CHRISTCHURCH BUILDING SOCIETY.

Press, Volume LX, Issue 18217, 30 October 1924, Page 10

CHRISTCHURCH BUILDING SOCIETY.

ANNUAL MEETING.

The fifty-first annual meeting of the Christclrarch Building and Land Sooety (Permanent) was-held yesterday, Mr 9. Bullock presiding. The chairman referred in -terms of regret to the death of Mr H. Allison, late chairman of the Board, and on his motion

resolution expressing sympathy with the relatives was adopted. The annual report stated:—Tlie Board recommends the following payment of interest:—On "A" capital shares at the rate o ? per centum per annum, and that same rate be added to "B" subscription shares Also that interest at 41 per cent, per annum be added to "D" subsvription shares in accordance with Rule 51. After providing 10 such payments, and adding £IOOO to resc-Tvf land, there remains a balance at credit profit and loss account to carry forward. £7Ol Ts 7<l. The amount on mortgage i.» i13e,9'29 6a '2d, as against £li's_.o2l 6s Id last rear. The whole of the r.e'w issua o' "A" "capital shares was arvcr-subseribed by the shareholders. Applications for fresh issue? of "B" and "D shares will be re-

ceived uv> to November .loth next in the pro

portion of 1 "B" to 2 'D" shares. Monthly subscriptions. 5s per share. Thc> report find balance-sheet were adopted. Messrs" W. S. Richards and H. L. Bowfcer were elected to till vacancies on tho Beard of Directors.

Messrs R. C. Bishop and J. H. Stringer were re-elected auditors. A vote of thanks waa accorded the directors and staff for their services.

MUTUAL BUILDING SOCIETY

ANNUAL MEETING. The annual meeting of shareholders in the Mutual Benefit Building and Investment Society of Canterbury (permanent) was held yesterday afternoon, Mr W. C. Bean bering in the chair. The fifty-second annual report of the directors stated that tho operations of the Society had b?cn very satisfactory, for after providing -tho usual dividend of 7 per cent, per annum, there was a credit balance of £2113 15s Pd. The directors recommended that the- sum of £3OOO bo added to the reservo fund, making it .-£12,000, and tho balance £ll3 33s 8d bo carried forward.

The chairman said the year Lad been entirely satisfactory. Within the last five years the reserve fund had been increased from £7OOO to £12,000. Applications for loans were frequent, and in nearly every case borrowers were putting r, certain amount of money on scale. It might be necessary in a month or two that the shareholders should adopt new rules, which were being prepared by a. sub-comrnittee. The success of the year was due in great measure to ?he secretary and liia assistant.

Mr A. McKellar, in seconding' tho adoption of the report, said the enlargment of the business had put it on better lines, and if it continued as it was going at present, shareholders should profit very handsomely. The report was adopted.

Mr J. S. Bowio asked if there was any possibility of an increase in dividend being made. Ho said that if the dividend wo* increased from 7 per cent, to 8 per cent, it would be appreciated. The chairman explained that the Society might havo taken £SOO out of the amount of £2OOO allotted to the reserve fund, and paid a dividend of S per cent, this year, but it might be found necessary to reduce the dividend to 7 per cent, next year, and that would cause an outcry. The directors did not feel the dividend should be raised, unless they saw a reasonable prospect of the increase being kept up earili year. The matter would not be lost sight of however, and if the success of last year continued. the increase would be considered in 12 months? time.

A vote of thanks wae accorded 1 the secretary. Mr A. Marshal!, and his assistants for their services.

Mr Bowie said that all the shareholders were well. satisfied with tihe directors, and he moved that & vote of thanks should be accorded them. The motion was carried. _ ' The Tetirimr directors, Messrs W. C. Bean and "W. H. Clark, were re-elected. BURNSIDE MARKET. (MMCSS ASrocilHON TKLXGSAH.) DUNBDIN, October 29. At Burnside to-day there, was a drop of alwut £1 per head in fat cattle prices, and values of sheep, iambs, aaid pig* were somewhat easier.. There was a fair sale of store cattle. . .

Fat cattle—There vu a. yarding of 253 head, compared with. 256 last week. The quality.was mixed. The proportion of prime animals was very fair, but the entry included a number of unfinished bullocks and plain cows. The opening demand was quiet, and there waa a reduction all round of about £1 per head. Prime heavyweight ox beef eold at from 43s to 47a per 1001b, prime heavyweight and medium quality ox beef to ■ite r prime heifer beef to 40s, and' cow and light heifer beef from 32a 6a to 355. Extra prime bullocks made £25 ss, prime £l7 to £2O, medium £l4 to £l6 10b, light £lO to £l3, extra prime heifers £l4 10s, prime £l* to £l3 10s, medium £8 8s to £lO 10s, and light and aged £5 10s to £7. Fat sheep—There was an entry of 1438 head, over half of them in th© wool. Tttie quality was eomewhat mixed, but there was a good proportion of prime animate. The demand at tho opening was a ehade stronger, but eased later. Butchers were not too keen, having some sheep on hand. Outside buyers kept the sale alive, however,, and there was some improvement as it progressed. On an irregular market woolly sheep declined about 2s per head, and shorn sheep were unchanged. Prime handy weight wethers in tho wool brought from BJd io 9d per lb, extra heavy wethera from 8d to Bid prime ewes to 7d, aged ewes to 6d, prinio shorn wethera to frjd. Extra prime heavy wethers sold at 623 to 63s 6d, prime heavy 51s to 58s, and others 43s 3d to 46s 3d. Extra prime heavy ewes mad© up to 50s 6d, prime heavy 40s to 48s, and lighter 33s to 395. .... Pat lambs—There was a more plentiful supply, 66 being offered. The \ quality was .rood Best sold well, but there was a Scneral fall towards the close of tho sale, particularly in lighter sorts. Prime lamb sold at from Hid to Is Id per lb, and eecond quality round about lid, extra prime brought from 46s to 43a 6"d, prime 37s to 39s 6d. medium 29s 6d to 345, and unfinished £7s to 26s 6d. Store cattle—There was a yarding of about 150. The offering included 25 forward wellbred three and four-year-old bullocks. Hie first pen of these met with a good demand at from £lO 5s to £lO 12s Gd, and tihe others -old at from £8 15s. Cows met a. good demand. It was a good sal© for anything * Pigs—There was an entry of 156 fats, and a good number of stores. Prices dropped 5s to 6s ner head. Baconers sold at irp to 8d per lb *>nd porkers to BJd. There was a medium 100 of young sorts, and sforea were cleared at average ruling rates.

BARRY'S BAY DAIRY COMPANY.

At the annual general meeting of shareholders of the Barry's Bay Co-op. Dairy Co., Mr S. J. Vogan, chairman of directors, presided over an excellent attendance. The report said the balance to credit on the profit and loss account was £2306 lis 4d. It was proposed to pay a dividend of 7 per cent.; to pay a bonus to suppliers of 2Jd per lb, making a total for the season of Is 3jd; to write off £79 2a as depreciation on plant and buildings; to place £IOO to "the reserve fund, and to carry forward the balance £& 13s Bd. The output of cheese was 206 tons. In addition, 8J tons of whey butter had bejn made, all of which had been sold locally. The average test for the season had been 3.7.

The report and balance-sheet were adopted. Votes of thanks were accorded the directors, the manager (Mr E. Blair), the staff, and the secretary (Mr G. Murdoch), ft special tribute being paid to the chairman of directors for his services throughout the year. .Messrs S. J. Vogan, W. A. Churchill, and J. Mould were elected to fill the vacancies on the directorate.

At the subsequent meeting of directors, Mir S. J. Vogan was unanimously re-elected chairman.