METROPOLITAN BUILDING SOCIETY.

Dominion, Volume 2, Issue 463, 23 March 1909, Page 8

METROPOLITAN BUILDING SOCIETY.

. " ; annual meeting. Tlie eighteenth annual meeting of the Metropolitan Permanent Building and Investment 1 Society was'held last, evening. Mr. A. I. Littlejohn, chairman of-directors,' presided over a / goad atWndanco, of'shareholders. • -In'moving the adoption of tho report and balance-sheet (alr'eady published), tho chairman - said that at. last year's meeting, the chairman, ■ Mr W. Mackay, made reference to the inflated - prices quoted for suburban properties more especially, and it must bo acknowledged that events had justified him. The existing stnn-; gency had not been unexpected by the directors, ■ '■therefore,-' and,-■ although it was naturally a 1 time of sonio anxiety, he (the chairman) was i decidedly of opinion that it might easily have been very much worse, 110 used the past ' tense advisedly;-, for he believed they were al- , ■ ready round the" corner, and the very favour--1 able season crowued'-'with # a magnificent bar- . 1 vest, and the improved price of wool together ■ bu»ht to provide more money and restore con- . > fiderice. Although/tlw, amount represented by • " loans on mortgage, wag only £1920 more than ■ ' last year, their profits were considerably bet- • ter, and probably formed a record year, for ■ not only had they earned sufficient to provide the■ lisilal dividend of 7 per cent but it was • proposed, to i carry, to reserve .£IOOO out of pro--0 iits besides' 'JEI4O 17,5. 2d. to next year sac- .; count. ' Last year, .£3OO was camed to reserve • and to .the new years account^ XIBB.10s. Id. ; Another interesting matter, although it pre--1 sented no contrast to last year, was tho '• of losses He thought that tho whole of their dnring-.an "existence of 18 yean, *«. comprised of one transaction amounting to ,! and that was due to quite extraordinary cir- '■ cumstances. Fixed deposits showed an increase of only £1512 4s. sd. This compared ' ■ favourably with the experience of 3 institutions,-but they could place further deposits to advantage in excellent securities, and '• ho made no apology for _ asking the shareholtUrs- to entrust the directors witlr their 6 Esits in view of the society's record and present position. .Depositors as well as share--5> holders were more favourably placed by Act ot :t Parliament with • a building society, such as this than with; a' limited liability joint stock s - minmm other things being equal. The sub--0 soribin" sharjs showed a small decline, the num:o ber h-efd in 1908 being 2AU while this year ;* thev stood at 2331. A number of large hold- '• ings matured during the year, and these had f«- 'and W. Mackay were relv ' elected directors, and Messrs. H.' Ivember and ?' Son and E. Buciiolz were re-elected auditors. The meeting closed with tho usual votes of r S g thanks. f KEMPTHOKNE, PIIOSSER, AND CO. 16 > (Bt TBLEGBAPH-rPEESS ASSOCIATION.) ' Dunedin, llarch 22. -The- thirtieth' annual of Messrs. Kempthorne, Prosser and Go. s New Zealand in Drug Company, Limited, was held in, the rs, Agricultural Hall to-<lay, Mr AYilliam Bi-own, ad chairman of directors, presided. Messrs. \\. ire Brown and A. A. Bathgate were unanimously to re-elected directors of the company, Messrs. W E. Holmes, Chas. P. Powles, Geo. V\. Hiilme, and W. Iv. Brown and Co. wero re- . elected auditors at the samo remuneration. (BY TELEOKAPB.—SPECIII. COItRESrONDKNT.) Dunedin, March 22. ' l The chairman, in his annual address at today's meeting of Kempthorne, Prosser, and Co. said-.— "Notwithstanding the keenness with which business is competed for, and the state of the financial world during the past year, I have no doubt the shareholders will be gratified :. by tho success of tho operations covcral by nd that period, and that the directors are able to present a balance-sheet which indicates that a steady business has been done. Tho immediate future is also encouraging. Advices point to an abundant harvest being secured in almost :T - 1 all parts of the Dominion. Engagements have been and are being punctually met, and the i. settlement of new lands gives hopo of ex1. tended demand for the company s fertilisers, G, which meet with much appreciation from agri--3 culturists."