ASHBURTON LOAN AND INVESTMENT SOCIETY.

Star (Christchurch), Issue 11686, 1 May 1916, Page 2

ASHBURTON LOAN AND INVESTMENT SOCIETY.

| ANNUAL MEETING, j The seventh annual meeting of the shareholders of the Ashburton Loan and Investment Society was held on Friday evening. The chairman (Mr \Y. Brvant) presided. the balance-sheet showed a profit of £B4O 8s Bd. which the directors recommended should be allocated as follows:—The sum of £520 <s 3d to pay a dividend of 7* per cent on all shares; to transfer the sum ot £75 to the reserve fund; to £3O to Euctuations of securities and contingencies account; and to carry forward the sum of £l9O Is sd. . The chairman, in moving the adoption of the balance-sheet, stated that last year the society had turned over £4.0,000 and this year it bad practically doubled that amount. For the past six years it had paid a dividend of ,6 per cent, hut this year a dividend -of 7$ per cent had been declared, while it was also building up a reserve fund, and the directors had decided to carry forward the sum of £IOO. Every security had been carefully surveyed, and he was in a position to state that there was not a single bad security on the books. Mr J. Heseltine seconded the motion. Mr W. H. Woods referred to the credit balance at the bank amounting to £1361, which he thought was a > large amount to have non-interest bearing. The chairmau explained that the sum referred to contained a considerable amount of patriotic funds', which might be taken out at any time. The report and balance-sheet were adopted. Messrs W. Bryant and T. H. Undrill. who retired by rotation, were re-elected to the directorate Votes of thanks to the directors and the manager' ('Mr J. B. Christian) were carried unanimously. At a subsequent meeting Mr W. Bryant was re-elected chairman.