WANGANUI ECONOMIC BUILDING SOCIETY.

Wanganui Herald, Volume XXXX, Issue 11973, 17 September 1906, Page 2

WANGANUI ECONOMIC BUILDING SOCIETY.

Directors' Report. Following is the report for the year ending 10th September, 1906, to be submitted at the tenth annual meeting of the Society, to be held in the Society's offices Buigan's Buildings, on Monday, Ist October, at 8 pum: — Ladies and Gentlemen, — Your Directors have pleasure in placing before you the tenth annual report and balance sheet, from which it will be seen that the Society continues to make satisfactory progress. The profit for the past year is <£402. 2s 7d, equal to 9s 8d per share on the 829 shares remaining in the Society. The total profits for the Society's ten years' working are .£3341 2s, equal to £4 0s 7d per share. During the past year 35 appropriations have been made, 18 by ballot and 17 by sale, the latter realising .£336 18s, an average price of £19 16s 4d per ,£l5O. Since its inception the Society has granted loans amounting to £39,750, of which amount ,£15,414 has been repaid, leaving an outstanding balance of ,£24,336. The arrears of repayments on the balance day were <£105, most of which has since been paid. Ample security is held from each of the 128 members to whom a loan hag been granted. During the past ten years 265 shares have received appropriations (£39,750), 169 shares have been withdrawn (,£2665 10s). and 2 shares have been forfeited, leaving 564 shares on which appropriations have still to be made.

The directors retiring by rotations are Messrs W. Armstrong, N. Meuli, and C. W. Poynter (Rule 27), but being eligible are candidates for re-election. You will also be called upon 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. Nominations for the offices of director or auditor must be sent in to the secretary not later than 48 hours before the time fixed for the annual general meeting. Members are reminded that fines for arrears under Eules 86 and 135 are strictly enforced. Members who have obtained loans are also reminded that fire and accident renewal premius must be paid promptly and the renewal receipts sent m to the secretary. (Rule 129)— Much inconvenience is caused by the neglect of some members to comply with this rule. An appropriation by ballot of £300, in two sums of ,£l5O each, will be held after the close of the ordinary business of the annual general meeting.. — C. L. DmVan Secretary; Robert M. Gatonby, Chairman of Directors. Wanganni. 16th September, 190 G.