WORKERS' MUTUAL BENEFIT BUILDING SOCIETY.

Wairarapa Age, Volume XXV, Issue 10713, 23 September 1913, Page 5

WORKERS' MUTUAL BENEFIT BUILDING SOCIETY.

DIRECTORS' REPORT. Following is the directors' report to be submitted at the annual meeting of shareholders s to be held in Masterton on Wednesday, October , Bth : The directors have much pleasure in submitting to the shareholders the fifteenth annual report and balancesheet. The profit and loss account stands at £2861 15s 9d, an increase of £IBO, 15s 6d on last year. Nearly £33,000, free of interest, lias been lent by the society, since its inception, a Fact which shows conclusively the benefits obtained by the ,- shareholders from the society. 3 The arrears on the shares seem 'very large, but this is mainly accounted for by the number of shares that have been taken up on the double payment system. During the year the sum of £4390 has been sold or ballotted for among the shareholders, of which, only £3OOO has been taken up, the balance having been foregone. The society has expended the sum of £721 2s in buying out shareholders who have withdrawn from fhe society. It is intended to hold a sale of £3OO after the annual meeting of , shareholders, to be held on October Bth, 1913. Twelve meetings of directors have been held during the year, at which the attendance has been as follows: |T. S. Crosswell 11, J. W. Gordon 11, f - A. K. Johnston 10, J. Prentice 10. K. Krahagen 9, A. Gardner 9. Ci. Hyde 7, A. Cambourne (who was appointed in 'Mr Candy's place four mouths ago) 4, J. C. Ewington 4. Messrs Gardner, Gordon and Prentice retire from the board of directors by effluxion of time, but are eligible for re-election. The shareholders will be asked to appoint three directors. At the annual meeting the shareholders will be asked to appoint an auditor for the ensuing year. Mr G W. Sellnr (the shareholders' auditor for the past year) offers himself as a candidate for that office. R. KRAHAGEN. Chairman.