WELLINGTON BUILDING SOCIETY, No. 2.

Wellington Independent, Volume XVII, Issue 1718, 22 April 1862, Page 3

WELLINGTON BUILDING SOCIETY, No. 2.

The sixth Annual Meeting of the above Society, was held at their Office, Odd Fellows Hall, ou Thursday, the 17th inst. J. Woodward, Esq., in the Chair. The following Report of the Committee was read to the meeting, aud, together with the usual balance sheet aud statement of assets aud liabilities, was unanimously adopted : — Sixth annual report of the Committee of the Wellington Building Society, No- 2. Tho preparation of the Sixth Report of the Committee of the VVellington Building Society, No. 2, is attended with unusual difficulty from the circumstances that inevitably attend tlie progress of similar Societies when half of their term, or something more, has elapsed. These difficulties arise partly from the fact that the ordinary operations of the Society in tho way of the realization of shares has necessarily ended (or nearly so,) and partly, also, from the fact that, as the accumulations of the Society become greater, the task of finding some rneaiis for the employment of its funds that shall be remunerative aud yet not place them too far beyond tho control of the Committee, becomes increasingly hard. The effect ia that tho action of the Society is restricted and the Report therefore meagre and barren of incident ; fear is also experienced lest apparent success should lead to expectations that results may not justify, and thus the Committee are compelled to be so brief and guarded in their statements, that their Report ia leas interesting than those which have preceded it. In short, the Committee might condense almost all they have to say into one brief sentence — they haye made no losses, and have hitherto found profitable use for the funds of the Society, Tho time, however, has at length arrived whety

without. some decided effort, the funds of the SoI ciety must either remain unproductive, or be advanced simply upon mortgages. The former of these alternatives would operate so prejudicially as inevitably to protract the terra of the Society's duration beyond the period at which it might otherwise have closed, and the latter would involve the necessity of calling in such a large sum of money at the termination of the Society as would produce , I very aeiious inconveniences, and probably cause a sacrifice of property that all would regret. Ira--1 pressed with theso considerations, the Committee have prepared the following plan for advances on Shares, to which they request the concurrence of the Members of the Society : — Plan for making advances on the security oj unrealised shares at and after the end of the sixth year of the Society. 1. Such amount as the Committee way at the time have determined to give for the cancelment of unrealized shareg, may be advanced to any holder of such shares as a permanent loan, not to be repaid until the termination of the SocietyInterest on the sum advanced to be charged at the rate of £12, per cent per annum, payable monthly, on the third Monday of each month, subject to be reduced to £8 per cent on punctual payment. 2. Payment of the sum advanced, and of interest thereon, to be secured by a short deed of covenant in a prescribed form, transferring by way of mortgage the borrower's share or shares as collateral security. 3. Advances in the above form to be made from time to time as the Committee may be in funds, taking precedence of all other kind of advances except for the realization of shares, on advances by way of mortgage, in terms of Class No. 1. Pending the sanction of the annual meeting to the above, the Committee have already advanced J6IOO on two shares, on the understanding that if the plan is not approved, the advance shall be changed into a mortgage on the usual terms. The following Report has been adopted by the Committee, and is recommended to the Society as the basis upon which advances may be made in terms of tho foregoing plan :— Report of the Finance Committee. The Committee having duly considered the present state and prospects of the Society, recommend that the amount to be paid on the withdrawal of unrealized shares be £55, and the sum to be received for the cancelment of realized shares be £23, such recommendation to take effect from the close of the sixth year of the Society. A temporary arrangement haa been made with the Land on Deferred Payments Society, by virtue of which various sums have been advanced to that Society, the terms being that the money shall be kept for at. least six months, interest being paid at the rate of 8 par cent per annum. The amount thus advanced is £1400. The only alteration in the number of shares since the last report, is that sixteen realized Shares have been cancelled, and ten and a half unrealized have been hypothecated; The number of Shares now current is 210J unrealized, and 287 realized, 32| of the unrealized Shares have been hypothecated as collateral security for advances. Mr. Pickering having resigned the office of Manager of the Society, Mr. B. Smith was elected to that office. The Committee have also to state, that deeming it their duty to support local institutions, they have transferred a portion of their Insurances to the New Zealand Insurance Campany. J. Woodward, Chairman. Wellington, April 17, 1862. After a general review of the operations of the past year and some explanatory remarks on the proposed and now adopted, plan of making advances on security of unrealised shares, and very satisfactory replies, by the chairman to questions proposed by Mr. Toomath, and others, the following resolutions were proposed and carried unanimously: — " That the thanks of this meeting be given to the auditors, Messrs R. Lambert, J. Knowles, and W. Seed for their services during the past year." 14 That the following gentlemen, Messrs. W. Holmes, Liprnan Levy, and J. E. Smith, the members of the Committee who retire in rotation, be re-elected." <( That the thanks of this Society be given to Messrs. W. Holmes, and G P. Clapham, for the services rendered, by them, in relation to the accounts of the Society, as left by the late manager. " " That the thanks of this Society be given to the chairman, and committee for their valuable services during the past year." And after a complimentary vote to the manager, the meeting separated.