BUILDING SOCIETY.

Timaru Herald, Volume XIIC, Issue 13691, 5 September 1908, Page 3

BUILDING SOCIETY.

Ths annual meeting of the Timaru Mutual Provident Building Society was held in the society's office last evening, the chairman. Mr'J. McXab presiding over a very small meeting, only one member besides directors being present. A' special meting was first held, at. which the new rules were formally adopted. One of the alterations made brings this society back to its original position, and in line with other like societies in regard to the treatment of profits. In future these will be capitalised from time to time as they have been for some few years past. The chairman moved the adoption of report- and balance-sheet which had been primed and distributed. He made a few remarks on the figures, the amounts of loans and repayments, and stated that the arrears noted in the report had been reduced by payments since the report was printed. The directors in their annual report, stated that the paid-up capital now stood at £9866 17s 7d. being a decrease of £l9 3s. Subscriptions were in arrears to lhe amount of £24 lis 6d. The balance to credit of profit and loss at the beginning of the year was £556 2a Id; of this amount. £337 15s lOd had been placed to the credt of shareholders as bonuses. The result of the year's work showed a profit of £93 Ws 6d. Loans to members aniounted' to £23.307: repayments £14(173 14s 4d; arrears £55 5s 3d. Three directors. Messrs Ord. Wilson and Miller would retire by rotalion, but were eligible for re-eltctWi. The following resolution would be sub mitted to shareholders:—"That the rules of the aocic'y now in force be rescinded, and that the new rules be substituted tierefor." A No. 2 group of shares was being formed and it was hoped they would be readily taken up. The directors placed on record their approbation of the services of Mr Montgomery, the s«cretarv.

The balance sheet showed assets valued at £9976 15s Id and a balance at credit of profit and loss of £93 14s 6d. The receips for tin? year were £3063 5s sd, and after allowing for working expenses and new loans to members (£1420) there was a balance in the- Bank of Xew Zealand of £265 14 6 lid. in the Post Office Saving?. Bank £562 8s 6<J, and cash in Iwnd £2.

The retiring directors were declared re-elected, there, being no other candidates. Messrs MacKenzic and Itevtll were elected auditors. The remuneration of directors and auditors Mas fixed at the ■iaiae sums as last year-