Canterbury Building Society (Permanent).

Star (Christchurch), Issue 6553, 23 May 1889, Page 3

Canterbury Building Society (Permanent).

A special meeting of shareholders in this Society was held at their office, Cathedral Square, ab 7.30 p.m. yesterday. There was a large attendance, and Mr W. H. Hargreaves took the chair. The Chairman stated that the Directors, taking into consideration the shrinkage in the Society's securities, had decided if possible to sell their interest in the Society as a going concern. After some negotiations the. Mutual Benefit Building Society had decided to take over their securities, the Canterbury Society paying them £1000 in satisfaction of losses which might occur. For every .£SO worth of shares held in the Canterbury Society, three Bhave3 would be allotted in the Mutual Society at a premium of 7s 6d per share. So for .£lO 7s 6d they would get a share worth, if they were obtainable, about .£ll 10a in the market. They had worth of shares applied for. The loss on shares if paid in cash to shareholders would be about 10 per cent, or £1 per share. If shareholders were willing 1o take the Mutual shares at that valuation he believed they would realise par value for their shares. Redeemable shares would stand ou the same footing as other shares in the Mutual Society, as there were uo capital share3 in the Mutual. Canterbury shareholders would be placed on an equal footing with Mutual shareholders, and he believed they would not regret the traneaction,as the Mutual was a thoroughly sound concern. The Directors had decided that they could not go on with the business, aud if shareholder did not agree to the Mutual's proposal they must wind up. Mr A. Carrick, as a Director, moved — " That the Society recommends the acceptance of the term3 of the proposed agreement to be made by the Directors with the Mutual Benefit, Building, and Investment Society, for the transfer to them of the properties and securities of the Canterbury Building Society (Permanent)." Mr J. V. Robs endorsed the remarks made by the other speakers, and seconded the motion, which was carried without a dissentient. Mr C. J. Mountfort moved — "That the Canterbury Building Society (Permanent) I be dissolved, in the manner prescribed by | Rule 67 of the .Society's rules, and by Subsection 3 ot Section 36 of " The Building 1 Societies Act, 1880," and that William Henry Hargreaves, of Christchurch, merchant, be appointed sole Trustee, and that hia remuneration be three-quarterß per cent on the grosß amount of the receipts." The motion was seconded by Mr J. J. Thomsoi), and carried unanimously. Mr Hargreavesfeltsurcthatshareholders would not regret the step taken that night, and he thought they should be able to take them out of the affair without a loss. The meeting theu terminated.