Rangiora Investment and Building Society (Permanent).

Star (Christchurch), Issue 6789, 28 February 1890, Page 3

Rangiora Investment and Building Society (Permanent).

♦ The ninth annual meeting o£ shareholders was held on Thursday evening. The attendance consisted of fourteen members. The report and balance-sheet for 188tf were read. The report stated that the business had been fairly successful. After deducting the 7 per cent interest for the " B " or investment shares, allowed by the Society's rules, there remained a balance of profit for the year of .£2OB 9s lOd ; but, owing to an omission in the balancesheet of ] 888 to carry to the liability on " B" shares, the J8250 deducted from the reserve fund, the profit declared and added to these shares for the said year was considerably in excess of the proper amount. This had now been adjusted, acd the small balance of profit left carried forward to next year's account, the value of the Bharesbeing increased for 1889 by the said interest of 7 per cent. Mr E. E. Good (shareholders' Auditor) gave full particulars respecting the omission, and said that although the shares did not show any profit tor the past year, it. should be remembered that this profit had been allocated in the former year, and interest added for 1889. It was proposed by Mr A. B. Blackett, seconded by Mr Leech, and carried: — "That the report and balance-sheet for 1889, as read, be adopted." Messrs H. Boyd and W. J. Crotliers, the retiring Directors, and Mr E. E. Good, shareholder's Auditor, were re-elected. A vote of thankß having been accorded the Directors and Secretary for their services, a discussion ensued as to the abvisableness of freeing, if possible, the Society of the liability on the " A," or capital shares, after which the meeting terminated with the usual compliment to the chair.