WANGANUI ECONOMIC BUILDING SOCIETY.

Wanganui Herald, Volume XXXVII, Issue 11058, 21 September 1903, Page 5

WANGANUI ECONOMIC BUILDING SOCIETY.

The following is the director's report of the above society for the year ending 14tb September, 1903, to be sabmitted at the seventh annual general meeting, to be hela in the society's offices, Duigan's Buildings, on Friday, 2nd October, at 8 p.m. :— Your directors have pleasure in submitting the seventh annual report and balance-sheet, and in congratulating the members on the continued progress of the society. The profit for the year is .£286 12s lid, and the society's accumulated profits on its seven years' operations are .£2334 5s sd, equal to =E2 14s per share on the 864 shares remaining in the society. During the past rear 18 appropriations have been made, eight by ballot and jten by sale. The total loans granted by the society since its inception amount to J24.450, of which sum, ,£7436 10s has been repaid, leaving a balance of £ 17013 10s outstanding. Repayments are met with fair regularity, the amount outstanding, £23 lUs, comprising a number of small sums, the largest of which is ,£5. Your directors continue to exercise the greatest care in the consideration of securities submitted, ample cover is held from each borrower, and the society has nevei yet, during its seven years existence, had to foreclose bn a security: Duringthe year the society suffered a severe*' loss in the regrettable death of Mr H. L. Peake, one of .your directors. The vacancy was, filled by the appointment of the Rev. T. B. Maclean, in accordance t with rule 29. The society also lost the services of Mr Thomas Dickson, a director since the society's inception. » Mr Dickson was obliged to resign owing to his removal to New Plymouth. The vacancy was filled by the appointment of Mr George Caiman. During, the year several important alterations were made in the society's rules, principally in the direction of stopping withdrawals under rules 17 to 22. Your directors were unanimous in recommending the amendments, which were all approved of by large majorities. During the past year a sum of .£1274 4s has been paid out to withdrawing members, making a, total withdrawal of .£1986 on 134 shares, lue attention of all members is agaiu drawn to the advantages of the Society's appropriations by sale. These sales offer exceptional facilities to the' members to obtain money at an exceedingly low rate, and on a very easy repayment scale. .It does not apnear to be generally known that the society's- upset price is' only <£20 per d£'lsO, equal to £1 14s 8a per annum for the 11£ years of Uie loan's currency. In accordance with rules 27 and 29, the followingdirectors retire !— Messrs W. Armstrong, G. Caiman, N. -u-euli^ev. T. B. Maclean, and C,,W. Poynter;*bsut, being eligible, are candidates for re-election. You will also be called up to elect an auditor for the ensuing year. Mr 'J. S. Morton, the retiring. auditor, is eligible for re-election, and is a candidate for the office. In accordance with the amended rules, any other nominations for the offices of director or auditor must be sent in to the secretary at least two clear, days prior to the date of the annual general meeting. An appropriation by ballot of ,£6OO, in four sums of .£l5O each, will be held after the close of- the, ordinary business of the annual general meeting. An extraordinary general meeting of shareholders will be held after the close of the ordinary business of the annual general meeting and the ballot to consider the following proposed alteration in the society's rules : — That rule 4 be amended by the excision of the wordß-^-"No members shall 'hold more than four shares in any separate issue of shares."