PERMANENT BUILDING SOCIETY.

Colonist, Volume LV, Issue 13752, 18 June 1913, Page 2 (Supplement)

PERMANENT BUILDING SOCIETY.

FIFTY-FIRST ANNUAL MEETING

OF SHAREHOLDERS.

(From "The Colonist," May 22.)

The fifty-first annual meeting of shareholders cf tho Permanent; Buildiug Society was held at the bociety's board room last evening, there being present two shareholders only, other than the directors.

Mr Louis Kerr, chairman of the Board of Directors, presided. The directors'" report aud statemonts of accounts were taken as read, being distributed in printed form. In moving the adoption of the report and statements of accounts, the chairman congratulated the shareholders upon the very satisfactory position th&t once more was disclosed. For a number of years the records placed In-Joro the annual meeting had been of a highly satisfactory nature, : ut in v.v.vr of present conditions none more so than that then before shareholders. With loans outstanding amounting to £71,555, and not a single lad investment on the books, the record \>as indeed one to bo proud of., 'I SiougU money had tightened within the past 12 months, and rates of interest had risen accordingly, the society was still, able to advance money at five ;-3r cent, and was not experiencing difficulty in financing leans at that rate, a fact which should bo gratifying to shareholders. Tho experience of the society was that tho public appreciated Mi© facts that he had stated, and tho advantages with regard to repayments that were afforded. The rate of profit, paid shareholders on their eontribu--1 tions was fh re per oent, the same rat© as was charged borrowers, and furthermore, the reserve fund had beon h>creased to £1000, noarly the whole of which had 'been built up within tho

past fovr years, the directors considering it a wise step to build up a substantial fund. Having mentioned too amount held on behalf of depositors, £23,146, Mr Kerr then formally moved the adoption of the report. and: statement of accounts.

Mr "P. Bond, in seconding the :< otion, endorsed the remarks of tho chairman, and directed the attention of the shareholders to the profit and loss account, where tho result of the year's transactions was shown in a nutshell. With regard to the deposits, he --.ateil that the directors had a resolution fixing the maximum amount which they would take on deposit, and this ivas considerably lower than the maximum allowed by law. -As a matter of facfc the amount fixed by the directors had nover been reached. A noteworthy point in connection with tho deposits was the class of depositors, the support of the society in this diroction by leading professional and mercantile firms and companies being in itself a certificate of the sound financial standing of tha society from those- best qualified te» judge; _ Tho motion was then carried.

Tho retiring directors, Messrs EL Baigqpt, L. Kerr, G. M. Simpson and E. B. Trask, wero then declared reelected unopposed for tho term of tliree years. Messrs R. Catley and J. E. ;\lilner were re-elected auditors unopposed for. ono year. Mr E. Trask moved that thoro be placed on the minutes a record of appreciation of tho highly satisfactory manner in which the secretary had carried out his duties. Tho directors had found the work carried on so efficiently and smoothly that tho fact should b« placed on record. Mr W. Thompson and other directors supported the motion, which was carried, and Mr Rout, on behalf of himself and staff, returned thanks for tho appreciation expressed. A voto of thanks to the chair-nan terminated the meeting. .