WANGANUI LOAN AND INVESTMENT SOCIETY.

Wanganui Chronicle, Volume XXIV, Issue 9660, 13 June 1882, Page 2

WANGANUI LOAN AND INVESTMENT SOCIETY.

The third annual meeting of shareholders in the ahove society was held at the Butland Chambers last evening, Mr S. H. Drew being voted to the chair. Messrs Leonard H. Jones, John O. Brechin, Thomas Nicholas, David Bell, Edward Tingey, 2?. M. Spurdle, and John Mc'Jfarlane being present. Annual Eepokt. — The following directors' report was read : — The directors take this opportunity, in presenting their third annual report, of congratulating the shareholders on the very favourable position of the society, as it will be seen from the within, balancesheet that the net profit for the year (including the balance left in the profit and loss account from previous year) amounts to £1939 2s 6d, which your directors recommend should be divided as follows : Dividends to be added to members' account, £1899 7s 6d, or at the rate of 7s Cd per share, leaving an undivided balance of £39 Ids reserved iv profit and loss account, to meet outstanding liabilities. The investments made during the year only amount to £5085, and the monthly receipts averaged £725. To that the surplus ha 3 been, devoted to the reduction, of the

society's liabilities, under the head of deposit account. The invested capital^ at date is £30,860, of which £23,840 as taken up by the members, £4930 by fixed mortgages to members and' others, and £2090 in advances to shareholders on the socurity of their shares. The present paid-up .capital is £3 12s per share, on which the dividends amount to fifteen shillings and sixpence per share, or a fraction under lS^per cent.*, "taking into' "'consideja?ion"'tiie equation of payments. In accordance with the rules it will be the duty of the meeting to elect three directors. 1 The retiring directors are: Messrs Henry Burley,' John'C. Brechin, and Jofin Notman. All are eligible, and assent to be re elected. — John G. Shaepe,- chairman. The auditors' report and balancesheet were then read, and, on the motion of the chairman, seconded by' Mr T. Nicholas, M:the' various reports 'and balance sheet were unanimously adopted. • Direotobs. — Messrs John Nbtman, Henry Hurley, and John G.'Breehin, the retiring directors, were re-elected. A hearty vote of thanks was unanimously accorded to the board of directors and the manager (Mr Charleß Hart Ashforth) for the very able manner in which they had managed the society's business during the year, and the meeting.terminated with a vote of thanks to the chair-, man. ' ,/-.. .