CHEISTCHURCH BUILDING SOCIETY.

Press, Volume LX, Issue 11484, 17 January 1903, Page 3

CHEISTCHURCH BUILDING SOCIETY.

ANNUAL MEETING.

The annual meeting of shareholders in the Chiistchuroh Building and Land Society (Permanent) was held last night, when Mr H. Allison, Chairman of Directors, presided.

The annual repoit stated that the amount secured by mortgages of freehold securities and on shares iv the Society now totalled £76,213 6s Bd. The Board had decided to pay 7 per cent, per annum on "A " capital shares, and credit "B " subscription shares at same rate. Interest at tho rate of 3j per cent, per annum had been credited to " D " subscription shares in accordance with rule 52. After allocating interest as aforesaid, there remained a substantial balance of £156 6s 2d to credit oi profit, and loss to carry forward to next year. The new offices erected by the Society were completed in March last. They had been found very suitable for the requirements of the Society, and form a valuable asset. A portion of the building not at present required by the Society had been leased for a term of years. As would be seen by the accounts, the Board had deemed h advisable to withdraw ten " B " subscription shares standing in tho name of the Society, of the value of £362 2s Id, which, amount had been dealt with thus: —£301) placed to credit of the building, and £62 2s Id to credit of furniture and fixtures. The Chairman, in moving the adoption ot the report and balance-sheet, congratulated tlie Society upon their acquisition of new offices, where the business of the Society would be more effectively carried on. It was intended to write off the building account at the rate of 1 per cent, annually, so that in course of time their building would be a valuable asset. The work of Building Societies was much circumscribed inasmuch as trustees were precluded by the Trustee Act from depositing money in the Building Societies. ' It was rather an anomaly that trustees could invest in Government leaseholds, which were really second mortgages, yet they were prohibited from investing in a Society whose money was infested in freehold securities, and" offered quite as good and secure an investment as banks. Hβ thought the various Societies should join together in asking the Government to amend the law so that trustees might be able to invest in shares of Building Societies or place money on deposit with them. Hβ might say, referring to the work of the year, that it "was most sal'isfiictory to find that tne Society was making progress each year. With "regard to the .securities, the Directors had rnrefuliv examined all the securities, ami found that tha Society was absolutely sound.

Mr J."J. Thomson seconded the motion, wMch was to.

Messrs J. H. Seager and S. Bullock were re-elected as Directors, and Messrs R. C. Bishop and J. Whitelaw as auditors. Votes of thanks to the Directors and staff for their energy and zeal in the conduct of the business of the Society were carried.