CHKISTC.HURCII LAND, BUILDING AND INVESTMENT SOCIETY, No. 2. '

Star (Christchurch), Issue 710, 1 September 1870, Page 2

CHKISTC.HURCII LAND, BUILDING AND INVESTMENT SOCIETY, No. 2. '

♦ The second annual meeting of the above society was held at the Oddfellows Hall, Lichfield street, last evening, Mr W. Pratt, Chairman of the Society, presiding. The minutes of the first annual meeting having been read and confirmed, the report of the managing committee was received. After a slight discussion it was decided that the consideration of the balance sheet should be postponed to a future meeting, in consequence of the auditors not having had sufficient tine to examine the accounts as carefully as they desired. The election of members of committee re quired to fill the vacancies caused by the resignations of Messrs Barnard and Pearce, and the retirement according to rule of Messrs J. B. Dale and J. Atkinson, resulted in the re-election of Messrs J. B. Dale and J. Atkinson, and the election of Messrs S. Manning and H. A. Davis. On the motion of Mr A. A. Dobbs, seconded by Mr H. A. D ivis, it was resolved — " That a clause be added to Rule 1, as follows — " lii the event of any member of the Committee for general purposes absenting himself from three consecutive Monthly Committee Meetings, the Chairman or Deputy-Chairman may declare the seat held by such member of Committee to be vacant, and the Committee shall thereupon have power to fill up the vacancy so caused, in accordance with the provisions of Rule 8." Moved by Mr Dobbs, seconded by Mr H. Marks.and carried — " That in clause 6ef Rule 1, and clause 2 of Rule 23, the word " August " shall be expunged, and the word " September " inserted instead, for the Yearly General Meeting of the Society." The annual meeting will, therefore, in future be held during the month of September, instead of August as stated in the printed rules. " " During the course of the proceedings the Chairman remarked upon the fact that the receipts from fines and forfeitures of shares more than paid the working expenses of the society, leaving the monthly contribution of 6d per share subscribed to meet the cost of management available for the general purposes of the society, thus considerably increasing the profit for the year. A vote of thanks to the chair brought the meeting to a close.

The following is an abstract of the ad interim balauce-sheet prepared by the secretary : — CAPITAL ACCOUNT.

From the above, it will be found that the apparent profit accrued on each share is £11 14s Id, without taking into account the profit resulting from the advances approved by the committee but not yet completed. Considering that the society is only two years old, and that very dull times have been experienced since its formation, this result is considered very satisfactory. Appended is the report of the committee : — Second Annual Report of the Christcburch Land, Building, and Investment Society No 2. Qa presenting their second annual report,

the Managing Committee congratulate the shareholders on the very favourable nature of the society's operations for the year just terminated, especially taking into account the dull state of business during that period. The committee have great pleasure in reporting that out of a large number of properties mortgaged to the society, there is only one security at present considered doubtful ; and on this property only one half-share (equal to £25) has been advanced. The committee are also glad to record that during the last two months the competiti in amongst persons wishing to realise their shares has greatly increased. The bonus paid by realising members is considered sufficient to warrant the society in temporarily overdrawing their account. The committee having found the Town Hall an inconvenient place for the transaction of business, decided to remove to the Odd Fellows' Hall, Lichfield street, thereby effecting a saving in the cost of management. During the year there have been 34 shares created, 55 transferred, 13 forfeited, and 34 withdrawn; the number realised being 74, averaging a premium of £44 3s per share. The expenses of management have been kept as low as possible, resulting in a considerable balance being available for the general purposes of the society from the funds subscribed for defraying working expenses. The receipts from fines, transfers, &<?., have been considerable. W. Pratt, Chairman. Chas. Allison, Secretary.

Db. £ s. d. To amount due to shareholders on 569 shares, being two years' subscription, at £12 6828 0 0 To amount due, sundry shareholders paid in advance ... 2 4 0 Balance, bting profits to date 6660 0 11 £13,490 4 11 Ch. £ s. d. By securities on 128£ realised shares ... ... ... 12,850 0 0 Amount of arrears due by shareholders 499 18 10 Cash in Bank of Australasia 140 6 1 £13,490 4 11 PBOFIT AND LOSS ACCOUNT. Db. £ s. d. To interest on Bank account 25 15 6 „ Expense of management, viz : secretary's ealary... 80 0 0 „ Expenses of management, viz.: charges account ... 47 1 2 „ Balance as above... ... 6660 0 11 £6812 17 7 Cb. £ s. d. By balance from Aug. 26th, 1869 ' ... ... 2841 12 2 „ Premiums on 74 shares satisfied 3267 0 0 „ Redemption money ... 325 11 3 „ Transfer feeson 55 shares 13 15 0 „ Working expenses and other fees 199 5 6 „ Fines and forfeited'shares . 165 13 8 £6812 17 7 suspense account. Db. £ s. d. To amount payable to shareholders on shares allotted... 1092 0 0 To premiums on ditto, being additional profit 908 0 0 £2000 0 0 Cb. £ s. d. By 20 shares realised, and on which tlie securities are not yet completed 2000 0 o £2000 0 0