ENCOURAGING THE THRIFTY.

Taranaki Daily News, Volume XLVII, Issue 81878, 31 October 1906, Page 2

ENCOURAGING THE THRIFTY.

A SUCCESSFUL INSTITUTION

At the 41st annual meeting of the iaranatii Laud, Building, and Im/.siuiont Socieiy, tuc iopoit -iioiyetj That the net amount available for distribution (including the balance biought toward tiom last year) was /,j»o(j2 j6,2, wit, eh had been appropriated as follows : (1) By piJc'mg 0 the CI edit of all members, borrowing and investing, a dividend equal '0 10 per cent and a bonus of 5 per cent, including- profits allotted to A.O. and A.P. series, matured durc wlit ly ''. To th « rn C | IC ' ,e, vtt fund £2OO, leaving 0 be earned iorward to next account 17/2-

1 he adoption of the statement \v'is moved by Mr K. Cock, who remarked on the cautious policy puisued by the directors during the year. Deposits had been reduced by over .63000, as profitable investments could not be obtained for the whole amount. Borrowers -houkl be well saiislied with the working of the society, lor the last series tan out in six years and 11 months, and for every /J]oo the borrower.-- paid in in-tne-'t only ,/.j 1 X ; 4, without having to pay cosia of deeds or any other additional expenses. Mr Cock mentioned the severe loss sustained in the death of the late Mr James Paul, for 17 yeais a director. lie also referred to tin- appointment t Mr JO. ]'. Webster a> secretary,, inflate of Mr H. i\l. Bauchope (resigned); and congratulated the shareholders oji their good jortune mi securing- iho services

ot such an energetic oflieial ; and one who had acquired a good grip of the •society t» during- Mi" Bau eiiope's recent visit to England. The report and balance-sheet were adopted. •Mcsßrs Newton King- and A. Sliut-t)c»oi-ili (re-elected) and Colonel Ellis were appointed to the d reclur;de and Messrs J]. Jiai)y and K. 11. Tribe are I ht: auditors f or tlie ensuing year. \V ill a view ol' preventing- trailick'"f '» shares, and a|*> to brinjf the by-law# iivo o>n* v »nanrc with Uic limes, it was deeided to recommend ! th'- directors to consider the question o| revising th:> rules. I he enairnian said he would the mailer hefnie the Hoard at the lust opportunity. In pio])o-.iiiu- a vote of dunks to the directors, :i ,-(l that they be K-rant-e(i the u-ual honorar'um of /J;o. Mr \\ . 11. Skinne, warmly euli>K 'ed lh'-'

!tiana;;emenl wlti.-h had brought the . eii-iy s a dlirs to such a ■lafe. As a Uuiower, he could speak Willi same |.(iawledg" of the low rale of interest and exemptionaily bbeial term* ollered by the society. ■Mr J. 'E. Wilson seconded, and the moron pa-'Sed wiihout dissent. Oil the met ion uf AU'ssrs Skinner and Ciiey, the following resolution was directed pi be placed oil the m'nutes : 'That iliij meeting wishes to place. 011 jerord its £m\*u appreria. i ten of the service, rendered to the so- I eiely by llie late Mr J. I'aul. and that ' a enpv of this resolution be s rn r to i Mrs Paul." j Mr Cock was subsequent] y re- ' t'leclotj chairman of directors, ' r