FORTY-NINTH ANNUAL MEETING OF SHAREHOLDERS.

Colonist, Volume LIII, Issue 13109, 18 May 1911, Page 2

FORTY-NINTH ANNUAL MEETING OF SHAREHOLDERS.

The forty-ninth annual meeting of the shareholders of the Permanent Building Society was held last evening. Mr.H. V. Gully (chairman of directors) presided, and the other directors present were, Messrs ~W. Bethwaite, S. F. Bolton, P. Bond, I Johns, L. Kerr, J. C. Mercer, E. T*. Savage, W. W. Snodgrass, and E. E. Trask. The general body of shareholders was represented by Messrs Leaper and Thompson, who had been recently elected to the directorate, one auditor, and other two shareholders.

Before proceeding with the regular business the Chairman referred to the death of Mr Wm. Haddow, who, he said, had filled the office of direotor for many years with credit to himself and satisfaction to tha directors and shareholders. He considered that it was appropriate that the first business should be the passing of a vote of condolence with the family, and he moved that this be done.

Mr Bolton seconded tha motion, which was carried.

Tho printed report and balanco sheet was taken as road.

_ The Chairman, in moving the adoption of the report and balance sheet, said that there were no fresh features calling for explanation, the result of the year's working being very similar to that of previous years—very satisfactory. Profit to the extent of £2447 had been earned, and the directors had declared dividends at five per cent, the rate charged borrowers. In addition £200 had been added to reserve fund, and after providing for liabilities there remained £166 to carry forward. It was an extremely satisfactory state of affairs. (Hear, hear.) The motion was seconded by Mr J. C. Morcer and carried without further remark.

The auditors' report was read. The Chairman announced that the result of the election for directors had been, J. C. Mercer and W. W. Snodgrass, each 46 votes, W. Thompson 33, C. Leaper~29, W. Lock 24, J. Wigzoll 23. Tho first four named he declared duly elected for a three years' term. Mr Leaper expressed his thanks to shareholders, stating that he did not see that any reforms were called for as the management appeared to be satisfactory, and ho would be glad to do his best to assist.

Mr W. Thompson spoke in a similar strain.

The re-olrction (by the directors) of Messrs Catley and Milner, as auditors, unopposed, was announced. Mr Bolton moved that a hearty vote of thanks be accorded Mr G. Rout, the secretary, and his staff for the excellent manner in which their dutios had been performed.

Mr Snodgrass seconded the motion, saying that Mr Rout was evidently the right man in tho right place. He remarked upon management expenses of so large an institution being £568 only for the year. The motion was carried, and Mr Rout, in acknowledging the vote, alluded to tho smooth working of the Society's business.

Mr P. Bond stated that at tho conclusion of the meeting of directors, which had preceded the general mooting, a resolution had been passed placing on record tho regret of tho directors at losing tho services of Mr Gully as a director, and appreciation of his services in that capacity for some 30 years. Ho then moved that the meet^ ing of shareholders pass a similar resolution. Ho said that Mr Gully had decided, as he lived so far away and wished to avoid the necessity of coming out at night more than was necessary, to retire from the directorate. He had been for the last six years chairman of the board, and had displayed unfailing courtesy, tactfulncss and ability in his occupancy of the position. He had been of groat assistance to his fellow directors, who would miss him very much.

Mr W. Thompson seconded the motion, saying that lie had personal knowledge of the untiring energy and unselfishness which Mr Gully displayed in any work he undertook. He was a man who was always actuated by the highest motives.

The motion was carried unanimously with acclamation, Mr Gully, in acknowledging the vote, said that it was 31 years since he took office as a director, in May 1830. He held office till 1890, during six years of which he was chairman. From 1890 to 1896 he was off the board, but then resumed, and during the past six years he had again been chairman. It had been to him a pleasure to act as a diroctor. The business had always heen conducted as it should, by business men, in a quiet busincssliko manner, and he had never known an occasion when it had been necessary to wait for a quorum. The duties had been made light for that reason, and in consequenco of so good a secretary being connected with the Society. He paid a high tribute to Mr Rout's conduct of the business, saying that the fact stood for itself that in anything like recent times no had not known of a real complaint against the secretary, which, considering the fact that he ofttimes had to do things that were unpleasant, was a good record. Mr Rout had the business at his finger ends, and ho was a good officer. (Hear, hear.) Mr Gully then made the following comparison between tho volume of business transacted by the Society when ho first became a director, and the prcisent time. In 1880 the loans current wero £21,863, they now amounted to £73,604; reserve fund was £220, now £550; loans for the year were £3820, last year £16,56-1 ; loans repaid were £3013, last year £18,691; interest oarned £1710, last year £3744; subscriptions paid £6156, last year £12,904. Loans current were the principal item, and for an institution of the kind to hare doubled its business in the time would have been good, but to have treblad it was a record to be proud of. (Hear, hear.) He again alluded to the secretary as a valuable officer, who though the directors directed the policy, was principally responsible for the smooth working of the Society, as it was he who had to meet the individual shareholders. In conclusion Mr Gully said that if he was permitted to give a little advice it would be to first watch that tho fixed deposits and deposits at call wero kept within a reasonable amount, so as not to be unmanageable, and next not to make changes for tho sake of change, but rather not to adopt any proposal until first satisfied of the exact affect of the change and to have a thorough understanding of the reason for things being done in the present way. He was leaving things in a flourishing condition and in good hands, and ho very much appreciated the vote that had been passed and the kind things said. (Applause.)