MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Daily Times, Volume 2, Issue 560, 4 September 1880, Page 2

MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

The annual meeting .of the above Society was held at the 'Council Chambers last evening, and' was fairly attended.'- : Mr M, -Oaselberg, Chairman of Directors, said he had more pleasure than: usual in meeting the shareholders, because hitherto the Society had not been a financial success. On their firatiyear they had a defioit. Their second year would have shown better resets had they not lest property to "the amount of £OO or ,£7O by afire, and had again to carry a balance forward on the wrong side. On the 3rd year they made, a, profit which only covered the deficit of former years; and the present was the first occasion on which they had been able to announce a clear tangible profit. He had always been oonfident of the eventual success of the institution. He had much pleasure-in moving the adoption of the following WORT. The Directors have muoh pleasure in submitting their report and balance sheet for. the past yaar to the shareholders.. For the first time since the society commenced operations the balance of the profit and loss account has enabled the directors to allot interest upon the shares' of the Sooiety and also to divide the sum of £llll3s among 77 shares, after carrying the sum of £37 lis 3d to the reserve fund. The accompanying table, shows the present value of shares; and it is hoped that the shareholders will introduce it to th« notice of their friends, when ■ it will-nc doubt have the.. effect of. causing man} new shareß to be taken up, The director! are pleased to state that although the pas year has seen a continuanoe of the finan oial depression,,they have not in any in stance been compelled to foreolose on th mortgagees, and the whole of; the securi ties are considered of a. very.satisfactory character,, In consequence of thei rite I

of interest, having, been-lowered by;-the banka, the director! have made a corresponding reduction in the rates of intoreat ; upon fixed deposits, which, while still offering sufficient inducement to investors, .will be a great the shareholders,. ;, Messrs Godfrey Russell and Job Yile are thi retirin? diriotori, but are eligible for re»eleotion, and have announced their : intention of again offering their services, :' Mr- Gardner seoonded the motion of the Ohairman, which .was put and carried 'unanimously. Messrs G. Russell and J. Vile were •re-elected directors on the motion of Mr Payton. • - Mr Ruaaelf expressed his acknowledgements, and would do hiß best to promote, ; Ml' Villa also thanked the shareholders. There wouldlbe more satisfaction in working for it iii; the future, as the' Sooiety wa» now in a satisfactory position, . The proceedings'then ' terminated.