PEOPLE’S BUILDING SOCIETY

Wanganui Herald, Volume L, Issue 14773, 29 November 1915, Page 8

PEOPLE’S BUILDING SOCIETY

The following is the directors' report to he presented at the fifth annual meeting on Monday, Gth December;FINANCE. The working capital has been increased from .£5885 18s 9d to £7508 14s sd, the additional amount being made up as follows: From the oil Society £1573" 7s Bd, and culls £lO7 12s. There remains a sum of £3513 17s , to be received from old Society and which will be received in the usual way dining its liquidation. ARREARS OF CALLS.—CaIIs in am-a-have now been reduced to one account of £l7 Bs, PROFIT AND I.OSS. -The profit made for the year is about £1()0 in-excess oi last vear, and probably would have bee considerably more under normal conditions, tlie continuance of Die wav bavin" the effect of making it difficult to fluff satisfactory investments, APPROPRT AT lON ACCOUNT. -Th■ accrued profit of £550 10s 2d at the en <f 1914 was reduced to t'l34 5s 2d bv the payment of a dividend of 5 per cent, and now stands at £G92 13s Id through the addition of tlie profits transferred a' the closing of accounts on the 31st Oe tube-- 1015. DIVIDF.ND.- The directors rceommc a dividend of 5 per cent., which would absorb about £450. and recommend tha 1 of the remaining profits available a sun of £IOO bo transferred to reserve accoun' and a further sum of £'loo to dividend reserve account. DIRECTORS.—The directors regret bavin" lost Die services of Mr .T. M Hamilton, who lias enlisted, and who j now in training at Trenthani. As pm vided bv the articles of association. Dp Board has elected Air 0. S. Gordon 1 the vacant chair, a gentleman who--knowledge vhoqld prove of great vainto the company. Messrs William® an- 1 Purs' 1 !- retire by rotation, and bein'--eligible offer themselves for re-election. A EDITOR.—Mr F. Bonnie offers him self for re-election.