METROPOLITAN BUILDING SOCIETY

Dominion, Volume 11, Issue 148, 12 March 1918, Page 8

METROPOLITAN BUILDING SOCIETY

ANNUAL MEETING. , Mr. W. ; M. ilamiay (chairman of directors) presided at tue annual meeting of the Metropolitan I'ermaneui, Building aud Investment Society, hekt last evening. In presenting; the annual report and balanceelieot for .adoption he said:—"l have to shareholders on another satisfactory year's work. I'he Dominion has undertaken, heavy financial obligations which may still bo largely increased, and your board'has deemed it increasingly advieablo to continue the careful and conservative policy of tho paft. It ehonid, therefore, -fce gratifying- to shareholders to know that our net profits are greater than they havo ieen in any past year of the society's history, we are able to add £1000 to our reserves, which now stand at £13,008, and carry forward a larger sum than we did last year. The various itema in the balance-.iheet require little explanation. Our A share capital stande at £JO,OCO, as last year. During the year B shareholders were paid in ciash no less a eum than £17,481, but subscriptions on Behares during the year amounted to £868!, so tha-t we ended, the year with £8600 lesu B phare capital than )ast year. Our primary object as a building society ia to encourage thrift, and the figures of this and the previous years very clearly show that we aro assisting very largely in that direction. During the year 534 new B shores were issued, and/re still continue to issue a limited number monthly. Our fixed deijoeila are about £6500 more than last year, and our loans on mortgage about. £5500 greater. The expenses continue low, and for Ihie and for the prosperity of the society generally ive are much indebted to Mr. C. A. Ewen, to -whom and hiß staff our best thanks, are duo."

,Mr. Hume seconded the motion, and ths report was adopted without discussion.

Messrs. IV. jStackay and the Hon. J. G. W. Aitken were re-elected directors, and Mr; B. Bueholz and H. Kember and Son .were appointed auditors at the same remuneration as last year.

On the motion cf Mr. W. S. Keid. a vote of thanks was passed to the directors and the management for tho excellent manner in which they had controlled the business of the society during the past year.