METROPOLITAN BUILDING SOCIETY

Dominion, Volume 12, Issue 142, 11 March 1919, Page 8

METROPOLITAN BUILDING SOCIETY

MEETING OP SHAREHOLDERS. The annual ■mooting of shareholders of the Metropolitan Permanent Building and Investment Society -was held last evening to consider tho twenty-eighth annual report and balance-sheet (already published). Tho chairman of the company, Mr. W. M. Hannay, presided, and in moving the adoption of the balancesheet said he had to congratulate the shareholders on the results of the year s business.' Lnt year lie had stated that the net profits had been greater than in any previous year, and he was glad to be able" to report that tho profits far the year under review were greater than last year. After paying tho usual 7 per cent. dividend 1 they were able to add another .CIOOO to tho reserves, which would then stand at .£14,000, and carry forward a larger sum than Inst year, and tins in fac6 of the fact that .during tho year there was considerable difficulty in finding investments which commended tkempelves to the board. As they were nware, the cost of building construction had increased very'greatly, and this .had checked to a great extent the erection of new buildings. Continuing, he' said that .the vanons items in the balance-sheet required little explanation. The A share capital stood at £10,000, as last year. During tho year 883 B shares matured, and holders were | paid ,£7412 in cash; 36-t neivß shares had been issued, the subscriptions on B shares at tho end of ihe year amounting to JIZSMt), or i'SOO more than last yean'. Fixed deposits were .£2500 less than Inst year and while loans on mortgage were i'JMOOO less, they had invested ,£IOOO in New- Zealand Government War Bonds, and there was also a special deposit of .£2OOO. The working expenses continued low, but they must expect somo increase in that, direction. For this and the prosperity of the society generally, they wore indebted to their secretary, Mr. C. A. Ewen, to whom and his staff tho thanks of shareholders were due. , The report and balance-sheet were adopted. Mosses. Honry Humo and George Mee were, re-elected directors, and Messrs. H. Kember and Son and E, Bucholss were ireelected auditors.