Geraldine Terminating' Building Society.

Temuka Leader, Issue 3530, 2 January 1900, Page 2

Geraldine Terminating' Building Society.

The annual meeting of the Geraldine Terminating Building Society was held in the Oddfellows’ Kali, Geraldine, on Friday night, when there was a small attendance owing to wet weather. The chair waa occupied by Mr J. W. Pye, president, who remarked that the small attendance evidently showed that the shareholders were satisfied, and had no fault to find with the work carried out by the directors. The balance-sheet was a very satisfactory one. The minutes of the last annual meeting ware read and confirmed. The report and balance-sheet were taken as read and adopted. The report was as follows : “Your directors have pleasure in presenting you with the fourth annual report and balance-sheet for the year ending 2nd December, 1899, and in doing so feel assured that the successful results contained therein will afford the shareholders considerable satisfaction. The profit and loss account having increased to .£127 12s Bd, now represents a profit equal to 16s 9d per share. The-share list is still slowly increasing, having gained four shareholders during 1 the year. You will note the balance in j bank is £lO2 18s lid, or nearly another appropriation, which will be drawn for v shortly, and when completed the society will have, loaned to shareholders £1950. Yon will also note the item, “arrears £72 y 165.” £3B 10s of this amount is owing by members joining the society on the sliding scale, leaving only £34 6s owing by ordinary members. This your directors consider very satisfactory. The retiring directors are Messrs J. AT. Pye, J. M. Sutherland, and John Pye, who are eligible for reelection, and have been duly nominated. It will be necessary also for yon to elect a shareholders’ auditor for the ensuing year, - the present one, Mr AT. M. Moore, being eligible for re-election. Your directors recommend the secretary be granted a bonus of £5 for the past year.— James AT. Pyf, Chairman of Directors.” “ The balance-sheet showed that the sub» sox-ibed capital now amounts to £1596, including £29 16s paid in advance,and less £72 16s due on sliding scale and ordinary shares. £424 14s were paid in subscriptions during the year. The year commenced with balances in bank amounting to £l2l 9s sd, repayments amounted to £ll6, subs, for working expenses and fines to £l9 13s Bd, share applications, pass books and rules, transfers, interest from P.O. (£4 3s 7d), etc., amounted to £5 9s Id, and bonuses on sales of three allotments to £66. The expenditure included loans to members, £600; secretary’s salary, £26; printing, stationery, registration of balance-sheet, postages, rent of hall, etc., to £lO 7s 3d; directors’ fees, £9; auditors’fees, fidelity bend, and - kerosene, £3 19s 6d; balance in banks to - £lO2 18s lid. The profit and loss account showed a profit of £127 12s Sd, and this added to the paid-up capital makes the total £I6BO 12s Bd. Under assets the amount 014 loans to members is £1556 16s Sd, cash in banks at £lO2 18s lid, and furniture, pass books, etc., £2l 17s Id.”

Messrs J. W. Pye, J. Pye, and J. M. Sutherland, the retiring directors, were re-elected without opposition. Mr W. M. Moore was re-elected shareholders’auditor. ■ The chairman thanked the directors fop the able way in which they assisted him to conduct the business of the society for the past year. He also thanked the secretary for the very methodical way in which be kept his books, making it a pleasure for the auditors to examine them and greatly, facilitating the work of the directors. Both auditors had spokeu in high terms of excellent way in which the accounts were kept. Mr Pye also thanked the auditors* for attending to their duties. Mr E. Y. Ferguson proposed thanks to the president, Mr time and attention he business of the society, single meeting of chairman, ballot for with

the required amount of money bn hand already. The meeting then terminated.