WANGANUI LOAN AND INVESTMENT SOCIETY.

Wanganui Chronicle, Volume XXII, Issue 9189, 16 June 1880, Page 2

WANGANUI LOAN AND INVESTMENT SOCIETY.

The shareholders held their firsi annual meeting at Kutland Chambers on Monday night, the chair being occupied by Mr J. G. Sharpe, Chairman' of Directors. The following is the ' " FIRST ANNUAL REPOBT. " Your Dirsctors, in presenting the shnreholders with the first annual balance-sheet, hare to congraulate them, not only on the successful inauguration, but the remarkable progress the Society has made during its first year's operation. " The number of shares applied for was 6723. Of these 120 had only the entrance fee paid on them, leaving 6153 shares to be placed on the regiater:_ At the present time the number of sliares extant is 6325; o£ the remainder. 713 have been withdrawn, arid' 115 forfeited by finea. ' • ; " The invested capita! at date is £19,270, embracing nearly three-eighths of the subscribed shares ; further sums have been applied for, and will be advanced as the funds permit. "The nett prblits for the first year amount to £798 15s. This 'sum; divisible amongst the shareholders, gives each share three shillings (3a), or a fraction under twenty*five.(2s) per cent on the calls paid in; taking into consideration the equation of payments. But as the dividends are not paid out, but added annually to the capital paid up, the rate of interest cannot be estimated at 25 per cent for the whole pbriod of the Society's operations, and can only be arrived at when the Society terminates. The balance of £466 Is lid in the Profit and Loss Account has to be reserved to meet tho Society's liabilities for outstanding interest due to depositoi'3 and bankers. " The subscribed capital, amounting to £6390, together with the nett profits, £798 las, making a total of £7118 15s, will give the Society from this date an i-ic3P.iL- of £718 7s 6J, derived from inter, si. on tuojc amounts. '• '.! ho totil rejjijjfcj cl'ivinpf the first term U'ljer the lio.il of l)u\>'i*>t An conn', iinount to £18,350 7s 01. Of lln*-£759J os h:n b;cn ropaiil, Iciviii,; a balanuc vi £h),7i)A 2s 01 mw dv» to depositors. It. is t) this ac;uunt that the Soc'ety's sucutiss'ul progress, is mainly due, Ln'viug pliicod' your clirectow in' the p 'silioa ofma^inj; aclvrauces so fur beyond the Society's monthly reooipta, which aveia^eJ £075, whereas tlio advances mado averagj monthly £1003 lUs Sd. "Messrs Henry Hurley, John G. Sharpo, and Johu .Nolman retire from the Boa^'d of Directors in terms of Kule XXVI LI., Section 6, but are all eligible re-election. " Messrs Edward Tingey and Fred. M. Spurdle also retire in terms of Rule XXVLIL, Section 15, and are both eligible for re-election. No nominations uavo been seat in. _ " JQHW Cr, S«AJ}f£, OJlHirnian.,"

The report and the balance-sheet and the auditors' report were adopted. The retiring directors, Messrs H. Hurley, J. G. Sharpe, J. Notman, B. Tingey, and Spurdlo were re-elected. A vote of thanka to the Board of Directors and the Manager closed the proceedings.