BUILDING SOCIETY.

Star (Christchurch), Issue 406, 2 September 1869, Page 2

BUILDING SOCIETY.

The first annual general meeting of the shareholders of the Christchurch Land, Building, and Investment Society, No. 2, was held last night at the Town Hall, Mr Barnard, chairman of the Society, being in the chair. The minutes of the meeting at which the Society was formed having been read and confirmed, the Chairman read the report and balance sheet. The report is as follows: — "In laying before the shareholders the first Annual Balance Sheet of the Society, the Committee congratulate them on the success wliich has attended its operations. "During the past year your Committee have sold 54£ shares, at an average premium of £46 Os B|d, for which securities have been received, and they are glad to be able to report that towards the close of the year an improvement in the demand for money has been observable. They have also to report that 18 shares have been transferred, 30 shares forfeited, and 32 withdrawn; leaving the Society to consist of 582 shares, distributed amongst 191 shareholders. "Every caution has been exercised in accepting securities, and all those held by the Society are deemed sufficient to cover the advances made, and the mortgage deeds and securities are deposited in the Society's box at the Bank of Australasia, except such as remain at the Deeds Registry Office. " The charges for management have been economised as much as possible, the item of fees received being itself more than double the whole amount expended in the formation and management of the Society, including a complete set of books, fireproof safe, &c. " W. D. Barnard, Chairman; " Chas. Allison, Secretary." The balance-sheet shews the amount of £3496 13s as having accrued from members' subscriptions, and the total value of securities held by the Society is stated as being £6338 5s 2d, leaving a balance of £2841 12s 2d as the profit on the transactions of the past year. The profit and loss account states that the preliminary expenses of the formation of the Society and the expenses of management have been £124 13s lld, whilst the revenue from premiums on shares sold, redemption mouey, transfer fees, working expenses fees, fines, and forfeited shares, amounted to the sum of £2966 6s ld, leaving a profit balance of £2841 12s 2d, as shewn in the balancesheet. The suspense account is debited with amount payable on shares allotted, but not yet realised, of £395 10s, sundry outstanding debts £12, total £407 10s; and is credited with £712 on securities in course of completion, leaving a further amount of profit on the working of the Society of £304 10s. The accounts conclude with the following statement: — The above balance of £2841 12s 2d, divided amongst 582 shares, shews a profit of ... £4 1 7 7f per share To which add one year's subscription 6 0 0 Shewing the present ap- "^~ — ~ — " parent value £10 17 7$ per share Mr Dobbs moved that the report and balance sheet be received and adopted, and that a vote of thanks be accorded to the managing committee and auditors, who deserved the unqualified approbation of the shareholders, for the careful and judicious manner in which the affairs of the society had been conducted. Mr H. A. Davis seconded the motion, which was carried by acclamation. Messrs C. E. Briggs, J. Cartman, and W, Ness were re-elected members of the committee, and Mr M. Sandstein was elected to fill the place of Mr H. Thomson, who did not seek re-election. It was resolved on the motion of Mr Dobbs, seconded by Mr H. A. Davis, "That the Managing Committee be empowered to appoint one of their number as Deputy Chairman, to act in the absence of the Chairman." The Chairman having asked whether any shareholder had any remarks to make, Mr Dobbs said he thought that the committee had carried economy a little too far in allowing the secretary, a salary of only £52. He paid a high tribute to the efficient manner in which that officer had fulfilled his duties, and moved that his remuneration be increased to £80 per annum, Mr L. E. Nathan seconded the motion, remarking that, as one of the auditors, he could fully corroborate the statements made by Mr Dobbs. The accounts were kept in a highly satisfactory manner. Mr W. H. Hargreaves, another of the auditors supported the motion, and endorsed what had fallen from Mr Nathan. The motion was unanimously agreed to, the chair-

man remarking that the matter had already been entered as one of the items for consideration at the next committee meeting. The meeting then broke up.