No. 3 BUILDING AND LAND SOCIETY OF CANTERBURY (PERMANENT.)

Star (Christchurch), Issue 2164, 17 February 1875, Page 3

No. 3 BUILDING AND LAND SOCIETY OF CANTERBURY (PERMANENT.)

The first annual meeting of flharoholdorß whb hold at tho Oddfellows' Hall, ah sovon o'clock, loot night. Tho chair waa occupied by Mr J. B. Dalo, wlio read tho advertisement calling tho mooting*. Tho first business' was to read over tho report and balance- shoofc. Tho report; was us follows:—-" The committeo, in presenting their first report to the flliaroholders, have tho pleasure of congratulating them on iho success already attained. Although but short notico was given of tho intention to establish tho Society, 16i2 investment shares of tho firefc series, and 129 Bharea of tho seoond Bories have boon taken up. Tho flurn of £1350 has alao boon rcooived from dopoeitors, boaring intoroat at 7 por cent per annum, Appli-' cations for loana exceeding £20,000 have been j received. Your committoo have exercised groat care in making advances. In all aoouri' tics a wide margin has boon left, to allow for any fluctuation in tho value of property ; they have advancod only upon freeholds. Tho members of tho committeo who rotiro this year, in accordance with Rule 26, are Messrs 3. B. Dalo, J. Atkinson, W. Nobs, and W. 12. M'Dougall, who aro eligible for re-oleotion, "and have given the rociuisito consont. No ofcber ehßrohpldorshavogivon notioo in accord"

anco with, the rulos of boing candidates for election."

Tho Chairman congratulated tho shareholders on tho satisfactory naturo of their first annual, report, notwithstanding tho difficulties tuat had to 'bo contended ngainat. Immediately after tho oHtabluilnnent of tho society there waa a rush of borrowers, and tho vcsult was that tho committoo had to ask tho bank for an ovordraft. For this, thoy paid intorost at the rate of 9 per cont per annum, and tho bank put auoh v limit on that ovordraft as to result in an almost entire suspension of business. Under those oiroumßtancos, tho committee, acting according to tho powers vested in thorn, ohangCd their aocount to tho Bank of Now South Wales. Tho committee had aotod very judioiously, ho thought, in giving loans on freeholds only, and aa was stated in tho report, thoy had allowed a largo margin for any fluctuation in tho valuo of property. In roply to Mr A. A. Dobba, Tho Chairman stated that up to tho 3lst Docombor last, no loans had boon given on leasehold property, Since then, ono or two loans had been advanced on leaseholds. In conclusion, ho bogged to move tho adoption of tho report and balanoo sheet. Mr 0. E. Briggs soconded tho motion, whioh wna carried unanimously. Messrs J. B. Dale, J. Atkinaon, W. Nobs, and W. E. M'Dougall woro ro-oleetod as mombors of tho Committoo of Managomont for tho onauing twclvo niontha.

Mr A. A. Dobbs thought that tho rulo should bo altorcd whioh provided for the election of mombore of committee At present tho result wan that tho sumo oommittoo was in ofllco yoar after yoar, Ho thought that a little now blood would havo a good effect. Of course, tho rulo could not bo altered that evoning, but ho thought, a apcoial mooting Bhould bo oallod to tako tho matter into eon* eid oration.

Tho Chairman said that four 'Bbaroholdors wore appointed as comnnttoomon ovory year, and it was opon to sharoholdors to proposo candidates at tho regular monthly mooting*? in January and Fobiuary. Tho mooting then proooodod to tho olootion of a shareholders' auditor.

On tho motion of tho Chairman, ooconded by Mi* M'Dougall, Mi' W. R. Mitoholl was elected aa an auditor, in oon junction with Messrs H. B. Alporfc and U. 0. Bishop. Mr Mitoholl raovod a vote of thanks to tho coramittoo for their florvioos during tho past yoar. Ho thought thoy dcsorved tho thanks of tho shareholders for prosenting so favour» ablo a roport at tho first annual mooting. Mr Ooopor Booondod tho motion, whioh was carriod unanimously. Mr Johnston moved that a apeoial voto of thanks bo passed to tho trustees for tho labour they had bestowed, and tho interest they had taken in tho society's affairs, and that the samo bo convoyed in writing, to tho truatocs, Mn Noos secondod tho motion, whioh was agreod to.