THE PERMANENT BUILDING SOCIETY OF NELSON.

Colonist, Volume XLV, Issue 10415, 22 May 1902, Page 2

THE PERMANENT BUILDING SOCIETY OF NELSON.

THE FORTIETH ANNUAL MEETING.

The fortieth annual meeting of tho above Society was held in the Board Room ',Messrs Rout and Sons building, last night, when Mr E. Finney presided, and the other directors! present included Messrs Bethwaite, Johns, Snodgrass, Gully, Trask, Baigent, Topliss, and Kerr. The minutes having been confirmed the report and balance sheet were taken as read. The auditors report was read as follows : — "Nelson, May 14th, 1902. ' ' To the Directors of the Permanent

Building Society. "Gentlemen,— After having completed our annual audit of the books and accounts of the Society, also the division of profit, and the balance sheet, together with the vouchers relating thereto, and having gone through the securities held for loans advanced, with the insurances, we have much pleasure in reporting to you that we find the whole correct, and in good order, and would wish to state that the whole are kept in a clear and satisfactory manner, also to thank the Secretary for the courteous manner in which he has, whenever required, assisted us, during the past year. We have, etc. , J. B. Sadd, ) Auditora . A. E. Smakt, ) The Chairman, .in moving the adoption of the report and balance sheet, said that for 40 y«ars the management of the Society had been n the hands of two men— Mr W. Rout, senior, and Mr George Rout, his son. The facfc showed that the directors had the greatest confidence in those gentlemen. During the past year the Society had been very successful. They had lent out £12,687, and tLthatje night they had agreed to lend another £2,000. Their total loans exceeded £50,000, and, the

cost of management had only been £495 18s *,Bd. From the balance* sheet thejt would see that only the small sum? of £9 14s 8d was in arrears as interest due, and the fines for the tw«lve months only amounted to £6 9s 2fd.^ This showed that the people oft Nelson were in a good financial (position. The bulk of the money hafl been lent on new properties the directors strongly objected to lending n ioney on old and dilapidated buildings, and they tried to encourage! building. Owing to the Workers (Compensation Act all their borrowers? had to insure, but the di recto rsjnad been able to make very satisfactory arrangements for that. At last annual meetiDg it was proposed toj alter the rules so as to do away wjith night meetings for the receipt t>f subscriptions, and providing than those might be payable on two days. The rules were altered, and ths new arrangement had "worked very satisfactorily. There had been no complaints, and the change had proved a great convenience to shareholders. Mr E. Snodgrass seconded the mo/tion. He was sure every shareholder felt satisfied, and he thought the best proof of that was afforded by shareholders not appearing in .^umbers. The results were compli/mentary to the managers and directors. He did not think there was any society as satisfactorily managed. He was recently discussing the Society with a gentleman from England, who, after comparing notes, • said he was bound to confess that the society was a model one — especially when he heard that it was managed at a cost of under one per cent. Mr Trask thought the shareholder should be well satisfied with . the management of the Society. Mr W. Rout, and the present Secretary, Mr George Eout, had both proved themselves good men, and the directors spent many hours, and were very careful in watching the interests of all. It was remarkable that only about £9 was owing, and that was by one person, who was away, or it would not not have been owing. He did not think any business could be better conducted. Mr Snodgrass remarked that he thought the Society might take credit for being the medium of practically rebuilding the town, for a very large number of residences and business places had been erected by means of the Society. Mr Maginnity said he concurred with the utterances of previous speakers, and agreed that the management and directors deserved the best thanks of the shareholders, but there was a matter that occurred to him, and he did hot mention it with a view to throwing down the apple of discord, but that the directors might consider it at an early date. He ventured to say he was expressing the opinions of a great many shareholders when he suggested that the directors should take into consideration the desirability of getting special offices, and officers whose whole time would be devoted to the Society. He said that with all regard for the gentlemen who had occupied those offices for so many years, and no one appreciated them more than he did — but the thought had occurred to him, and he ventured to say it was of the greatest importance. Mr Snodgrass had pointed out that the cost of management had been under one per cent on the amount of money dealt with, but he doubted whether that was a correct view to take*of the cost, and he thought it fair that the cost should be set against the actual earnings of the year. He was not going to say that the costs were more than they ought to be, but he did say that the Society had attained such importance that it ought to have its own offices, and a permanent staff, wnose sole attention should be devoted to the affairs of the Society. He was not reflecting on the present Secre^ tary or directors, but he threw out the suggestion for consideration between now and the next annual meeting. Their only aim was the prosperity of the Society, which had been the means of providing homes for very many people, and he thought that . the Society would carry out its aims more completely when it had its own office, and a secretary devoted solely to its business. He did not put this forward as a subject to be debated that night, but for future consideration, and he should be pleased to see the present Secretary continue to manage the Society, for he was an able officer. He did not say that gentleman was over paid, but he did say that the whole of his services ought to be at ; the disposal of the Society. It was not desirable that a secretary should be in a firm doing business in the city, and if the salary was not sufficient they should rote mow. The report and balance sheet were then adopted unanimously. The Chairman declared Messrs Finney, Gully, Haddow, • Snodgrass, ana Topliss duly elected directors, and Messrs Sadd and Smart as auditors. Mr Baigent said the Chairman had , mentioned that that was the 40th i annual meeting of the Society, and he thought such an occasion should \ be celebrated. The Chairman had also mentioned that for 40 years the Society had been under two mana- ' gers. He would like to propose that ' a letter be sent to Mr Rout, senr., expressing their deep gratification at v the continued success of the Society, which was' largely due to that gentleman having put the Society on a sound and business footing, also that they express their good wishes for his i. health and prosperity. Mr Gully said he had been a direcor when Mr W. Rout was Secretary, " and was glad to bear testimony to the good work done by that gentlel man. He seconded the motion, I which was carried unanimously, it 3 being understood that all the ilirec- , tors should sign the letter. , * The Chairman said the directors ! would bear in mind the matter referred to by Mr Maginnity. 1 On the motion of Mr Maginnity, t seconded by Mr Lock, a hearty vote of thanks was accorded the Chairman and directors for the good services rendered by them. The Chairman acknowledged the vote, and said they would try to do their best during the next term. The meeting then closed. At a meeting of the directors, Mr ' Finney was re-elected Chairman; ' Messrs Bettany, Baigent, and Snod--1 grass were appointed to the Finance Committee ; and Messrs Finney, Topliss, and Bethwaite to the Survey Committee.