TEMUKA TERMINATING BUILDING SOCIETY.

Temuka Leader, Issue 5420, 28 July 1906, Page 3

TEMUKA TERMINATING BUILDING SOCIETY.

The seventh annual meeting of the Temuka Terminating Building Society was held in the Social Hall la*'l evening. There was a large a i tendance,, about eighty shareholder.; be ing_ present, and Sir 11. AI. Miles, chairman of directors, presided. The secretary, Mr W. .JelTries, read the minutes of the last, annual meeting, which were conlirmed. ANNUM, REPORT. The secretary read the aUutial report* and balance sheet, (ho report beiiu as follows : "Your directors, in presenting their Seventh Annual Report, and I'.alaneesheel, have again- the pleasure of congratulating members on the continued success of the society, the balance to credit of profit and loss account now amounting to £Ol3 0/0, a n increase of £IOO .1/0 during (ho past year. During the year £2850 has been appropriated by ballot and sale, the latter realising £lO5 5/. Your directors have exercised the greatest care in the matter of securities, and while being as liberal as possible with individuals the interests of the society have in rwvy ease been considered of Mrs I importance, and so far the society has made no loss on its securities. Dnrin •• the year Mr P. McCaskill resigned his seal on the Hoard of Directors, and Mr W. I<\ Evans was elected by your directors in his stead. Your directors have held nine meetings during the year, attendance as follows : Messrs Miles 'J, Cooper '.), Capper 0, Hancox 9, Frew 7, Mclmies (i, Hitchias 5, Stewart o, Evans 5, McCaskill 4. Tho following directors retire. viz., W. F. Evans, E. B. Cooper, C. Hancox, but arc eligible, and oiler themseilves for "re-election, and a lso S. J. Hitch-ins (resigned). In a ■■- cordauce with Rule 31, you will be asked to determine the directors' remuneration for "flic ensuing year, and dn compliance with Rule SO, to eleet a shareholders' auditor. The directors desire to place on record their appreciation of tho zeal and ellicicney displayed by the secretary in the discharge of his duties. Loans were C I 1,05(1 repayments £3,070 10/, balance due ;£7,370 10/.—JI. M. Miles, Chairman of Directors." AUDITORS' REPORT. The following is the auditors' report : —"We herewith hand you the balance-sheet of your society for th year ended 30th •June, 1000, duly and iti.il and certified to by us as bebi correct, in accordance with tho books of your society. The balance to credit of profit and loss account is £Ol3 O/'.i of which £IOO -1/0 has been added dining the past year. This result must bo highly pleasing to your sharehold ers. Wo consider the advances quite safe and well secured, and may remark that three loans amounting to £IOSO have been paid oft during the year. totalling £IBOO since the beginning of tho society. We are of the opinion that tho finances continue to bo in a healthy state. Wo arc pleased to notice that, so few of the Pass Book's of tho shareholders were outstanding at the time of audit. Wo desire to ■thank Mr William JelTries, your secretary, for his courteous assistance. and congratulate your directors upon having an officer who evidently has the interests of tho Society at heart. G. W. Armitage, W. H. Brown, Auditors." BALANCE-SHE EE This folkjjving is a condensation of tho balance-sheet :—General accountReceipts : Balance at 30th June, 1905, .£025 0/3, subscriptions £1593 0/, repayments £IGIS, bonuses from sales £lO5 5/, working expenses ,£OO, lin.'s 10/, rules and scrip certificates 5/, insurance £3 12/0, transfers £0 17/(5. interest, P.O. account £9 4/v total. £-1082 15/3. Expenditure: Directors a n:l auditors' fees £2l 0/, secretary £75, sun-dries (enumerated) £-10 J2/0, deceased members' shares £3l -1/, mortgage shares withdrawn £.IOO 12/, advances £2SSO, balance in P.O. and B.N.Z. £952 0/y, total £IOB2 15/3.

Profit, and loss account—Receipts : management expenses £139 'lB/(5, balance £Ol3 0/!>, total £752 10/3. Expenditure : Balance at 30th dune. 1905, £soti ]G/3, bonuses from sales £lO5 5/, working expenses £OO, lines, rules, scrip certificates, accident insurance fees, transfers £ll 14/, interest P.O. amount £9 i, total £752 19/3.

Liabilities and assets—Capital at 30th June, 1905, CG'257, subscription-; far vear ending 30 th June, WOO, '£1592 C/, less-Shares 217, 218, deceased member £3l 4/, Shares 23, 97. !>S, 300, 328, 398, mortgages paid vlT,£lo'.l 12/ total £7709 10/ , made up as follows—2SS Ist issue shares £SIBB .18/ 101 2nd do. £1312 18/, 155 3rd do. £1207 14/, total 511 shares £7709 10/; profit and loss account £Ol3 0/9 •. total, £8322 10/9. Balance due on loans' to shareholders £73,70 10/, cash in P.O. Savings Bank £SOO cash in Bank of New Zealand £152 0/9, £B,322 10/9. The chairman moved and Mr Melson seconded the adoption of the report and balance-sheet, and it was thrown open for discussion. In speaking to the motion, the chair man said he was pleased that he could congratulate the society on its favorable and stable position, as it was not all Terminating Building Societies that were successful, as witness, tedding and Wnmganui. The speaker then went over the report, making short comments on the work done, the favorable nature of which elicited a good deal of applause. No discussion being forthcoming on the report and balance-sheet, the adoption of the report was put and carried unanimously amid applause. ELECTION OF AUDITOR Mr W. H. Brown was re-elected share holders' auditor. JiEMUN'ERATfON OF DIRECTORS Dr Hayes made a congratulatory speech, iii which he brought up the subject of remuneration for the directors ; thev had good men working tor the 'societv, and they should not ■ midge paying them, lie would move that the honorarium be increased to '£3 3/ for directors, and that <>t the chairman to £-t 4/. The motion was seconded by ~lr •>. '\shwell. and carried unanimously. The chairman returned thanks on behalf of the directors for the ,nrrease. in the remuneration, which showed that their work had Iveen appreciated.

INCREASE 01" SHARKS

The chairman said that it had been decided by the directors thai if sullieient. inducement ol't'eml, a new set „[ shares shoidd be started. Tlr; present shares were out of the linaneial reach of maiw who would like io take up shares, and this had been the prima rv cause of the proposed nutation. This action had a preecdnit_ in the procedure of many otli-r ■..ee1.,.-, and had proved successful. I this idea was carried out it would >:ot nliV-ct the present S rniip ot shares 1„ ,-eplv to a M ues(ion Ihe chairman said if would cost about C< to ivvise and register the rules. _ \ Voice • Will the chairman <>' '"- fekovs pay the cost ? (Laughter.)

Tlii! chairman replied thai the cost would he borne by the original society or the cost would bo divided. I A good many shareholders did not sec why (he new section should not pay their own expenses. I .\lr llrewer did not see why, ii there, were a number of people who wanted to join a society, they could not start a society of their own. Tko chairman pointed out that it would practically bo a new society, but would bo managed by the same board of managers, and thus save expense. All payments and business would l)c kept entirely separate. The new society would contribute lo the expenses, and thus save the original institution. ."We Lashlie suggested that instead of starting a new society, they could allow new- applicants lo pay oil' their contributions on the instalment system. Flo asked if the old society 'would be liable for the debts of the new, if it was a I'manV-ial failure. In reply, the chairman said the original societv would not be liable. ELECTION OF 1)1 RECTORS. Messrs T. Buxton and -I. Ashwcll acted as s'-rutineers, and the -result was as follows :~\\~. F. Evans 101, C. 1 lam-ox 101, 10. T.. Cooper 09, R. B. Coiner Si) and T. J-\ Hooper Is. The chairman, amidst applause, declared the first four duly elected. Mi- Kvans thanked them sincerely for the support tliey had given him. lie had only boon a director live months, bill he had attended all the meetings and had done all he could in the interests of the society and would continue to do so. lie hoPed ho would merit their confidence.

Mr Hancox thanked them for their support. As in the past so in tho future, he would do his best for the society. Mr Cooper said ho need 'only sav, "Ditto." Alr Comer also returned thanks; to shareholders, and said they could rely on it that he would look after -the interests of tho Society lo the best of his ability. Th- chairman remarked that Mr Comer was filling a scat on tlio directorate formerly ably filled by one who bore a name, highly respected and esteemed in the district. He referred to Mr McCaskill. Mr W. 11. Brown took the opportunity of thanking the shareholders for re-electing him as their auditor, ■nd in doing so spoke of tho good work dime by the secretary. Few ,-ould bo aware of the time a nd care he had devoted to the work", but he n-w and appreciated it. He also wished to thank his co- auditor, Mr 0. \V.' Armitage, for his assistance. Shareholders would be glad to learn hat they found everything in applelie order.

QUESTIONS. ]n reply to questions, the chairman -epoko of the great good terminating building societies did in a town and the share they had in promoting | its prosperity. In' Tim am alone £120,000 had passed through tho societies-with-in the last ton years.

Tho sum of £11,250 appearing in the report as loans made during the seven vears was mnde up of :'>S ballots, £5050, and 30 sales, £SIOO. ! l)r Hayes asked whether it was ■ the 'ntentio-n of the directors to alter 'the rules alfecting the right of a shareholder to withdraw after the Society luwl ibem in existence seven years. ' lie i'!u>ught.7il would not be fair to . the shareholders who took up shares under the original rules to alter the rules now. "Shareholders should know Ihe terms under which they look-up their shares and should abide by ! hem.

The chairman said nolningi would bo done witli regard to altering the rules without the consent of the shareholders. Any proposed amendment of the rules would be printed and sent to each shareholder, turd it would be for :hr shareholders to decide. He personally did not think it fair that the work'of a society should be practically stopped owing to a number of shareholders wishing to withdraw. Praeu'cally speaking the work of a Timaru Society had been stopped for 12 or 18 months •through this cause. Dr Hayes did not agree with this. Shareholders should abide by the rules of the Society when they joined. Two wrongs did not make a right. .Mr Proudloek asked whether in the 'Vent of another "group" being started, would the present secretary do the secretarial work and would he be paid extra for it. If so, would the new uroiip pay half the 'amount.

'The chairman said the secretary would do the work and of course must be paid for it. As to how much the. new "group" would pay it would depend upon its size. It was impossible to judge the proportion until the group was formed.

Mr Aspihall said with regard to Dr Hayes' contention, the rules of the Society provided for their amendment and alteration by shareholders. Shareholders had the' right to alter the rules at any time, and if they exercised it no wrong would be done to anyone. "Willi regard to starting new "groups" it would make it easy for new shareholders wishing to join ami participate in the benefits of I'll* Society. New "groups" would pay their share of the expenses, and conscflltcntly the present "group" would benefit In- their formation. Till-; SECRrTARYSHII>.

Mi' Winn said 'they had heard the report of the directors and auditors, and also the remarks of their auditor Mr Brown, as to the ability and work done by their secretary. He thought much . of the success of the Society was due to their secretary. If they had not a good secretary they might go "bung" like other Societies. (Laughter). When they had a good man they should pay him well, _ and he had pleasure in moving that it be a recommendation to the directors from this meeting to raise the secretary's salary to £IOO. Mr X. Kay seconded.

Mr Brewer thought the present salary quite sullieicut, and moved as a ■further amendment that it be a, recommendation to the directors that the secretary's salary remain a- at present. This w a s seconded by "Mr Firman. As a further amendment Mr V. Radford moved "That the directors be recommended to invite applications for the position of secretary," but this was not seconded.

Air Ashwell said he did not think thev should tie the hands of the directors with any recommendation. The directors knew the work to be done, and shareholders should have the mailer to them.

"Mr Meison caused a he a Hy l a ngh by remarking (hat «hen Iwo societies, of which Mr Ashwell was secretary in the ..Id davs., "went bung" he got his S-darv.'

Mr'Ashwell said he had pleasure in seeoiidm'/ that. firm I lauuhter. I Mr I'.rown asked the chairman wind were the views of the directors a s to die salary. They knew his work.

Mr Buxton said they had elected their directors that evening, and should have coulklenco in them. Such mallei's as they were discussing should be left to the directors. ]f shareholders thought they had made, u mist, u l<e .they should put up with it, and kick the directors out next year. (Applause.) • The chairman said the increase in the directors' remuneration would not warrant them in making a bad investment. He would not care to work with a poor secretary. He knew by experience, what it meant. Dr Hayes moved «s a. further amend mint —''That in opinion of this meeting no recommendation bo made to the directors re the secretaryship. Mr Buxton seconded. ! On Dr Hayes' amendment being put to the meeting (ires I, forty - two hands were held up|in favor of it and none ivgainst it, and the chairman declared it carried. Mr Evans proposed a hearty vole of thanks to the scrutineers, anil Mr W. H. Brown moved a »'.;nilur compliment to the chairman i.nd directors! particularly the chairman, who had worked exceedingly well for the; Society. • The votes were, briefly acknowledged, and the meeting terminaU-d. DIlvKCTtmS' MIOETINT;. I At u subsequent meeting of directors Air If. !\i. Miles was unanimously reelected chairman, and Mr K. B. Cooper vice-chairman. Mr C. W. Armitage was re-elected directors' auditor.