UNITED BUILDING SOCIETY.

Dominion, Volume 3, Issue 695, 21 December 1909, Page 10

UNITED BUILDING SOCIETY.

I , , ANNUAL MEETING. Tho annual '. meeting of the United Building Society of Wellington was held last evening in tho Chamber of Commerce Hall. Mr. Herbert P. Kawson presided, aud there were about thirty shareholders present, including four of the directors. Messrs. J. .1). Sievwright, Arthur Young, W. H. Morrah, and John Scott. . The , directors reported that tho profit for the year in the first.fund amounted to £1036 16s. Bd., the balance at credit of profit and loss account being now £2911 3s. Bd. In the eecond fund the profit - amounted to £382 14s. 5d.; balance at credit of profit and loss, £490 93. 4d. During the year there had been six appropriations in the first fund, three by ballot and three by sale, tho latter yielding a profit to the society of £957 10s., and two appropriations in the second fund, one by ballot and one by sale, the latter yielding a. profit of £360. The directors anticipated that'there would-be sufficient funds ia the nrst fund for an appropriation of £1000 by sale, which it was proposed to olfer at the annual meeting. An appropriation of £1000 would also bo submitted for ,sale on behalf of the successful member who. drew the appropriation held on November 4...0n September 23 there was an appropriation by ealo of £1000 on account of the first fund, which realised a premium of 34 per cent. As the mortgage was not completed on the date of the balance-sheet, this transaction would be included in next year's statement. , ', ' ■-■ The chairman, in moving the adoption of the report, said that the directors had thought it. might be wise to fuse No. 2 fund with No. 1, as the former was small. There was no other difficulty .than that No. 2 fund was lacking, in members. - . : Mr. Sievwright said that of the weakness of No. 2 fund had Esen before tho directors on several occasions, but no decision could be come to before the question wae submitted to a general meeting'of the shareholders". There was a disparity between the amounts paid up m each fund per ehare, but that could be • adjusted. The amounts paid up per share in No. 1 fund, October 31 last, had been £11 145., and in No. 2 fund the amount was £8 18s.—a difference of £2 16s. , He considered that the first step,was for the meeting to recommend the directors to consider the advisableriess of amalgamating the first and ■ second funds of-the bo-. 'ciety on an equitable basis, and , then, after the auditors had considered the question 'actuari-, ally, the directors could bring forward a proposal for consideration by the shareholders at a special meeting. . The report and balance-sheet were adopted.and. it : was agreed to ask the directors to submit a report on the .proposal'to amalgamate tho two funds. ■■"■■•'. ■ ■ .•■•. ■ • . ■ ■■ . - ■ Two vacancies on,the board of directors were, filled by the reflection' of Messrs. O. S. Catkins, and J. D.; Sievwright; ''.- Mr. 8. 0. Leary was re-elected as shareholders' auditor. . ~...,. . . ' An appropriation of £1000 was offered for sale. Mr, W.H. Lloyd purchased £500 at-36 per cent., and the remaining. £500 went.-tojfr. 'A. H. Uullins at 18i per cent. '■'■ \ r ::. ■■.' Another appropriation ;of ;£loCOwas in the reserve not being .obtained.' ■'. ■ .■' •■ The -meeting 'passed .a ivqte'. of , thanks, to the directors for their servicesiduring the year.