Manawatu Building Society

Feilding Star, Volume XI, Issue 135, 8 May 1890, Page 4

Manawatu Building Society

The 'imniiar *iifeeting of. membißrs^pf the Manawatu Permanent EquitaHe Building and Investment Society was held at the Society's office, Gentral' Chambers;' on; Monday^ afterhbbn'. Present^— Messrs D. H. Macatthur,(in the f 6h'aiirs3J. ; .V^al^raye, J. Mowlem, • J. P,'i<eafy^ J. fncies, I> r Pnngl;e,iC Walker, W. Welch, R. Leary, A, Moffati'ahd Mri^WS^ y - The fourteenth/ annual - repbrt was 1 laid on labiej. --Jn - this < the ; Direct--ors stated that ,abuudanca and cheap^ ness- of 'ixioney in , the/ open; market has Btilf had the ' effect -of . curtailing thej^r operations during 'the past year, but coupled; with the; fact- that the snares maturing during the past year were' particularly heiavy, the -Directors were quite satisfied with the amount ; of ' business done, and said, that the securities accepted have been ex•ceptfionally g<s6'd. To'bV in ; accofd - witH; these days of sihall Charges, 'the Directors to Warjis the end 1 of the j'ea^, agr#ed' to d.6''a way witli all cpmmission . on Loans, and. Valiiatibn FeesV but the efEe^t.off.tbisiCannpt be agcerjtained' till J,he expiryj <jf ■- the Current Year. Thafr :the < usual amount has been -carried to the Reserve against Losses -AccOjU.ut an,d j altogether., they have" reaspxto congratulate the Society on "•the total result. The gross profits for -the Year.: amount to £1,169 ,1,28-4(31,----tconfaffl&*^y*:s[j £929 U "6^has W© pro"a dividend as a bonus addition a -further sum^of £165 Is 4d, on. the ■•value'- of Shares at' the" beginning of;' Hhe pBBf Firiaicial Tear. '• Thte- Btfitemenis of 1 ; receipts and expenditure snowed ' 'th^ former to have been £8199 14s 4d, and the amount v-expeideO^^lSs -54, the balance The Chairman announced that no • one had .toinp^ied Iwith, ihe rules for vacancy on the. Direptorate •^ce jijLr Clarke' Dunn, deceased. He -remarked that the, payment of 8^ per r cent was, under the present financial •uon^on, of. affairs; in , New Zealand "very satisfactory. , A large numberof investment shares, which would have -absorbed a considerable amount in interest had been paid off, and the' -Directors hoped to be able to pay as large c a ; dividend ; next year. . He moved the adoption of report and 'balance-sheet. 'Beppaao[ ]by ,Mr J. ;P. Leary and •carried. ; ;■,.-.:

The retiriag- Directors, Messrs D. H. Macarthur, R. Leary and J. Mowlem, were -xe- elected, as also the^ Auditors/ Messrs Beattie and Keeling. A hearty vote of thanks was ac--corded, to the. . manager. Mr &. J. Scott; f orchis service during the past jear^*' 1 ': '■■«>*•'■"■ 7:i f; ■'■*■;'" ;;;'; -: ._ . A^Srtffel voieoi thanks was passed to the Directors for their careful •managejnfinf _of - the affairs ;of .tffe. s Society; during the. past year^ '■,; A further hearty vote of .thanks war -also acGofded^he Chairnjaq,,MrD. H. Macart^ur,_ w)ip, repUed .briefly, thank-; ing the members for the vote-passed. — Manawatu Times.