No. 3 Building Society.

Star (Christchurch), Issue 6482, 27 February 1889, Page 1

No. 3 Building Society.

. .--... -A . ■ * ANNUAL MEETING. The fifteeuth 'annual meeting of the No. 3 Building Society, was held at their offices, Worcester street, at 7.30 p.m. yesterday. Mr M. Sandstein, the Chairman presided. There was a small attend* ance of shareholders. ■ ! • The. ..Secretary, Mr J. H. Seager, read \ the financial statement and balance-sheet : for the year ending Dec. 31, 1888. : Although an. examination of these showed ■ that the buainesa had somewhat diminished during- $he year, the Committee ; were able to congratulate the shareholders on the sound position of the : Society ; as, after writing off losses actually • made, there remained a reserve more than ; sufficient to cover all doubtful losses. The '■■ earnings of the Society for the last year enabled the Committee to declare a dividend of 8£ per cent. The two members retiring 1 from the Committee were Messrs C. P. Money and H. Allison, who had been i nominated for re-election. i The balance-sheet showed . balance at ; Bank of New South Wales oa Dec. 31, ' 1887,Jei256 6s-Bd, and receipts from all sources £14,123 18a 4d. Disbursements, ' £15,267 75 1id;" and bank balance, £112 7s lid. The assets showed a balance over i liabilities of £4270 17s Bd, to credit of ; profit and losb account. j The Chairman said he bad much pleasure in moving the adoption of the report and balance-sheet. Considering the hard times it was satisfactory to shareholders that they declared a dividend of 8} per cent. During the past year they had to refuse applications for loans, owing to the Society not being satisfied with the valuations given. They had lost, during the past year, their Secretary, who had retired after a service extending from the No. 1 Society to the present one, of about thirty years ; and shareholders would join with him in wishing him many years of life after his retirement 'from toil. The Committee after appointing his successor, Mr Seager, sofar as they were able to judge, considered that the appointment was a very satisfactory one. Certain alterations had been made in the working of the Society for the purpose of facilitating its buainesa, and he thought that there was no office in tows where such faoilitieß were afforded for the transaction of business. He moved the. adoption of the report and balancesheet. ... Mr Button seconded the motion. , Mr W.'H; Hargreaves objected to such an amount as £4270 17s 8d being carried forward as a, balance to credit of Profit and Loss Account. He thought the shareholders should be credited not with the actual amount paid into the credit of their shares, but the amount they were actually worth as shown on the Society's books. ■ The Chairman, after some explanation j . sajd the Committee would considerduring . the present* year the advisability of carry- ' ing out Mr Hargreaves' suggestion. > Mr Hargreaveß on that assurance would not move on the subject. •-•■ •' * '•'■'<■ . The report and balance-sheet were unanimously adopted. . „V Messrs C. F. Money and H. Allison, the retiring Direcliors were re-elected unopposed. Mesßrff-E. C.* Bishop and John Whitelaw were unopposed for the auditorship, and ' were re-elected . The appointment of Mr J. H. Seager as Secretary 1 was oonfirmed, . _.. . . ; On the motion of Mr, H. Hookhain, seconded by Mr W. H. Hargreaveß, a gratuity of £50 was as usual- voted to the Directors for their services during the past year. ;■- r. ' .-.. . . ■..■■;- •■ : A vote of thanks to the Chairman terminated the proceedings.