SOUTHLAND BUILDING, LAND, AND INVESTMENT SOCIETY.

Southland Times, Issue 1741, 16 May 1873, Page 3

SOUTHLAND BUILDING, LAND, AND INVESTMENT SOCIETY.

The annual general meeting of the shareholders of the above Society was held in the Courthouse on Wednesday evening, 14th inst. There was a verylarge attendance of members on the occasion. After the roll had been called, the President read the annual report aa follows : — "In presenting the fourth annual report to the shareholders of the Society, the Committee desire to congratulate them on the success which has attended the operations of the Society under the amended rules. When the change in the rules was effected, there were 1052 shares held by 195 members; at the close of the financial year, viz , the 30th of April last, the Society comprised 282 shareholders, who held 1509 shares, showing an increase during the year of 4-57 shares. In connection with this, however, it has to be stated that the power to withdraw having come into operation during the year, 124 shares have been withdrawn, which, although at first sight a seeming disadvantage, has proved otherwise, resulting in £148 16s being placed to the credit of reserve fund account. As the shareholders aie aware, this account can only be apportioned every three years. During the year the profits of the Society have amounted to £805 19s 6d. This has been credited in accordance with rule 15 of the Society's Rules, and will represent an amount equal to 15s 6d on the old paid-up shares, the new shares receiving their proportionate quota ; and a balance of £24 16s lid has been carried forward to the credit of profit and loss new account. This result, considering the ex penses incurred throngh changing the rules, the amount placed to the credit of reserve fund account, and the total absence of premiums, which largely contributed to the profits of former years, must be considered very satisfactory. " From the balance sheet it will be seen that the sum of £6 17s 2d represents the

unpaid fine 9, which is evidence that the members are comparatively regular in their payments. " During: the year there has been a steady demand for money, which the ordinary income of the Society has been unable to supply. The Committee therefore exercised the borrowing powers conferred by the rules, and after negotiating with the different Banks, arranged as a temporary measure for an overdraft. Subsequently, owing to the favorable state of the money market, the Committee decided to issue debentures in accordance with the Society's rules, and it affords them great pleasure to state that the Society's debentures are now in active request. The Committee hope, however, that in the course of another year the profits made by the Society will be so j large that they will induce a great in- ! crease of investing members, who will supplant debenture holders. " The gentlemen who were Trustees at the last annual meeting having resigned during the course of the year, the Committee appointed Dr Grigor, J. W. Matchell, Esq., and James Black Jock, Esq , to fill the vacancies. . " The large increase of the business of the Society has considerably augmented tbe labors of the Committee, who have held 74 meetings during the year. In accordance with the rules of the Society, all the members of Committee retire, with the exception of Messrs Barham and ! Trew, but the retiring members are eligible for re-election. ""You have also to elect a President and one Auditor for the ensuing year. ! "In conclusion the Committee think they are fairly entitled to claim that the operations of the Society have exercised a beneficial influence on the appearance and prospectsof the town and neighborhood, and would confidently recommend it as being worthy of the support and confidence of all classes of the community." The following is tbe balance sheet : — Db. Eeceipts. To cash balance from last year ... £161 611 — Amount purchased last year, but not theu taken up ... ... 385 00 j — Share subscriptions ... ... 3581 8 5 — Interest 951 15 6 — Fines 80 17 7 — Transfer Fees ... 11 4 0 — Shares realised released ... 725 0 0 . — Advances on Shares repaid ... 90 0 0 — Insurances ... ... ... 86 19 11 — Books and Sundries ... ... 10 11 6 — Overdraft at. Bank 399 12 0 — Mortgage charges paid by Members 113 2 2 — Debentures 3750 0 0 — Entrance Fees 75 7 6 £10,422 5 6 DISBT/BSBMBNTS. Cb. By amount due on advances at close of last year £341 7 0 — Shares realised ... 8156 16 0 — Mortgage charges 103 4 0 — Advances on Shares 314 0 0 — Secretary's Salary 80 0 0 — Auditors' Fees 6 6 0 — do do intromissions ... 2 2 0 —J. Clark, attendance at Courthouse 5 0 0 — Discount on subscriptions paid in adrance ... ... ... 516 5 — Printing and advertising ... 29 13 9 — Books and Stationery ... ... 25 15 6 — Legal expenses ... ... 9 16 8 — Sundries ... ... ... 6 8 11 — Insurances ... ... ... 91 3 8 — Shares withdrawn 1102 1 0 — Interest paid ... ... ... 45 8 7 — Payment of Committee ... 75 9 0 — Secretary's Bouus ... ... 21 17 0 £10,422 5 6 Liabilities. To Members' shares ... £13,561 7 4 — Adjustment of Profit Account 90 11 6 — Debentures 3750 0 0 — Mortgage Charges due, not paid 9 18 2 — Overdraft at Bank of Otago ... 399 12 0 — Reserve Fund 14S 16 0 — Balance of Profit and Loss Account 24 16 11 £17,985 111 Assets. By Shares realised ... £17,750 0 0 — Advances on Shares ... ... 224 0 0 — Unpaid Fines 6 18 2 — Insurance Account ... ... 4 3 9 £17,985 1 11 PBOFIT AND LOSS ACCOUNT. To Secretary's salary £80 0 0 — Auditors' fees ... ... ... 6 6 0 — Do do intromissions 2 2 0 —J. Clark, attendance at Courthouse 5 0 0 — Discount on subscriptions paid in advance ... ... ... 5 16 5 — Printing and advertising ... 29 13 9 — Books and stationery 25 15 6 — Legal expenses ... ... ... 9 16 8 — Sundries 6 8 11 — Payment of committee ... 75 9 0 — Secretary's bonus 21 17 0 — Interest paid Bank 45 8 7 — Interest on debentures, reserved 90 11 6 — Amount credited to Members' Shares 781 27 — Balance to Profit and Loss new account 24 16 11 £1210 4 10 By Balance, Profit and Lobs, old account £27 15 9 — Interest 951 15 6 — Fines 73 0 7 — Transfers 11 4 0 — Premiums and Interest reserved last year on amount invested in advance ... 60 10 0 — Entrance Fees 75 7 6 — Books and sundries 10 11 6 i £1210 4 10 The balance sheet was taken as read, and after a few congratulatory and explanatory remarksby the President, including J the reading of the auditors' report, the report and balance sheet were unanimously adopted. The President (Mr J. Walker Bain) was unanimously re-elected, as were also the following retiring members of committee : — Messrs Eose, Matheson, M'Ewan, Garthwaite, Strang, Blackwood, and Tapper. Mr Thomas Perkins was re-appointed auditor for the Society, and tbe sum of £6 6s was voted to the auditors as remuneration for their services during the past year. The question of the Secretary's salary having been brought under consideration, it was proposed by Mr Goodwillie, and seconded by Mr Hunter, that the salary should be £150 per annum. An amendment was proposed by Mr Sangster, and seconded by Mr P. M'Ewan, to the effect that tbe salary should be £120, with a bonus of Is per share on all shares issued during the year. On being put to the meeting, the amendment was carried. Votes of thanks to the President and members of committee closed the proceedings.

THE SONS OF TEMPERANCE SOIREE. i -«■ If the adherents in Invercargill to the principles of total abstinence, subdivided into " Gocd Templars," " Sons " and " Daughters of Temperance," " Rechabites," and the other multifarious ramifications of the teetotal tree, be really as numerous as a stranger might infer from the gathering on Wednesday eveningatthe Drill-shed, the good cause has no lack of supporters. The unfavorable weather, and the gatherings of the evening, noting especially the annual meeting of the members of the Building Society, absence from which entailed a fine of half-a- crown, might have reasonably accounted for a failure Failure, however, there was none; the Drill-shed was well filled ; the ministering to the creature comfort of the visitors was, as might have been expected, without hitch or break ; and a settled aspect of goodfellowship and enjoyment was everywhere apparent. The P.W.P. of the order of the Sons of Temperance, Mr D. Ross, presided. The Rev. Messrs Stobo and Westbrook were present to inculcate the advantages to be derived from the practice of sobriety in its connection with the sick fund of a benefit society. The Secretary's report showed some increase on last year. Mr Twinning at tbe pianoforte, and the lady and gentleman amateurs usually met with in festive gatherings, rendered their assistance very effectively, and all concerned contrived to pass a very pleasant evening.