HAWKE'S BAY PERMANENT BUILDING AND INVESTMENT SOCIETY.

Daily Telegraph (Napier), Issue 3000, 5 February 1881, Page 3

HAWKE'S BAY PERMANENT BUILDING AND INVESTMENT SOCIETY.

The annual general meeting of the shareholders in the above society was held in the Council Chamber last evening, Mr Winter, chairman of committee, in the chair. There was a fair attendance of members.

After the minutes of the last general meeting had been read and confirmed, the secretary, Mr J. B. Fielder, read the annual report, which showed that there were 1320 shares good on the books at the eDd of last year, being an increase of 166. They were held by 187 members, which was an increase of 22. During the year loans to the amount of £8607 were granted. In accordance with a resolution passed at the last general meeting, the committee had considered the question of dealing with the reserve fund, aud as they were of opinion that an erroneous system had been adopted in the allocation of profit, they sought the advice of Mr Maurice A. Black, of Sydney, whose report confirmed those views, and furnished information as to the manner in which the discrepancy should be adjusted aud the profit divided in future. The present accounts had been prepared upon the plan recommended by Mr Black. The committee also recommended several alterations in tbe rules.

The Chairman, in moving the adoption of the report, said they had not lost any money during the year, and the profits had been growing until they reached 15 per cent for the year, making an average of 13 per cent eince the formation of the Society. The sub-committee appointed to enquire into the reserve fund and the apportionment of profits in the past had sent a statement of affairs to Mr M. A. Black, the actuary, for him to report upon, and tbe committee had found it necessary that the rules should be altered in accordance with his report. As a result of the alteration the value of the first series of shares was raised 4s, and the third and fifth reduced a little. Mr Black's opinion was also asked as to the allocation of the resorve, aud he said he did not think it prudent tbat it should be less than 1\ per cent, on the advances made, as a security against loss. The reserve fund waa now a few pounds over 2|- per cent, on the mortgages. Some amendments were proposed in reference to the rules.

After considerable discussion in reference to the alterations in the rules the report was adopted. Mr J. M. Batham was elected trustee in the place of Mr T. K. Newton, resigned.

The Chairman stated that the appointment of Mr Batharn as trustee occasioned a vacancy in the committee, and as three other members of the committee retired by rotation there would be four members of committee to be appointed. The retiring members were Messrs H, A, Banner, H. 0. Wilson, and W. Miller, but tbey were eligible for re»clectlon. Mr W. Miller thought there should be

new members elected on the committee. He propo:ed that Mr Pirani be elected. MrPirani declined the honor. Ultimately Messrs Frank Bee, H. A. Banner, 11. C. Wilson, and W. Miller were elected to fill tbe four vacancies in the committee. Tbe Chairman read a letter from the auditors, in which they stated that they had thoroughly examined the accounts and found them correctly and carefully kept. *i hey suggested that the secretary be instructed to insist upon the production of all pass-books before accepting the next monthly payment from each member, for notwithstanding hia endeavors to call in the books toere were some sixty out, which of necessity could not be compared with tbe ledger. There having been a large increase in the work they did not consider their present remuneration (-£4 4s each) sufficient. It was resolved, on the motion of the Rev. Mr Campbell, that tbe committee be recommended to fix the remuneration to the auditors at £10 10s each. Messrs Liddle and J. W. Craig were re-elected auditors. Votes of thanks to the chairman and secretary were passed, and the meeting adjourned.