over 9 per cent.” The Chairman then moved the adoption of the report and balanceMr J. Jackson corroborated the remarks of the Chairman, and seconded the motion. He that there remained a balance of undivided profits of £946 13s. . Mr Kimber rose to ask a question, but The Chairman said the Secretary having reported that Mr Kimber was not a shareholder, he could not allow that gentleman to speak ; he would, > however, explain in reply that bonuses were not paid on interest, but on the portion of principal which a shareholder returned in the year. He wished to remark that all proxies must be lodged with the Secretary 48 hours before the meeting. He therefore could not allow Mr Kimber to announce himself - now as a proxy for his wife, who was the holder of the property. Mr Filmer remarked that if the bonuses had not been fairly distributed the auditors would not have passed the books. . , Mr Fraser said the Chairman had spoken to the point. Mr Kimber s statements in a recent letter to the South Canterbury Times, were wholly false, and consisted of clap-trap statements which were not truthful or British. He had intended replying to the letter as Auditor, but the officers of the Society bad dissuaded him from .doing so, not deeming it worthy of notice. Mr Kimber rose to reply to Mr Eraser’s remark, when the Chairman interrnpted him and said that he had no locus standi , and he could not allow any reply. He proposed that every member should be furnished ,witha copy of the accounts, so that he might judge for himself what was the real state of Mr Kimber’s case. Mr Kimber—Do you, sir, persist in stifling my voice ? The Chairman—You have no locus standi here. A shareholder—Can Mr Kimber not be allowed to speak? The Chairman—The property is his wife’s, and he should have_ qualified himself as proxy for his wife, if he wanted to speak. Mr Kimber again rose, but Mr Jackson proposed that Mr Kimber be'aii'jwed to a ' r his grievances. This W M S Rnwpr .'reposed, and Mr Gibson report and b was taken, resulting intmajority of six against Mr Kimber be i3f I Hart compared the balance sheet of last year with this year s. xl® found there had been a falling off of £SOOO in borrowing this year, which was due to the bad state of the times. It was very satisfactory to find the Society flourishing in spite of adverse circumstances: . The report and balance sheet, as read, were unanimously adopted.

election of directors. The Secretary said no new directors had been nominated, and it remained now for the meeting to elect directors, Mr G-ibson moved, and it was seconded and carried nem con —“ That the retiring Directors, Messrs J. H. Sutter, A. J. H. Bower, and A. Hart be re-elected. auditors. n S LVftPQr rohnnH services 10 the

past were eulogised by the Chairman, was re-elected Shareholders’ Auditor, on the motion of Mr Gibson, seconded by Mr Harris.

The general meeting then terminated. A special meeting was held immediately afterwards, at which the new rules were unanimously adopted, and the proceedings terminated with votes of thanks to the directors and officers.