BUILDING SOCIETY.

Timaru Herald, Volume XIIC, Issue 13685, 29 August 1908, Page 6

BUILDING SOCIETY.

The annual business meeting of the No.2 Terminating Building Society was heid last evening, there being a good attendance of members. The directors, in their report; congratulated the shareholders the continued success r of the society. ;The profit sand> loss account now stands \-at. £2667,2s 3d, the profit for the year-being £146 10s. During the year £1397 <l4s has. been paid into subscription; account, and £2815 2s'paid off loans. Thirty-three appropriations have been held—£24oo by ballot, arid .£2550 'J by sale. ~The directors have exercised, every care in making advances and accep ing securities. Loans to 'date 'amount to £38,657, and repayments to. £23,659, leaving, a, balance due on 'loans of £14,998.' The balance sheet; showed' the following liabilities : Capital at . 31st July, 1907 £12,802, subscription for year, ending 31st July, 1 1908 ; £1,397 14s. • less refunds and forfejtied- shares £847 -4s; making £13,352 ICe; sundry creditors £l4 14s; profit and loss account £2,667 2s M; total £16,034 6s Bd>. ■' • Assets'. —Balance • due .on loans £14,998 2s, cosh in post office £9OO, bank balance £136 2s .Bd, cash, in hand 25".;. total £16,034 6s" Bd,

A: statement of . receipts showed :—Balance from 31st' July, 1907 £79 6s " Bd, subscriptions, £1,397 .14s, .repayments of loan £2,815 2s, working' expenses,' fines, etc. £6O 12s, bonuses £244, transfer fees, and scrip £3 13s 6d, interest from post office £2l I,? 2d, insurance indemnity £7, withdrawals from post, office £850; total £5478 9s 4d. Expenditure . was made up of management expenses £l7O 19s- Bd, auditors' fees last year £l4 14s, deposit iii post office £9OO, insurance indenwiiiy £4 75," Withdrawals and repayments £29 4s, advances £4,200,.' interest £l, refund bonus' £22, balances bank £1,36 2s Bd, cash in hand 2s; total £5,478 9s 4. In the profit-arid loss account the following i.eme occur:—Management expenses ii 170 19s8d, auditors', lees £l4 . l4s>, bonus, refund £22, baalnee £2,667. 2s 8d; total £2,874 16s-4d.,- Balance from 31st July, ',-1907 £2,520 12s ,Bd,- working exetc. £oU 14s, bonuses aj244, ■transfer fees and scrip. £3 13s 6d,-inter-est-; etc £22 14s 2d, forfeited shares £23 &■'; f0ca1.±;2874 16s 4d. " r

In moving the adoption of the report arid/balance-sheet, the chairman said the Society, had. made a profit of £145 for the year: Jn the. 13 yeius .of its existence, the society had given ' apropriations 1 ' amounting .to nearly. £40,000. During the past year there had been .33 appropriations. So .far the society had made no loss on any of its securities. . In seconding the motion Mr J. W: Miles (Temuka) congratulated shareholders on' the continued success- of the society, and he proceeded to show that a good many people made.a mistake in supposing that the" Government advances for workers homes, were preferable to the societies' advances.' ' If they borrowed £3OO from th£ Government for the purpose of erecting- a 'home, the money had to be paid back at th'fe rate of 6s or 7s per week, the payments extending over 32 or 33 .yeaie. If borrowed r from a building society the money had to be repaid at the rate of 10s per week; but the payments extended, over only years. The building societies' money tat the pre-' sent ; rate of sales, worked out at per cent., while the Government's money ccst 4£ per cent. There were a : few .more shares, still 'for sale in the No.'2 Group of the society, and he could confidently recommend anyone to take up these. The motion was put and carried. The retiring directors were re-elected without opposition. Directors' remuneration was fixed at £4 each per annum. In reply to a question by Mr Kernohan, the chairman said that the director who was now absent from the Dominion had been given leave of. absence..

Mr; K. G. Turner was elected shareholders auditor.

An extraordinary general (meeting was then held when two apropriations, were disposed of. While f the ballot, was proceeding Mr Miles mentioned that two terminating /building societies in a town not 100 miles, from Timaruvfiad not been "able to carry on successfully but the No. 2 Terminating Society had been eminently successful, having made- a profit amounting to £2667.' ..;-. Thel new rules for the No, 2 Group were explained by Mr S.. G. Raymond, solicitor to the society, and were unanimously adopted. : Totes of thanks to the directors and the secretary terminated; the meeting. . .