COUNTY OF WALLACE BUILDING SOCIETY.

Western Star, Issue 871, 16 August 1884, Page 2

COUNTY OF WALLACE BUILDING SOCIETY.

The ninth annual meeting of shareholders of above Society was held in the Town Hall on Wednesday evening, when there was a good attendance; Mr F. Locke (president) in the chair.

. The minutes of last annual meeting having been read and confirmed, the president ex. plained that the meeting had been held a week later than the ordinary date, on account of the society’s auditor, who had left the district, not being able to assist in the audit at the usual time. The president then read the committee’s annual report and balance-sheet as follows : Notwithstanding the general depression which has existed during the past year, your Committee congratulate you on the amount of profits attained, namely 10 per cent., afterdeducting the sum of £2B for depreciation of of property. Sixty-seven new shares have been taken up, 44 shares have been withdrawn, 40 shares have matured, leaving 453 shares current, of which 33 shares now mature.

£1225 has been advanced on mortgage securities, £7OO has been paid off during the past year, leaving £9055 now held by the Society. £3244 has been borrowed on debentures, £2104 has been paid off, leaving current £5270. You have now to elect a President, Auditor, and six members of Committee; the retiring members of Committee being eligible for election. Statement for Tear ending July 19,1884.

£10,574 15 11 Commenting on the statement of accounts, the chairman thought that, on the whole, it would be acceptable to shareholders. There was certainly one drawback in the past year’s business, and that was the large amount of unpaid subscriptions, interest and fines ; but he believed the bulk of that would shortly be wiped off, as a considerable number of the shares in arrears were just about maturing, and as excellent securities were held for all the loans, the society would not be a loser by those shareholders who had fallen behind in their payments. This was, however, a state of things to be deplored, as it showed that some of the members were either very hardup or very improvident—perhaps a mixture of both. Of the shares which had matured during the year only nine were unadvanced upon, so that the amount of capital withdrawn from tho funds was very trifling. The sum accruing from profits forfeited by withdrawal of shares was more than sufficient to cover working expenses. A much larger business could have been done by tho committee had they granted all tho applications made for loans during the year; but as they wished only to do a safe business, reductions were made in every case where the applicant apnlied for a larger sum than the security offered warranted the society advancing, while doubtful applications were not entertained at all. The secretary had that evening received a telegram from the society’s solicitors applying for 20 shares, which would in due course be allotted to them. The committee had written £3O off the value of property held by the society, and £8 off society’s furniture, as they considered it only fair that outgoing shareholders should bear a share of the loss by depreciation of property. The chairman then moved the adoption of the report and balance-sheet, which was carried unanimously.

Mr Crockett moved a vote of thanks to the retiring committee. The mover considered the committee had exercised a great deal of care in the interests of the society during their term of office, and the success of the institution was eminently due to their zeal prudence in conducting its affairs. This was all the more creditable to them, as, unlike many of the directors of similar societies, their services were rendered without fee or reward.

The motion was seconded by Mr H. H. Port, and carried. Before proceeding with the election of officers for the current year, the president impressed upon the shareholders the desirability of strengthening the directory. There were a number of suitable members in the society who did not possess the necessary qualification of holding five shares. By a small addition'll payment those who held 3 or 4 shares could increase their interest to the requisite number and thus qualify themselves as candidates to assist in the working of the society. Mr F. Locke, being the only nomination received for the presidentship, was declared re-elected to that position. There were six vacancu s on the committee, to fill which there wore eight nominations received. Mr W. Crockett, one of the candidates, withdrew, leaving one more than the requisite number. A ballot was then taken, resulting in the election of the following members in the order mentioned: —Messrs Galloway, Pankhurst, Frazer, Callaghan, T, McKenzie and A. McNaughton. The members who remain in office from the previous year are Messrs Fullarton, H. B. Cassels, and John Petchell. Mr L. W. Petchell was re-elected society’s auditor. The auditors reported that they had examined the books and accounts of the society, and found them kept in a very accurate manner, and found all the securities correct. The usual sum of £3 3s was voted to each of the auditors for services for the past year. A motion to appoint the local legal practitioner society’s solicitor, in place of Messrs Macdonald and Russell, Invercargill, was lost. The chairman intimated that the rate of interest would be reduced to 8 per cent., reduction to commence from end of last financial year. The usual vote of thanks to the chairman terminated the proceedings. Before the meeting dispersed it was intimated that 20 additional shares had been applied for that evening.

RECEIPTS. To Share Subscriptions £864 18 11 „ Interest 637 6 6 „ Fines 70 8 7 „ Entrance fees 8 7 G „ Debentures issued 3244 0 0 „ Mortgage charges 27 13 8 „ Do. property account 10 5 10 „ Insurance premiums 54 9 8 „ Profits forfeited ... 54 3 8 „ Withdrawal fees 2 0 0 „ Loans repaid 700 0 0 „ Shares forfeited 7 11 6 „ Property realised 50 0 0 „ Refund advertising 6 19 6 „ Sundries 1 5 2 £5739 10 6 EXPENDITURE. By Balance 21st July, 1883 ... £248 18 2 „ Advances on mortgages ... 1225 0 0 „ Debentures paid 2104 0 0 „ Insurance premiums 62 6 8 „ Mortgage charges 35 10 8 „ 44 shares withdrawn 438 3 7 „ Profits forfeited 54 3 8 „ Profits withdrawn 29 18 0 „ 5 shares forfeited 7 11 6 „ Secretary’s salary 100 0 0 „ Printing and advertising 9 2 6 „ Mortgage charges property account 10 5 10 „ Municipal rates do. 3 9 0 „ Interest 331 17 11 „ Stationery ... 2 13 6 „ Sundries 5 13 4 „ Repairs property 0 10 0 „ 40 shares matured 756 0 0 „ Profits credited to do. • ... 232 13 4 „ Reserved profits do. 55 13 4 „ Auditors’ fees 6 6 0 „ Auctioneers’ charges 9 1 0 „ Balance Bank 20 13 G £5739 10 6 Balance-Sheet. assets. By Mortgage securities ... £9055 0 0 „ Subscriptions unpaid 742 3 0 „ Interest do. 255 10 11 „ Pines do. 42 5 0 „ Insurance premiums 17 3 6 „ Furniture 22 0 0 „ Properties ... 420 0 0 „ Balance Bank 20 13 6 £10,574 15 11 LIABILITIES. To 453 shares ... £4956 3 2 „ Subscriptions in advance ... 4 6 0 £4960 9 2 „ Reserved profits 223 19 8 „ Interest reserved 114 11 1 „ Debentures current 5270 0 0 „ Interest paid in advance ... 1 3 8 „ Profit and loss (new account^ 4 13 4