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SOUTHLAND Building Society.


The annual meeting was held in Allonj’s Hall oh Tuesday evening, and wasi attended by about 50 shareholders. The President (Mr Erskine), in moving the adoption of the report, commented on the steady advancement the Society was making, and stated that the business done this year exceeded that of any previous year, and they were able to declare a dividend at the rate of 6 per cent. In reference to the auditors’ fees, Mr C. W. Brown moved that these should be increased to £3O, and that this year a bonus of £5 should be voted to them, for their services. In the course of his remarks Mr Brown said that in the Registrar General’s census returns for 1906, just issued, the Southland Building Society stands second out of a group of 97 societies, in regard to the number of shares and advances, and first in regard to the number of borrowing shareholders. The motion was carried. Messrs Cuthbertson and Allen returned thanks. , Mr Proggatt moved that a bonus of 5 per cent, on their salaries be given to the secretary and his assistants 1 , who are ever ready to give any information required. Mr Brown has been a worthy servant, and with him and the general staff the shareholders can rest assured that the work will be well done. —Carried. Mr J. Kingsland received, on the motion of Mr Stead, a bonus of £25. Mr Kingsland has taken a lively interest in the welfare of the Society, and has acted as president while Mr Erskine was on a visit to the Old Country. The President stated that Mr C. W. Brown had prepared a concise statement of the business of the Society since its inception in 1870, during which it was shown that the rates of interest charged to borrowers had fluctuated as follows :—IB7B, 10 per cent. ; 1882, S per cent. ; 1884, 9 per cent. ; 1885, 8 per cent.; 1895, 7 per cent. ; 1897, 6 per cent.: 1899, 5 per cent. ; and in 1905 had been fixed at 5-J- per cent, which rate, j was still adhered to. Profits had also varied considerably ;—lBBl to 1884, 10 per cent. ; 1889, 8 per cent. ; 1890 to 1894, 7 per cent. ; 1895 to 1896, 6i- per cent. ; 1897 and 1898, 5 per cent. ; 3899, 4J per cent. ; 1900, 1901, 4 per cent. ; 1903 and 1903, 4-J per cent. ; 1904, to 1906, 5 per cent. ; and 1906, 6 per cent. Mr R. P. Cuthbertson suggested that the rules should be altered and brought more up-to-date. He did not think that £SO a year now paid to the President was in any way' adequate to the work involved, and it was unanimously carried’that the incoming directors consider the question of revising the rules. The election of officers followed, and the committee appointed announced the insult of the poll as follows : President ; Mr R . Erskine (unop- , posed). Directors ; Mr J. Kingsland 267 Mr C. W. Brown 265 Mr R. J. Gumming 232 Mr J . E. Hannah 213 Mr J. S. Baxter 135 Mr W. Wesney 115 Mr J. Murray 102 Mr W. H. Hall 92 Mr R. Meredith 84 Mr J. F. S. Hiddleston 71 Auditors : Mr R. Allen 228 Mr Dickenson 150 Mr Hunter 117 Informal —Shareholders 9 ; auditors 34. The President announced that Messrs Kingsland, Brown, and Gumming were duly elected to the directorate, and that Mr R. Allen had been chosen as auditor. < In returning thanks Mr Kingsland said it was about the twentieth time he had held office, and ho would watch the interests of the shareholders. The working expenses of the Society, in proportion to the work done, will be the lowest on record. Mr Brown took considerable interest and pride in the Society, and j would stick to his post as long as i the shareholders wished. Mr R. J. Gumming would be ever watchful in the interests of the shareholders, and do his best to further the affairs of the Society. Mr Allen, the auditor, was in a happy frame of mind, and commented on the number of informal votes (34), and jocularly remarked that the

shareholders should take more interest- in the election of auditors than directors. Mr T. F. Macdonald mentioned that a number of shareholders had overlooked the auditors’ names on the paper, and thought that in future they should be printed on separate papers, but the President explained that they had tried several different styles and had not obtained better results. Mr Cuthbertson said the ballot papers this year were a decided improvement on those of previous years and; he did not think separate papers would bo any better. The usual complimentary votes closed the meeting.

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Bibliographic details

SOUTHLAND Building Society., Southern Cross, Volume 15, Issue 8, 25 May 1907

Word Count

SOUTHLAND Building Society. Southern Cross, Volume 15, Issue 8, 25 May 1907

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