METROPOLITAN BUILDING AND INVESTMENT CO., LTD.

Dominion, Volume 6, Issue 1702, 19 March 1913, Page 10

METROPOLITAN BUILDING AND INVESTMENT CO., LTD.

Tho annual meeting of the Metropolitan Permanent Building and Investment Society was held at the office of the Commercial Union Assurance Company last evening, Mr. W. M. llannay (chairman of directors) presiding. There was an attendance of eleven members. The proceedings were brief, and lasted only about ten minutes. Speaking to the motion for the adoption of the annual report and balance-sheet (already published), the chairman observed that the steady incroaso of business and resultant profits woro matters of congratulation. "jN'carly every item in the balance-sliest," ho said, "shows an increase. The contributions on B shares have increased by more t-hnn £4000, our fixed deposits in spite of the stringency of the money market are greater by £73C0, and our reserve fund now amounts to, £93C0. This has enabled us to increase our mortgages to £129,283, or nearly .-£12,C00 more than last year. The profit and loss account indicates "that the cost of mannrrcment continues very moderate, being practically the satno n>s last year. Your directors consider that this item may require to be increased in the future. "I would direct your special attention," said Mr. ITannny, "to the increased contributions on J1 shares, already referred to. As these eh a res mature their value is paid out. but for this year the contributions will be almost as great as the payments. It will, however, be necessary to provide for larger outgoings in future yen.TG. and it may probably be found desirable, before the end of this financial year, to increase the capital by the issue of A shares. Should this course be decided on, shareholders will have the first offer of the new issue at such a price a.s will, I have jo doubt, induce them to subscribe all the canital thnt is required. "Ou.r s-yretary and his staff." concluded the 6peali?r. "deserve commendation for the admirable manner ill which yotir business is conducted. It is impossible to sneak too highly of our indebtedness to Mr. Ewen." The motion was' seconded by Mr. ,T. G. W. Aitken a.ml carried without discussion. Mr. "W. HL Kannay and Mr. J. G. W. Aitken, tho retiring directors, were reelected, there being no other nominations. Messrs. H. Kember and Sons and Mr." E. Eucholz were re-elected' auditors. A vote of thanks to the. directors and 6tatT concluded tho busincsG. 1