AFTER FIFTY YEARS.

Taranaki Daily News, 30 October 1915, Page 8

AFTER FIFTY YEARS.

A SOCTKTY'S EXCELLENT RECORD. XEW PLYMOUTH Bni.DIXC! SOCIETY.

Tim annual meeting of the Taranaki Land, Building and Investment Society was held last night, and interest was added to the occasion by the fact tint it marked the jubilee meeting. The annual meeting of this Society is usually a brief and formal affair, hut last night's proceedings were made unusually interesting by a review of the history pf the Society, which was given by Mr. R. Cock (chairman of directors).

After the formal business had been transacted, Mr. Cock entertained those present, and several toasts were honored. Mr. Cock presided over a good attendance, and addressing the members he said he was very pleased to see such an attendance on the occasion of the Society's jubilee. It had been very interesting to him to look up the pasv history of the Society from the old minute books. He had succeeded in finding the first minute book, dated October 14, 1805. The first meeting was held to hear a Mr. Percy, of Nelson, who explained the working of the Nelson Society, which bad then been in operation for some time and had been very successful. At this meeting, the Society was established, and Messrs. Thomas King, R. Cliilman, and H. It. Richmond were elected trustees, while Messrs. F. L. Webster, n. C. Lawrence, W. Watkins, J. Gilmour, W. S. Atkinson, J. L. Newman, R. Pitcairn, W. M. Burton, R. Ward, H. Sliuttleworth, and D. Callaghan were elected directors. Mr. Cock was pleased to see that one of the first members of the Society—Mr. W. D. Webster—who was present at the first meeting fifty years ago was with them at the jubilee meeting that night, and another continuous member was Mr. A. Shuttleworth, while Colonel Ellis, he believed, was also associated with the Society fifty years ago. The Society started with scries A, and 3007 shares were taken up during the month by 320 members. The takings for the month were £627 3s. The same night shares of £2O each were sold by auction, and members bought for an average bonus of £4 each share, which meant tWt a member paid security for £2O, and only got in cash £lO. For instance, the Society lent £ll4O on the old Masonic Hall in Brougham Street, and only received a cheque for £904 14s Gd. Antonio Rodriquez was the buyer of the first lot of shares. Many would remember Rodriquez, who won the New Zealand Cross on the Taranaki baltlefiold. The first secretary of the Soeietv was Mr. CholwelL Mr. R. Chilman was the first cbairfia.l but he only held office for two ycors, being succeeded by Mr. Thomas King, who continued to fill the clnir until 1803. The first year's profit war, £ll2O on a paid-up capital of £"i.")3o. Mv. Henry Weston was proposed as a director at the first meciirg. Ho declined to stand, but lie was elected a director in 188(1. Mr. A. Sliuttleworth was elected a director and he was elected chairman in 1803, and remained in this office until 1902. Mr. Sliuttleworth then retired, but to-day he remains a director. The speaker (Mr. Cock), joined the Society in ISS2, was a director in 1884, and chairman in 1992. The Hon. O. Samuel was appointed the Society's solicitor in 1887, and continued in that position till lf)02, when Messrs. Wilson and Grey were appointed. Mr. Choi well was secretary till ISS.i. Mr. R. G Bauchop till 1890, Mr. Harry Bauchop till 1904, and since then the office had been filled by Mr. E. P. Webster. Of other directors now serving, Mr. W. L. Newman was elected in 1893, Mr. Newton King in 1900. Mr. A. Coldwater in 1901, and Colonel Ellis in 190 C.

Continuing,, Mr. Cock said that tad times overtook the Society on the discovery of the Thames goldfields, and a good deal of property fell into the Society's hands. For a few years, the position required a great deal of cire end attention. In 1880, a reserve fund ivas started with the small sum of £l2 11?=, but they managed to add a little to this every year, until the fund reached £2OOO. It was not proposed to increase this amount. During the last twenty years the Society had paid in dividends to members, the large sum of •£15,500, end during the same period, the Society had lent members no less a sum than £l-20.2-20. The present balance-sheet showed that the Society had paid a dividend of lo per cent, and carried forward .0298 10s. During tne year jus't closed the Society had managed to pay out each serie 3 in six years and eleven months, and this was the best it had clone in his experience. "I don't think that sny Society in New Zealand could show a better record than ours for the last twenty years," added Hr. Cock. "We find a man the cash to build his bouse, pay his mortgage, and he can pay eisb for his timber, and can find his own builder and his own architect. I have been associated with nearly everything in New Plymouth, and I can safely say that you have the best lot of directors that it is possible to have. During the last twenty years, the Society has never lost a shilling, and if it were wound up to-morrow we would not lose £50."

FORMAL BUSINESS. Tie annual report and balance-sheet (already published), were taken as read, And Mr. Cock then moved llieir adoption. Mr. W. D. Webster, as one who had been a member of the Society since its inception, expressed pleasure in seconding the motion, which was carried. retiring directors, Messrs W. L. Newman and J Ellis, were re-elected. Messrs. Hugh Baily and E. 11. Tribe were re-elected auditors. A vote of thanks was passed i,o the directors, who were voted tho usual honorarium. A special bonus of £SO was voted to the directors on the occasion of the Society's jubilee. At a subsequent meeting of the directors, Mr, ■R. Cock was re-elected chairman.