TEMUKA BUILDING SOCIETY

Timaru Herald, Volume XIIC, Issue 13957, 17 July 1909, Page 7

TEMUKA BUILDING SOCIETY

ANNUAL MEETING. There was a very fair attendance in tho social hall, 'lemuka, on Thursday night, when the Temuka Terminating Building Society held its tenth annual meeting. Mr George Hancox,, chairman, presided.The directors' report congratulated the shareholders on the success of the year, the profit and loss account of the No. 1 group increasing from £(593 7s (5d to £722 8s 2d, and that of-the No. 2 group from £B(S 10s 4d to £lO9 18s Bd. During the year £2598 had been loaned out in No. 1 group, and £9OO in No. 2, making a total for the year of £3498, and a grand total of £20,400 since the inauguration of the Society. The repayments had totalled £9BIO 10s, and so far the Society had made no losses. The directors liail given much attention and time to the Society's business, and the attendance at meetings was exceptionally good. Mention was made of the good work done by Mr H. M. Miles, late chairman, who resigned last October owing to departure from the district. The following directors retired and as they are nominated for a further period without opposition are duly elected. Messrs G. Hancox, J. Holwell, W. F. Evans and F. Akhurst. Tho chairman moved the adoption of the report and balance sheet, which had previously been circulated. He briefly referred to the work the Society was doing, and said it was in thoroughly good sound working order. Mr Frew seconded the motion, which was unanimously carried after a short discussion, and some information was given on the management expenses compared with former years. Several shareholders asked for information on the total number of shares current in both groups. These arc 431 in the No. 1 group, and 342 in No. 2. Mr A. E. Smith was elected auditor ftir the shareholders, Mr W. H. Brown declining nomination. The remuneration for directors in No. 1 group was fixed at £3 3s, and in No. 2 group at £1 10s per annum. Mr A. Gibson proposed a vote of thanks to the chairman, directors; secretary, and auditors, seconded by Mr Aspinall and carried. An extraordinary meeting was then held to dispose of £l5O by ballot and sale in each group. Tho successful shareholder in No. 1 group was the holder of share No. 38, and in No. 2 group it was share No. 291, a double shareholder. There was keen competition tor the money disposed of by sale.and the tenders ranged from £2O us up to £25 15s,' and in tho No 2 group tenders ranged from £2-3 to £27 per £l5O. At the meeting of directors held following the above, Mr George Hancox was re-elected chairman, Mr A. Frew, vice-chairman, Mr G. W. Armitage, directors' auditor (subject to his consent), and the monthly meeting was fixed for every fourth Monday.