EQUITABLE BUILDING SOCIETY

Taranaki Daily News, Volume LIII, Issue 172, 29 October 1910, Page 8

EQUITABLE BUILDING SOCIETY

ANNUAL MEETING. Thorn wove about thirty shareholders present at the ami mil mooting of the Equitable Building Society in the Council Chambers last night. Mr. F. P. Corkill, chairman of directors, presided. The report and balance-sheet (which have already been published) were taken as read. The chairman in moving the adoption, remarked that the balance-sheet was a striking instance of how from small beginnings a considerable sum could be accumulated and usefully applied. After about ein-hfc years no less a sum than £20,333 3s id had been accumulated, all by small weekly contributions, and he did not think anyone was the worse for putting it by. The whole was represented by good security or cash balance. The J question had been asked: How long would it take to wind up a group? That was a difficult question to answer, but with the experience they had had he thought by the end of another six years every shareholder in No. 1 group would have received an appropriation. When that point was reached a scheme would have to be thought out to distribute the money that had yet to come in. Some of them thought they would be old men before finality would be reached, but that was not so. In seconding the motion, Mr. E. H. Tribe congratulated the directors on, the management, the expenses of which come to only 4% per cent, of the receipts, a result for which the directors deserved a vote of thanks. The balance-sheet was adopted without any further discussion. Messrs D. Berry, W. N. Ewing and P. Hopkins, retiring directors, were reelected unopposed. Mr. C. T. Mills brought up the question of the directors' honoraia. As auditor he felt he was justified in speaking, because he knew the amount of work they had to do. Last year they were voted £25. He moved that this year they be voted £3O in the first group.— Seconded by Mr. Morey and carried.

Mr. Garner moved that they be voted £3O from the second group.—Seconded by Col. Ellis and carried. The chairman, in returning thanks, stated that the directors felt the money had been honestly earned, otherwise he could assure them it would not have been accepted. At the conclusion of the annual meeting an ordinary meeting was held, when four appropriations of £l5O in the No. 1 group and two in the No. 2 group were disposed of by tender . In the No. 1 group two of the appropriations realised £66, the other two realising £53 10s, whilst the two in the No. 2 group realised £65. Two appropriations were also balloted for in each group, the successful drawer in the No. 1 group being Mr. T. Avery, and in the No. 2 group Mrs. M Gilbert.