BUILDING SOCIETIES.

Evening Star, Issue 3439, 28 February 1874, Page 2

BUILDING SOCIETIES.

. The annual meeting of the Permanent Sooiety was held last night. We make the following extracts from the report submitted The past year has been characterised by increased activity in building, and in the demand for money for reproductive purposes ; and in spite of increased competition, your Committee are able to report that a good remunerative business has been done.by this Society. During the year the rates for advances have necessarily been lowered, in consequence of the publication of tables by several other Societies based on a seven and a half per cent, rata of interest. To meet this competition your Committee have adopted a new table, at a mean of the reduced rates charged elsewhere. On the other hand, they have been able to obtain money on debentures at very favorable rates, and a large number of Class A shares have been issued at a premium of 3 per cent, per annum. Your Committee have thus been enabled to continue the operations of the Society at reduced rates without any dimunition of profit to shareholders. In fact, the bonus on shares in the Permanent Society for the past year is much larger than that declared at the last annual balance, whilst the other series have equally participated in the success of the Society. Payments of subscriptions and redemptions in the First Series ceased with the November meeting of the Society last year, and the securities for recent investments were realised, and the full sum of L6O per share paid to the shareholders during the current month. There remains on an adjustment of the affairs of the series a sum of LI4I 2s 6d, being surplus of profils. This will, after paying the expenses of winding up, return 12s fid per share to the holders of the shares lately realised. The funds of the Second Series have, during the past year, being wholly invested through the medium of the I ermanent Series, no shareholder having sought an advance. The number of shares has been reduced by withdrawls and by the foreclosure of % mortgage to 204. ihe amount at the credit of the profit and Joss account of this series is now L 533 15s lid, equal to L2 12s Id per share. During the past year investments on mortgages have been made to the amount of L 9.380, and LIO7 2$ has been advanced on security of paid-up shares.- After paying 9 per cent, interest to holders of class snares of the ear'y issue and crediting the holders of shares in class B with profits in accordance with the Society’s tables, there remains a surplus profit of L 260 7s 3d. In compliance with the rules one-half of this will be placed to the credit of a reserve called the guarantee fund, and the remainder will bo apportioned to the payment of a bonus of 1$ per cent to the shareholders. Thus the profits of the year yield interest at the rate of 12 per cent, per annum on the moneys of shareholders invested in the Society, and the 10$ per cent, is actually divided; shareholuers . being further entitled to their proportion of the future divisionof the reserve fund.” Mr H. Wise, H. S. Fish, W. J. Burton, D. Brent, and Walter were re-elected a committee of management. The Port Chalmers members of the Commercial Building Society met at the Provincial Hotel last night, when Mr Callender, the president, with two or three of the directors, was present. Mr Callender explained that it could scarcely be expected that many of the Port Chalmers members could attend the general meeting at Dunedin, therefore this meeting had been called for the purpose of explaining to them the balance-sheet just issued by the directors. He stated that the present year had opened very auspiciously. The directors had invested half as much capital as they had done the previous year, and there was every reason to believe that this year would be the most prosperous since the starting of the Society Messrs Kettle and Drysdale were elected local directors for the present year. A vote of thanks was passed to the retiring directors—Messrs Kettle and Taylor—and, on the motion of the president, a vote of thanks to and oonfidence in Mr Elder, local secretary, for his valuable services rendered during the existencs of the Society, was also given.