SOUTHLAND BUILDING, LAND AND INVESTMENT SOCIETY.

Southland Times, Issue 2118, 17 May 1875, Page 3

SOUTHLAND BUILDING, LAND AND INVESTMENT SOCIETY.

The annual general meeting of the above Society was held in the Council Hall, on "Wednesday evening, I2fch inst. There was a large attendance of share holders. The minutes of the previous meeting having been read and the roll of members called, the report was read by the Presideut, as follows : — The Committee have much pleasure in submitting the sixth Annual Keport to the Shareholders. At the end of the last financial year, the Society comprised 410 Shareholders, who held 1978 Shares During the year 1016 Shares have been taken up by 201 Shareholders, and Ll3 Shares have been withdrawu. There are at present 589 Shareholders, who hold 2879 Shares. During the year only two Shares have been forfeited. From the Balance Sheet, it will be observed that the amount of profit during the twelve months has been £2305 19s Id. After deducting the amount paid as interest on Debentures, expense of management, &c. a net balance of £1465 17s 9d remains to be divided among Shareholders accord ing to rule 15, which will represent an amount equal to £1 4s Gd on the old Shares, 10s Gd on Shares of three years' standing, and a proportionate amount amongst the newer series of Shares. The Committee have much satisfaction in stating that they have had no claim whatever on the Reserve Fund, which this year, in accordance with the rule, falls to be divided amongst Shareholders of not less than three years' standing. The amount to the credit of the fund is £299 Bs. This will yield 6s Gd to old Shares, and 2s lOd to Shares wh'ch have been held for three years, leaving a balance of £7 3s Gd to be carried to Eeserve Fund New A ccount. The Committee have held 57 meetings during the year, and in accordance with the Eules, Messrs Kose, McEwac, Tapper, Trew, Matheson, and Blackwood retire, but all the retiring members are eligible for re-election. It will be your duty to elect a President and Auditor for the ensuing year. There has been a very active demand for money during the past year, and the Committee have experienced considerable difficulty in providing funds to keep pace with the requirements of the borrowing members. After mature consideration the Committee have decided to bring certain proposed alterations in the rules before the Shareholders at the Annual General Meeting. These have been duly advertised in accordance with the provisions of the Building Society's Act, and will be submitted in the course ot the evening to the meeting. The Committee have endea\ored to exercise the borrowing powers of the Society by issuing Debentures. The total amount raised in this way is now £4820. In order to show the ci nfidence which capitalists repose in the Society, the Committee have much phasure in stating that one sum of £8000 has remained in their hands for nearly three years, and has just been renewed for a further period. The Committee are likewise glad to find that small sums have been attracted to the Society in the way of applications for Debentures. The rise that has taken place in the value of property has greatly enhanced the securities held by the Society. The Committee have exercised due caution in dealing with properties which have been submitted during the year, and are convinced that the Society now occupies a thoroughly sound and healthy position. The Committee believe that the habits of frugality which have been cultivated through the operations of the Society have been the means of placing many members of the community in a position, which they could not otherwise have attained, of comfort and independence, and it is to be hoped that, year by year, its increasing strength will enable the Committee to extend the sphere of the Society's usefulness. The balance sheet wag taken as read. It showed that the receipts during the year had been £19,G0G " 17s Id. The amount paid on shares realised was £12,150 ; advances on shares, £136, and shares withdrawn, £1100 10s 2d. The liabilities were stated at £30,561 4s 4d, and the assets placed against this are as follows:— Shares realised, £29,575; advance on shares, £261- ; unpaid fines, £36 6s Id ; insurance account, £33 9s Gd ; balance in Bank, £554 8s 9.1 ; furniture, &c.,£68 ; making a total of £30,561 4s Id The auditors' report, which was also read, stated that the securities of the Society were all duly accounted for, and the various items of expenditure were properly vouched. In moving the adoption of the report nnd balance sheet, the President directed attention t@ the wonderful increase during the year in the number of shares held in the Society, representing nearly 50 per cent. That day, which was the commencement of a new quarter, about 130 new shares had been issued. The amouut credited to old shares, with the addition of the reserve fund, was £1 11s per Bhare. If the series matured in seven years, the profit would be equal to 9 per cent. The profit credited to new shares, estimated on the fortnightly payments, was equal to 9 per cent. The motion having been duly seconded, the report and balance sheet were unanimously adopted. The meeting proceeded to the election of officers to fill the places of those who had retired by rotation, when Mr J. "Walker Bain was re-elected President ; Messrs Eose, McEwan, Tapper, Trew, Matbeson, and Blackwood, members of Committee ; and Mr Thomas Perkins, auditor. The sum of teu guineas each was awarded to the auditors for their services. The Secretary's salary was increased to £210 per annum, with a bonus of one shilling per share on all new shares issued during the year. On the motion of Mr McEwan, the Committee was instructed to procure suitable office accommodation. Votes of thanks having teen accorded to the officers, the business

of the annual meeting was brought to a close. SPECIAL MEETING. The Secretary then rv.nd the notice! convening the special meeting of shareholders to consider certain proposed alterations in the Society's rules. Mr Trew, in proposing the first amendment, explained that the Committee were averse to making any change in the rules, but those that were now proposed had been forced upon them by the great increase in the Society's business. The motion he had to propose would recommend itself to the shareholders. It was as follows : — The second and fourth clauses of the Fifth Rule are hen 1 by repealed. For the purpose of receiving the subscriptions and all other payments clue or payable under the I rules of the said Society, attendance will be given i in the Courthouse, Jnvercargill, or such other place as the Committee may from time to time iiwfully appoint, between the hours of ten o'clock in the forenoon and half past two o'clock in the afternoon, and nlso between the hours of seven o'clock and nino o'clock in the evening of every alternate Wednesday, upon which day the subscriptions shall be due and payable. Payments of subscriptions may be made in advance, for which discount at the rate of two p<.unds ten shillings per centum per annum, or :it such other rat.' a? the Committee may from time to time in that behalf by resolution appoint, shall be allowed (or periods of not less than six months. The motion was duly seconded and carried unanimously. Mr Trew proposed the next amendment in the following terms : — The Annual General Meeting of the Society shall be held on the Wednesday next ensuing the (iist subscription night in May in each year, at 7.30 p.m., in lieu of the time fixed by the second clause of the Seventh Rule. This was also carried, nem con. Mr Tapper, in proposing the next alteration, said that the Committee had applications from borrowers for about £5000, but owing to the high rates now current for money, considerable difficulty was experienced in providing funds to meet this large demand. It had therefore been decided to recommend that the Committee should have discretion to raise or lower the rate of interest in order to meet the fluctuations of the money market. He proposed — The second clause of the Ninth Rule is hereby repealed. When a shareholder receives an advance, he shall pay interest upon the full amount from the dav of allotment thereof, at such rate oi interest, not being less than ei»ht pounds per centum per annum, nor more than ten pounds per centum per annum as the Committee shall from time to time in t) at behalf by resolution fix and appoint, and such interest shall be payable along with the said shareholder's subscriptions, and he sha Ibe subject and bound to pay Gncs for arrears o interest at the same rate as and in addition to the fines provided in the said rules with regard to arrears of subscriptions. No resolution of the Committee fixing or altering 'he rate of interest shall come into force unt:l ten days after the passing thereof, and until it shall have been published at least twice in some newspaper circulating in Inverc irgill. Dated this tenth day of April, ono thousand tight hundred and seventy five. The motion was seconded by Mr J. W. .Mitchell. Mr Rose opposed the motion, and an animated discussion ensued. Finally, the motion was carried, only two members dissenting. It was proposed by Mr J. A. Fredric and carried, that it be a recommendation to the Committee that discount on payments in advance should be at the rate of 5 per cent, per annum. This closed the business of the special meeting.