Feilding Building Society.

Feilding Star, Volume XVII, Issue 104, 30 October 1895, Page 2

Feilding Building Society.

The members and shareholders of the Feilding Permanent Building Society met last night in the Assembly Rooms to receive the second annual report and balance sheet of the society. Mr W. A. L. Bailey, Chairman of Directors, presided. The result of the year's operations are very satisfactory. Twenty-eight applications for loans were received during the year of which number 14 amounting in the aggregate to i' 1590 were declined, 12 approved, and two withdrawn. The sum of £934 was invested, making a total for the two years of 12620. The business of the year has resulted in a net profit of £173 17s after paying all expenses of management, etc., which together with the amount carried forward last year is £179 16s. Of this amount £71 0s 2d is absorbed in paying a dividend of seven per cent, to Capital Shareholders, and £34 7s 6d is added to investment shares according to rules, being seven per cent, on the second year's subscriptions. Of the balance £74 8s 4d which represents profits, it is proposed to pay the Capital Shareholders £30 8s Bd, and to transfer to Reserve Fund for benefit of Investment Shareholders £30 10s 2d, being equal to an extra dividend of three per cent, per annum, making ten per cent, in all, and carrying forward the sum of £13 9s 6d. The total amount invested is L 2279 7s 4d. The Chairman pointed out that the expenses of management were only L2B 14s lid from which had to be deducted, subscriptions for expenses L 9 17s 6d, and fines, fees, etc., L 9 7a 3d leaving the actual cost at only L 9 10s 2d. Of course as the operations of the Society increase this outlay will extend in proportion. There being no other candidates Messrs Allen and Carr were re-elected directors. The auditor, Mr Sherwill, expressed his satisfaction with the way in which the books of the Society were kept by the manager, Mr E. Goodbehere, but suggested that a new set be opened on the same lines as those of the Palmerston Society. The Chairman said the recommendation would be considered at the next meeting of directors. Mr John Coombe proposed and Mr Gosling (junior) seconded, That a hearty vote of thanks be accorded to the directors and the manager for their services during the past year.— Carried. The meeting then closed with the usual vote of thanks to the chairman.