S. C. Building Society.

South Canterbury Times, Issue 5004, 11 May 1889, Page 2

S. C. Building Society.

Tlie sixth annual meeting of shareholders of the South Canterbury Building and Investment Company was held at their offices last evening. There was a fair attendance of shareholders, and in the absence of the chairman of directors, Mr B. G. Kerr, through illness, Mr J. T. Warren was elected to preside.

After routine the report and balance sheet were read as follows :

“ The directors beg to present their report and balance sheet for the seventh financial year of the company. “The business during the past year has been very restricted, partly owing to the difficulty of obtaining satisfactory securities, and partly to the abundance of funds offering for investment at low rates of interest.

“ The profits for the year amount to £2OBB 17s Bd, from which an interim dividend of 3J per cent was paid in October last. From the balance of undivided profits, £32510s Id, we now recommend the payment of a further dividend of 3fc per cent, making a total of 7 per cent for the year. “ The following directors retire by rotation, but are eligible for re-election: —Messrs Kerr and Qedye. “ The retiring auditors, Messrs Grrtcgcraud Fraser, are eligible for ro election."

Tho chairman shortly reviewed the report and balance sheet, and then moved their adort'on.

The motion was seconded by Mr J. Crawford, and carried unanimously. On tho motion of Mr Granger, seconded by Mr Pratt, the number of directors was reduced to five.

The retiring directors were then re-elected on the motion of Mr Mcikle, and the auditors on the motion of Mr Qedye. Hearty votes of thanks were passed to tho chairman and the manager, which were suitably acknowledged, and the meeting terminated.