MUTUAL INVESTMENT SOCIETY MEETING.

Wellington Independent, Volume XXVI, Issue 3213, 31 May 1871, Page 2

MUTUAL INVESTMENT SOCIETY MEETING.

The Seventh Annual Meeting of Shareholders in this Society was held at the Athen»um last evening at 7.30. J. Woodward, Esq., occupied the chair. Tho meeting was well attended.

The business of the meeting was opened by the chairman reading tho advertisement stating the business for which the meeting had been convened, and then called upon the manager to read the report for the year. Mr Allen then read the report and balance sheet. The following is the report : — SEVENTH ANNUAL BEPOBT The committee regret that in the year juat terminated no improvement has taken place in tho state of affairs in this province, and, consequently, that tho depression under which the pastoral and agricultural as well as the mercantile interests were suffering during the previous year, still restricts tho operations of the society. This is especially noticeable as respects tho realisation of shares, compelling the committee to resort almost entirely to advances by way of mortgage. In this way a large portion of the money of the society has been employed, but still leaving tho bulk of the shares to bo provided for when tho respective classes of the society Bhall terminate. Tho v? holo of the mortgage on the Reclaimed Land has been paid off, and with a portion of this money a further investment has been made in Treasury Bills, raising the amount of those securities now held to £21,000. This amount is larger than is desirable, but as it precludes the necessity of keeping a large unproductive balance in the bank to meet possible demands on the deposit aocount, it cannot be regarded as disadvantageous to the society. Tho following are the statistics of each class, with a summary of the transactions in respect of each during the past year. The full particulars are in the balance sheet appended hereto. Class No. I. During the year 76 shares have been cancelled, and, as no now shares have been created, the number now current is 3,611, of which 1,372£ are realised and 2,238J- unrealised. Advances on mortgage have been made to tho extent of £15,922, and mortgages, representing £13,897 Is 9d, have been paid off, leaving the amount thus advanced £45,929 ss. A sum of £1,410 has been advanced on un> realised shares, making the total sum so advanced £4,707. A sum of £23,000 lias been advanced to Class No. 2, by way of loan, of which £2,500 has been repaid. Tho accumulated profit in this class amounts to £13 per share. Class No. 11. In this class 24 shareß have been created during tho year, 54 Bhares have been realised, 253 shares have been withdrawn, and 101 shares cancelled by repayment of advances. The Runabor of shares current at the close of the year was 3,518, of which 425 are realised and 3093 unrealised. The sum of £36,198 has been advanced by way of mortgage, making the amount advanced on this account at the close of the year £36,324. A sum of £565 - has also been advanced on unrealised shares but as 30 of these shares have since been cancelled the amount now stands at £334.

The accumulated profit in this class is £1 17s 2d per share.