CANTERBURY BUILDING SOCIETY.

Star (Christchurch), Issue 5551, 24 February 1886, Page 4

CANTERBURY BUILDING SOCIETY.

The eighth annual meeting of inveßting members of t^e Canterbury Building Society waa held last night at the rooms of the Agricultural and Pastoral Association. Mr A. Carrick, Chairman of Directors, presided, and a quorum of members was present. j The Directors presented the following j report : — j " Your Directors beg to submit their ! eighth annual report. The financial state- j inent and balance-sheet, duly audited, are j attached. After paying to holders of Class i A shares, and crediting Class B shares interest at the rate of 7 A per cent, in accordance with rule 10, there remains a sum of .£157 133 sd. This Bum your Directors have deemed it necessary to place to the credit of Depreciation on Securities' Account. They are therefore not in a position to recommend any further division of profits. The Directora who retire by rotation are Messrs W. H. Hargreaves, C. E. Briggs, C. J. Mountfort, and P. W. Hales. The following members are the only candidates for the vacant seats on the Board, and, having given the requisite notice, are eligible for election, viz., Messrs W. H. Hargreaves, C. J. Mountfort, F. W. Hales, and J. V. Eosg." The Chairman said that shareholders would see from the balance-sheet that the business of the Society had shrunk somewhat during the year. The amount lent on mortgage had been J!377G, as against in 1884. This was not the fault of the Directors, who had advanced money in all cases where they deemed the security satisfactory. The advances refused amounted to more than those that had been granted. The deposits showed a proportionate falling off. The expenses of management had been somewhat smaller than during the previous year. He thought that, on the whole, the result was a satisfactory one, and that if every Company or Society had paid as large a dividend as 11 per cent during the past year some of them would be better pleased than they were. He moved the adoption of the report. Mr H. H. Loughnan seconded the motion, which was carried nem con. Messrs Hargreaves, Mountfort, Hales, and Eoss, the only candidates for election as Directors, were declared duly elected. Mr E. S. Harley was nominated as auditor on bt-half of the Directors, and Mr T. B. Craig was re-elected shareholders' auditor. Mr Sissons moved a vote of thanks to the Directors for their services during the past year. Mr Eoss seconded the motion, which was carried unanimously. Mr Carrick acknowledged the compliment, and the meeting terminated.