Mutual Building Society.

Star (Christchurch), Issue 6382, 30 October 1888, Page 1

Mutual Building Society.

— . ♦■ ANNUAL MEETING. The sixteenth annual meeting of share* holders in the Mutual Benefit Building and Investment Society of Canterbury, Permanent, was held last night at the Corn Exchange. There was a good attendance, and the chair was taken by Mr W. Harris, Chairman of Directors. The other Directors present were .— -Messrs John Anderson, John Connal, C. A. C. Cunningham, and Henry Hookham. The report and balance-sheet were taken aB read. The Directors stated that after making ample provision for any depreciation that has occurred by writing off a sum of £169 8s 9d, they are able to declare a dividend of 8£- per cent. A further sum of .£222 2s^ld, in accordance with rule No. 22, is reserved from the profits of this year to meet any contingencies. In moving the adoption of the report, The Chairman congratulated the Society on their prosperity, which, considering the depression, was very satisfactory. The ascertained losses were only .£4O, but a sufficient sum was held to meet probable losses to a small extent further. The Society was stronger and sounder than it had been for some time pa*st. The death of Mr Booth was to be lamented, and the resignation of Mr Seager was a matter for regret. The balance of profits was less by £60 than it was last year; at the same time a larger dividend was declared. The reason of this was that a sum left; over last year, too small to go to a reserve fund, had been absorbed in the dividend. After the Chairman had answered a few questions, Mr Seager seconded the motion, which was agreed to. "\k The Chairman announced tha? the Secretary would issue a limited number of the C (£10) shares, according to application, up to about the close of November. Particulars of the issue would be advertised shortly. The following gentlemen were xe-elecfced Directors :— Messrs C. A. C. Cunningham, H. Hookham, and S. Manning, the first two of whom briefly retnrned thanks. Mr A. M. OUivier was re-elected shareholders' Auditor. The meeting closed with the usual votes of thanks to the Directors, and the officers of the Society. Mr T. S. Weston, the Society's solicitor, the Chairman, and Mr E. L. Wallace, the Secretary, acknowledged the compliment. The dividends will be payable on Nov. 4.