METROPOLITAN BUILDING SOCIETY.

Dominion, Volume 4, Issue 1081, 21 March 1911, Page 8

METROPOLITAN BUILDING SOCIETY.

ANNUAL MEETING. Mr. W. Jl. Hannay presided last evening at the annual meeting of the ilsiroßoluau Buuuing .Society, which was held in xne society's oilicc in Grey iitrcet. There was a good attendance ot shareholders. The chairman, in moving the adoption of tile report and balance-sheet, reierred to ine great loss sustained by tne society tn tho death of Mr. A. Littlejohn, the society s late chairman. Mr. ijittlejolm had presided over xhe society for many years,, and its afiairs had han his keenest attention. By his thorough knowledge of .tho society s_ business, anu by his sagacity and sound, judgment, he had 'done rnucn to guide it to its present sound and satisfactory condition, lie was sure shareholders: would join with the board in extending their profound sympathy, to Sirs. Littlejohn . and-tho other relatives of t!i» deceased gentleman. There had been littlo m the business of the society during tilslast twelve month calling for special remarks. It had been conducted on the usual safe and conservative lines, and in spite of keen competition profits had been substantially greater than they had been during tho previous year. They were slowly but steadily increasing the reserves (which now amounted to £75G0), while still able to continue the usual dividends. The directors attached much importance to the building up ot the re c ervei and the chairman congratulated the shareholders on tho steady increase in that direction. A comparison with last year's figures showed that the "A" shares \ve-c now fully paid up. to £30,C00. Tho capital on these shares was, therefore; £10C0 greater than last year. The amount paid on '11 shares (£29,830) was about £2300 more than last year, but this was always a, Uuctuating amount, depending to a consiLerable extent, on the number that matured during the year. The late chairman had on several occasions directed special attention to tho "B" shaves as a ciass-of investment which greatly cncouraged thrift, and the board was still of opinion that no better or safer form" of investment could at present be obtaiued. iney were of special value to person's with moderate incomes, who were unable to save more than a. small sum of money each month, and who unless they -marts monthly payments were not likely to save ? l r!i', ~'i' 11 ? ! oan3 0,1 mortgage amounted to £11'!,139, being nearly £-!CtO greater than last year. In conneciiou with the mortgages it would be gratifying to shareholders to know that although values, especially in certain localities had not been maintained, the society had not suffered any loss, and as far as the directors could judge were not likely to do so. As already indicated the policy had been to conduct the business on careful lines. Shareholders could help the society, and thus - help themselves, by recommending it friends as a borrowing medium, iho taolc loans, payable monthly, should be taken advantage of, to even a greater estent than they were. Like the "B" contributing shares they wore a direct inducement to thrift. Shareholders who desired to make deposits should not overlook their' own society, and should not hesitate to* speak of it to others. Tho security to depositors was of the most ample kind, me cost, of management continued to bo vory small. The thanks of the shire-' ho dors -were due to Mr. Ewen (secretary) and hi* staff, lo Mr. Ewen the continued prosperity of the society was largely due. Mr. W. Mackay seconded tho motion for the adoption of the report and balancesheet, and it was carried The retiring directors. Messrs. TTannnv and Ilenry ilnme. were re-elected. Messrs. E. Kember, and Sons and Sir. E Eucholz were reappointed auditors. .