PIONEER BUILDING SOCIETY.

Timaru Herald, Volume LXXIX, Issue 12111, 4 July 1903, Page 3

PIONEER BUILDING SOCIETY.

The tenth annual meeting of the Kob«« T«rminatiHg Building Society of Tiraarn-1 was held in the Sophia Street Hall last , evening, the ohairman of directors, Mr J. | J. Grandi, presiding over a meatiag of I twelve members. * . ! The chairman read the following directors' report:—"The balance sheet shows • net profit for the year of £127 14a sd, or a total of £1549 lis 7d, equal to £3 15s per share. During the year ten appropriations of £3OO each have been madefive by sale, and five by ballot; the former realising £179 16s Id. Four and a half of the appropriations, securities not yet completed. During the y*ar your directors have paid out lour deceased members shares, making a total paid out 194 shares. Your directors have exercised the greaws» care in the question of securities, and, while being as liberal as possible with individuals, the interests of the Society have in every case been considered of the first importance. The Special Committee certify to the properties being in good order. This is the tenth year of incorporation, and so far the Society has made no leas on its securities. Your directors wish to place on record their appreciation of the way the secretary, Mr F. A. Raymond, has conducted the business of the Society, and the courtesy Tendered at all times to themselves and members." The balance sheet shows that since the establishment of the Society £10,541 4s has been received in subscriptions on 447 shares (of which 34 have been discontinued) : of the 413 existing shares 365 are paid up to the full amount of £26 2s; £21,000 has been lent to members, £9605" 10s of which has been repaid.

The receipts during the past year were £lllO 2s as subscriptions, £2224 2s as repayments, £55 3s 2d as working expenses an"d management sundries, £37 as bonus on sale, interest £ll 16s, and other sundries £22 10s sd. On the expenditure side are loans to members £2681 16s 9d, management expenses £lO9 2s 2d. withdrawals £B3: 4fi. sundries £26 2s lid; and the bank balances are £1935. 16s 6d. The auditors, Messrs J. Granger and' J. E. S." Jackson,, reported—" Having com-

pleted our audit of yotir Society's accounts lor the year ending 31st May last, we have certified to the correctness of the accompanying balance sheet. We have pleasure in stating that the books are correctly kept, and in good order, and that your secretary, Mr Frank Raymond, has given us every assistance in our work."

The chairman, in moving the reception of the documents, said it would be necessary to increase the remuneration of the auditors. The work they had to do has increased with the age of the Society, and he was assured that the. audit took a week, and they could not,expect accountants to work a week for two guineas. In the interests of the it was desirable that the auditors should be more adequately remunerated for the work • they 'have to do.-. : - ■:."" ■ •• '. The report and ; balance, sheet were adopted. Mr W. Raymond, quoting the figures for the profit of the year, remarked that the director's, remuneration, £2 a year, was. not a reasonable amount,, and in view oftthe amount and importance of their duties," and their great responsibilities, he thought, their pay should be doubled. Mr Grandi said that he could assure the meeting that the directors had attended. very zealously to their duties. ■-Mr Raymond also drew attention to the accumulation of profits as something which would-benefit the future shareholders and not the present ones. .Some of the ■"share-"-holders were talking; of withdrawing on that account.;;.- '-..<;■■/;; ■■:'■'-■-

Mr Raymond moved and Mr Foden seconded that the. director's fee be increased to £4 4s.—Carried unanimously. Mr J. E. S. Jackson was elected shareholders' auditoa. Mr Foden moved, and it was carried, that-the directors be-recommended to increase -the-remuneration of the auditors. _ , The retiring directors, Messrs Grandi, Palliser and Foster, were re-elected, and Mr Cameron was elected to> the extra vacancy. Mr Caldwell, a director, thanked the shareholders lor raising the directors' " screw," as it was a mark of satisfaction with the work they had done. If they were paid at a clerical rate of Is 6d an hour, they would be -entitled to between £9 and £lO a year. Mr Caldwell drew attention to the clause of the report referring to the secretary, and moved a speeial vote of thanks to him, with complimentaiy remarks en the way the secretarial work is done, and these remarks were warmly endorsed by the chairman.— The vote was carried by acclamation. _ The chairman, in closing the meeting, asked members to turn up at a sale and ballot on Thursday next.