TARANAKI BUILDING SOCIETY

Taranaki Daily News, Volume LIII, Issue 173, 1 November 1910, Page 8

TARANAKI BUILDING SOCIETY

ANNUAL MEETING. ■The forty-fifth annual meeting of the Taranaki Land, Building and Investment Society was held in the secretary's, office, Devon street, last evening, when Mr. 11. Cock (chairman of directors) presided. An apology for the absence of Mr. Hugh Baily was tendered. la moving the adoption of the report and balance-sheet (as previously published) the chairman said the balancesheet showed that the profits were almost exactly what they had been lor many years. There was an exception ol two years, when- the Society had paid 15 per cent, but that was owing to the accumulation of funds. For seven years, to the day, they had paid the same dividend exactly. To enable the shareholders to know the position, lie mentioned I that for the £IOO borrowed £33 was I paid in interest. During the year they had put through business which had enabled the payment of 12>4 per cent., the carrying forward of £IOO to the reserve fund (which now stood at £100) and £124 16s 2d to. profit and loss. The Society was to be congratulated on having no property on their hands during forty-five years of business. It was a great thing to say that they had not Ir.d a single mortgage fuli into their hands. Further, the Society .paid all law expenses on all loan 9 of £IOO or over. Looking to the future, he could "->•,?''' ally say that the Society shoiiid be able to maintain the position they had always held. The s'vrall amount of expense incurred ia the ! iiur;cement of the Society was. also n nutter for congratulation. Although ~ , .i '

Society was in a very .prosperous c ••.- dit'.on it must not be thought that the lonns current were all that had been applied for; some hp.d to be refused because the directors considered not suffice it security was forthcoming. Mr. W. H. Skinner seconded the motion, and endorsed the remarks of the chairman as to the satisfactory nature of ho year's business. The motion was carried unanimously. ELECTION OF OFFICERS. Mr. Newton King and Mr. T. K. Skinnir v -e reelected to the directorate on the motion of Messrs. J. E. Wilson and J. Ellis.

The auditors, Messrs. H. Baily and •F. F. Trilv. ".ore re-appointed at the usu 1 remuneration, on the motion of Messrs. W. C. Weston and A. McHardy. COMPLIMENTARY. On the motion of Mr. W. H. Skinner a hearty vote of thanks was accorded the directorate for their services, the sum of £SO to be allocated as they thought fit. The chairman suitably thanked the meeting for their expression of confidence in himself and co-directors.