BUILDING SOCIETY.

Timaru Herald, Volume XIIC, Issue 11997, 4 September 1909, Page 6

BUILDING SOCIETY.

I ANNUAL MEETING. —— " / Th« annual meeting of tlic Mutual BIIUUIIIg OOCIL'ty WUs'WIU 111 uik oViicu of tile a«.ci«.u..j (MC r .\. JUoulgoiiu.iy,> iasc liigi.t, mo ciiuiiiiiua oi'uirectors uur J. 'Mcisao./, occupied "tno chair, tutu uit'iu vere ten otln.rj> 'ilic directors, in submitting tho fourteenth annual report and balance sheet stated that tne paid-up capicul stands at £9753 Ls 6u, being a decrease of £ll3 Os Id. The payment* on mortgagee were £6B in aireais: subscriptions in arrears £29 7s 6d. The balance at credit of profit and loss at the beginning of tho year was £93 14s 6d; the result or tue past year's work shows a loss of £44 6s 8d; but against this aro tour uncompleted appropriations, on which there are bonuses of £lO4 to go to credit. Messrs McNab, Wagstaft and Morgan, directors retired in rotation, but were eligible for reelection. Tho directors placed on record their appreciation of the secretary's (Air Montgomery; work ' in the interests of tho society. Tho loans to members totalled £21>,037: repayment £15,706 14s 4d. ,' The balance-sheet showed that the working expenses for the past year had been approximately £l4O, including £24 Us for law costs. Iho loans to members for the year amounted >to £B3O, and the withdrawals to £548. The chairman moved, the adoption of the report and balance-sheet and Mr Uassall seconded. ''The chairman pleaded for criticism on the report, saying that it would bo quite a treat to get some; even if it, were adverse criticism, but none was' forthcoming, arid the motion'was carried unanimousMessrs F. A. Raymond and T, Mackenzie were elected auditors for the ensuing year, they being the only applicants. The three retiring directors.were reelected.

The auditor's fees u'ere fixed at £4 4s each, and those of the director's at £3,3s each. , The, chairman said that there were 88 appropriations out and 164 livo shares. Twenty-four shares were under notice of withdrawal. _ This acted as a little drag on the society. Mr "tVagstaff said that the society had had heavy law expenses during the past year for revising the rules, hut this would not occur again. The chairman spoke in highly complimentary terms concerning the services of tho secretary, Mr Montgomery, who, he said, had discharged his duties in. a manner which left no room for improvement, and the directors were greatly indebted to him. Tho chairman said that at last annual meeting it had been suggested that a No. 2 group should be started. So fur they had not been able to get sufficient encouragement to warrant them in starting the group. The directors would like .to sop a second started as it would give tho society a new lease of-life. When a society of this kind attained the age of this one (14 years) the shares became too burdensome to be negotiable. The original idea of the society was to provide members with an easy means to secure a home,, but a good deal of exchange liad bepn eoing on, some members selling their shares to" non-ineinhere. Now

that there was. a Ipadinc of £BO on each paid up share, however, it was hard to. quit the .appropriations. In his opinion a new group should be started, every five years, as then the' shares would be kept fresh and the older, ones would have time to work themselves .out. If this were done the society would never terminate. After some discussion it was agreed that the matter, was not one that could be forced, and it was agreed to simply leave matters as at present in the meantime.