TIMARU BUILDING SOCIETT.

Timaru Herald, Volume XL, Issue 2949, 6 March 1884, Page 3

TIMARU BUILDING SOCIETT.

A speoial general meeting of tho membpra of the Timaru Permanent Mutual Benefit Building and Investment Society was held in the Oddfellows' Hall, Sophia street, at 7.30

last evening, to consider Ibo propored alterations and additions to the rules of the Society as follows: — Rule 12— "That the 3rd clause relating to entrance fees on B investment shares read 'one shilling' instead of ' sixpence;' " Bule 15 (interest and profits) — "That the Ist clause lead as follows : — lntorent on A shares shall be allowed at therttiof seven pounds per centum per annum payable- ' halfyearly;'" that Kule 19 be added li as follows — " Whenever any property mortgaged to the Society shall be subject to any ground rant, assessment, tajee, or other payments, the mortgagor shall, if required, produce to the manager a receipt or acknowledgement thereof respectively within fourteen days after the same shall have become due and payable:, or in default thereof the raortg-igor shall pty a fine of five ohillings. And in case auy of the eaid payments nb all not be duly made within such period as aforesaid, the Directors may order the same to be paid out of the funds of the Society, and tbo mortgagor si all repay the same together with tbe said fine, at the next moctlily subscription meeting, and in default of the payment thereof, he shall be fined in addition thereto one shilling in tbe pound per month or part of a month, provided always that nothing in this clause contained shall be construed to limit the power of hjlb mentioned in the prf-vioua pirt of this rule.'* Mr Suttor, the Chairman of Direc-tm, presided, and explained shortly the benefits that would arise from the alterations and additions as proposed, nfler which Mr J. S. Gibson moved and Mr T. Harm seconded — "That this meeting approves of and adopts the above alterations sn<i additions." The motion was carrind unanimomly. The annual general meeting of the shareholders of the Society was then held, about thirty shareholders being present. After Mr W. M. Sime, the manager of the Society, had read the advertisement cnlling the meeting and the minutes of last nnnual and two special meetings, the past year's report was read as follows : — "The Directors have much plensire in laying before the shareholders their fourteenth annual report and balnace-sheot, the latter duly audited. The profits realised for the year amount to £2658 12s 9d, and after deducting interest to shareholders, depositors, debentura-holders, and expenses of management, there remains a sum of £962 17a 3d to the credit of proGt and loss account. The new rules adopted by shareholders twelve months ajjo have proved to work exceedingly well. Shareholders will notice that of the new claBS of shares now being issued (Class 'A' shares) 6*3 have been tnkon up. The interest and bonus, equal to 12 per centum per annum, will be paid to the holders thereof, upon applicatien at the office of the Society on and after 6th March, 1884 Special attention is called that the interest on Class A shares will in future be payab'.e half-yearly. It will bo Oic duty of shareholders at this meeting to elect three Directors and a shareholders' auditor. The retiring Directors are Messrs D. M. Boss, George Filraer atid Charles Palliser, all of whom are eligible for re-election, and have given the necessary notice required by the rules of the- Society. The retiring auditor is Mr C. S. Fraser, who is also eligible for re-election. — J. H. SrTraa, Chairman." The balance-sheet win also read, the moit important figures of which are given in the above report. To enable shareholder} to discuaa the various matters contained in the report anl balance-sbeet, the Chuirman (Mr J. H. Suttar) moved that the report and balnncosheet as road be adopted. This was seconded by Mr J. 3. Gibson. Mr Gibson asked the Chairman! to explain the item "By amount written off, £424 4s 6d." The Chairman explained that it was a loss on four properties, which loss hs,d been debited to tbe reserve fund. This fund had stood at £624 It, and when the amount written oft had been paid, there would remain a balance of £200 2s 6d. There had been no loss on Timaru properties ; those mentioned were situate at Waimate and G-eraldino. The Chairman added that they were old risks, and had been taken when property was high in value. With lha exception, he bolinved, of one property, tbe business of the Society was in a good date. As regarded survey., tbe Directors had decided that for the future it should be done by themselves, and that no outside surveyors should be engaged. Id connection with the losses sustained, a letter was read from tbe auditors in which the properties were mentioned ; some other matten relative to the Directors were al<o contained in tbe letter. Mr Gibion said tbe arrangement mad* re surveying was a good on-?, and congratulated tbe Direotors on valuations mode since the arrangement came into force. The Chairman mentioned one instmco whera the Society, by trusting to an outride survey, had incurred losa. He said they had taken one property, the value of which was set down by a surveyor at £450. Tha Society, however, advanced only £200 on it and yet they had lest £60 by the tramaofcion. Mr Harjiilton was of opinion the ordeal the people of Canterbury had passed through of late, was sufficient explanation of tbe matter ; and thought the Society was to be congratulated most strongly upon the very small loss it had sustained, considering the undue Talue that had been put on property during the latt four years. After a few more remarks by shareholders, the motion " That the report and bihnceshoet be adopted " was put and carried unanimously. The election of three Direotors then took place. It appeared that the three retiring Directors, viz., Mesirs I). M. Boss, Chas. Palliier, and George Filmer were the only qualified shareholders who had given tbe required notice, and they wore accordingly, on tbe motion of Mr Cullmann, seconded by Mr W. H. Foden, unanimously re elected. The shareholders' Auditor, Mr C. S. Fritter, wai also re-elected on the motion of Mr Gibion, seconded by Mr Boss. This was all the business, but before the meeting separated, Mr Mee moved, and Mr Hamilton seconded, a hearty vote of thanks to the- Directors, bearing fluttering testimony to the wny in wbioh they conductod the business of the Society. Mr Butter, Chairman of Direotors, briefly replied, nnd the proceedings terminated.