WELLINGTON BUILDING SOCIETY, No. 2.

Wellington Independent, Volume XVII, Issue 1858, 21 April 1863, Page 3

WELLINGTON BUILDING SOCIETY, No. 2.

The Seventh Annual Meeting of the Wellington Building Society, No. 2, was held at the Society's Office on Wednesday evening lait, and was more numerously 'attended than on former occasions. The chair was occupied by J. Woodward, Esq. After a few preliminary remarks from the Chairman, the following report wa9 read, —

Seventh Annual Report of the Committee of tho Wellington Building Society, No. 2. Tho Balance Sheet which the Committee are able to present to the Members at the close of the seventh year of tho Socioty is of such a character, and includes bo completely all that has been done during the year, that it almost supersedes the necessity for a formal report Yet a few points in the accounts may be noticed so as to put tho Shareholders in possession, as fully as possible, of those facts which will enable them to judge of the present position of the Society. As intimated in the last report, the profitable employment the funds of the Society has been the subject of the greatest anxiety to the Committee during the year. The objections to advancing money on mortgage, which, were felt during the year preceding, have necessarily operated with greater force as the time for which such monies could be advanced has been shortened, It is therefore a subject of congratulation, that the plan proposed for making advances to the holders of unrealized shareß has been taken advantage of to the extent that it has been. The sum of £1445 has been advanced in this way on 25 shares, in addition to the advance of £100 on 2 shares noticed in the last report The Committee have experienced much gratification in observing that a part of this money has been obtained for the purpose of being convert d into permanent in vestments in the way of bank shares: and while facilities are being offered for using money advantageously in banking, insurance, and steam navigation company's shares it must be evident that it is politic on the part of members of this Society thus to anticipate the ultimata value of their shares, especially as they got the advance at an interest of 8 per cent, reserving their right to the balance whenever that shall become payable. The .Committee also state with much pleasure, that the temporary arrangement which they mentioned in their last report as having been made with the Land on Deferred Payments Society, has been continued up to the present time ; so that instead of £1400, as formerly stated, the sum now deposited with that Society' amounts (with interest) to £5,005 16s 6d. This money the Committee think t themselves justified in assuming has been advantageously used by that Society, both as respects its own members and'the community generally, while at the same time, by this means, the Committee has found use for that comparatively large sum, at an interest of 8 percent The balance sheet farther shows that 19 realised shares have been cancelled during the year, by payments amounting in tho whole to £397 2s sd, and that 7 unrealized shares have been paid off at a cost to the society of £398 10s leaving tho number of shares now current, 203J unrealised and 208 realised, 31 J of the unrealised shares having been hypothecated to the society, in such manner that the value of those shares goes to reduce the • amount that will have to be provided to pay off mortgages upon the properties of members. It will also be observed that the Committee have paid £106 16s 8d for the freehold of » property, the lease of which was previously mortgaged to the society, such purchase having been made in order to perfect the security. The Committee still refrain from expressing any opinion as to the probable termination of tho society ; but at the same time they feel bound to state that the terms which they make with parties desirous of withdrawing, are based upon an expectation that its duration will not exceed nine years ; the amounts for wbich they have determined to allow realised shares to be cancelled, or unrealised shares withdrawn, being £16 and £67 10s respectively, subject to such alterations as the committee may think right, at the end of each three months of the ensuing year. J. Woodward, Chairman. Wellington, April 6, 1863.

Balance Sheet from the 16tii Marcb, 1862, to tiie 14th ' March, 1863. reoeTpts. Dit. 1863— March 14. To subscriptions ... ... ... 2989 9 7 „ Eedemption fees... ... ... 683 10 2 „ Cancelment of shares (19) ... ... 397 2 5 „ Interest on Mortgages ... ... 711 4 8 „ Do. on advances on unrealised shares ... ... 43 13 0 „ Do. added to advances and capitalised ... ... 21 0 0 64 IS 0 „ Payments on account of mortgages ... 063 10 8 „ Depoßitß received during the year ... ... ... 718 0 C „ Interest addedto amounts withdraw ... ... 8 0 9 „ Interest added to accounts at close of year ... ... 43 6 5 769 7 8 „ Insurance premiums ... ... 97 7 5 „ Fines, transfer fees, and rules ... 160 13 4 „ Interest on deposits with Land on Deferred Payments Society ... ... 232 910 „ Amount received for rent of property purchased by the Society ... ... 10 6 0 „ Registration fees, repaid ... ... 4 0 10 • „ Balance, being amount overdrawn at Union bank ... ... ... 36 4 11 £6,720 0 1 EXPENDITURE. 1862— March 15. Ck. By Balance from former account... ... 18 13 11 1863— March 14. By amount advanced on mortgage ... 497 9 8 Deposits repaid ... ... 346 9 7 „ Interest on do. ... ... U 19 10 359 9 5 „ Amount advanced on 25 unrealised shares ... 1445 0 0 „ Interest on 8 shares capitalised. 21 0 0 1 P 1466 0 0 „ Insurance premiums paid ... ... 94 6 2 „ Interest paid, and added to deposits, as per contra ... 51 7 2 „ Do. paid Union Bank ... 12 5 _ 52 9 7 „ Amount deposited withLandon Deferred Payments Society. 3350 0 0 „ Interest on do., as per contra, added to deposit... ...232 9 10 __ 3582 9 10 „ Amount paid for purchase of freehold of property, tho lease of which was mortgaged to tho society ... ... 162 0 0 „ Solicitor's charges thereon ... 4 16 fi ' — — . 166 1« 8 „ Cancelment of 7 unrealised shares ... 898 10 0 „ Current expenses — Manager's salary ... ... CO 0 0 Rent of office, and cleaning do. 26 10 0 Printing, advertising, stationery, &o. ... ... 7 410 83 14 10 £6,720 0 1 ASSETS. Subscriptions inarrear... ... 194 19 4 Redemption fees d 0.... ... 14 6 9 Interest on mortgages do. ... 617 3 Fines do. ... ... ... 15 13 3 Rent of property purchased by tho society do. ... ... 10 0 332 10 7 Advances on 25 unrealised shares . 1545 0 0 And interest on 8 shares capitalised. 21 0 0 -—-. 1660 0 0 Balance of registration account ... ... '417 11 Cash deposited with Land on Deferred Payments SSciety... 4750 0 0 Interest on do. to 31st March, 1863. 255 16 6 .' ': .. „ 5005 16 6 Amount outstanding on mortgages ! ... 6230 10 6 Amount paid for freeh old, with law chargeH, as per balance sh eet ... 106 16 8 Eitlmated value of sec urities being amount receivable on 268 realised sharea ... 6743 12 0 jei9,»60;10 1 LIABILITIES. Amount overdrawn at Unlo n Bank ; ... 86 4 11 Amount of subscriptions re ceived in advance 2 0 0 Amount of deposits with hit crest to close of ,• r year ... ... ... ' ... 1054 16 1 Balance ... ... ..<>■■ : „,18867-9 1 '„!','._ £19,95) 10 1 Audited and found correct this 27th March, 1863. John Knowi.es, ) • R. Lambert, V Auditors. ; Q. H.VENNBIL, ) J. WOODWARD, Ohalnuwt :<

After the reading of the Report the Chairman, in moving its adoption, stated that at the last Annual Meeting he had met the Society with gome trepida-tion-not on account of the past, but of the futurebuthe was gratified tobeabletosay thatthe capital, which at that period he had feared might be accumulating in-the Bank, was now all profitably invested. He also drew attention to the advantage which, would accrue to members holding unrealized shares.J if they availed themselves of the advances which they were entitled to diaw upon those shares, (amounting at present to ,£6B per share, at the moderate interest of 8 per pent) by investing the amount in mortgages at a higher rate of interest, or in Bank or Steam Companies' shares, with a bonus in perspective; He then referred to the mutual advantage derived by the two Societies,, from the deposits made by the Building Society with the Land on Deferred Payments Society, and concluded by pointing out the extremely small amount of the expenses of working the Society. The motion having been seconded by Mr Reading, was unanimously adopted. It was then moved by Mr Marriott, seconded by Mr John Smith, and carried unanimously, " that Messrs G. P. Clapham, E. Cook, W. Spinks, and Edward Toomath, the retiring members of tho Committee, be re-elected." Moved by Mr Solomon Levy, seconded by Mr John Minifie, and carried unanimously, •• that a special vote of thanks, to be communicated by letter, be givon to the Auditors, Messrs John Knowles, R. Lambert, and G. H. Vennell, for their valuable services." Moved by Mr George Allen, seconded by Mr J. B. Reading and carried unanimously, " that the cordial thanks of this society be given to the Committee of the Land on Deferred Payments Society, for the liberal and courteous manner in which all their dealings with this society have been conducted, and that tho Chairman be requested to convey this resolution by letter. 1 ' After a lengthened conversation upon the gratuitous services of the Committee, in which Messrs Allen, Toomath, L. Levy, Reading and others took part, it was resolved on the motion of Mr Marriott, seconded by S. Levy, "that the best thanks of this meeting be given to the Committee for their services during the past year ; and that this meeting recommend that the resolution of 17th Januavy 1859» which placed the sum of £45 annually at the disposal of the Committee, be acted upon." The meeting, on the motion of Mr John Minifie, seconded by Mr J. B. Reading, then passed a cordial vote of thanks to the Chairman, and separated ; well pleased with the prosperous state of the society, as shown by the Report and Balance sheet.