ANNUAL MEETING.

Star (Christchurch), Issue 6541, 9 May 1889, Page 4

ANNUAL MEETING.

The annual meeting of the Society was then held. The Directors' report stated that the success of the Society had succeeded their mo3t sanguine expectations. The balancesheet showed that, after writing off the whole of the preliminary expenses, amounting to £23 7s, the nctfc profit for the year was i2st> 12s sd, equal to an increase of <4a (3d in the value of each share, or reckoning the payments as having been made by fortnightly subscriptions, equal to interest; |at tho rate of 8 per cent per annum. Out of 250 shares taken up, the number to which the Society was limited, only six had been forfeited or abandoned. Two of these had been resold, and the remaining four were open for sale. When the Society started it was considered doubtful whether it would receive sufficient encouragement [ to make it successful without extending its j operations over a large area, but seeing the favour with which it- had been received, and the number who had joined, the Directors thought it would be well in the future to limit its sphere of action to within & reasonable distance from Christchurcb. During the year four appropriations have been madf, t wo ballot end two by sale, the latter realising .£45 and JSS3 respectively. Tliub advances to the extent of .£I2OO had been made to members without interest. Great care had been taken in accepting securities for advances. The balance-sheet showed that the receipts for the year ending April 10 amounted to J81360 18s 6d, including J23.238 12s of subscriptions. The expenditure had been J2997 4a 7d, leaving a balance in the Bank of JB3G3 13s lid. There was a balance of assets over liabilities of £56 12s sd. . The report and balance-sheet were adopted. A ballot took place for the election of three Directors, and Messrs H. Crooks, J. L. Scott and J. Glanville were reelected. " Mr F. A. Cook was re-elected Auditor. The appropriation of the fifth loan of i3OO was then decided by ballot, the loan being obtained by Mrs Anna Plaisted. This concluded the business.