MUTUAL BENEFIT BUILDING SOCIETY.

Globe, Volume II, Issue 137, 7 November 1874, Page 3

MUTUAL BENEFIT BUILDING SOCIETY.

The second annual meeting of the shareholders in this society was held last evening, at the offices, Cashel street, when there was a good attendance of shareholders. Mr J. P. Jameson, chairman of the board of directors, occupied the chair, and having made a few remarks congratulating the society upon the progress made during the year, called upon the secre ary to read the annual report. Mr Bird, the secretary, then read the report as follows : “In presenting the second annual report, the directors are satisfied that the figures submitted will prove to the shareholders that the society is based on safe calculations, and that it may be regarded as one of the best means by which individuals can invest their money, and from the equitable and fair scale of repayments, it may be regarded as equally favorable for borrowers. “In consequence of the high rate of interest ruling for money, the directors deemed it prudent to suspend advances to members. This has had the effect of curtailing the operations of the society, and caused some disappointment during the past year, but which is only temporary. Should, however, money become available at lower rates than at present ruling, applications for loans will again be considered. ‘The directors, in the present buoyant state of the value of every description of real property, have had to use great caution in accepting securities ; but the properties upon which advances have already been made are of ample value, and are insured tc the full amount of the society’s claim. “ The directors invite the lodgment of deposits at interest, and offer favorable terms.

“ The balance sheet, duly audited, will be found appended hereto. *i The number of shares now on the register i 8 : _ln vestment shares 2812, held by 389 members ; shares realised 1005, by 117 borrowing members. “The directors who retire in accordance with the rules, but are eligible for re-election, are Messrs Jameson and Jenkins, The duly qualified shareholders who have given the required notice that they are also candidates for the vacancies, are Messrs J. P. Jameson, F. Jenkins, Thos. Major Gee, Chas. Thos Ick, Joseph Hadfield, Henry H. Prins. B\ order of the Board, J P. Jameson, Chairman. The accounts duly audited were laid befon the meeting, showing a cash balance of £44 17s 4d in hand, and a balance of profit on the year’s transactions of £962 8s lOd.

The report and balance-sheet as read were adopted.

A ballot was then taken for the election of four directors to fill the vacancies caused by the resignation of Messrs Booth and Mouldey, and the retirement by rotation of Messrs J. P. Jameson and F. Jenkins. For these the following shareholders were proposed—viz, Messrs J. P. Jameson, Jenkins, T. M. Gee, C. T. Ick, J. Hadfield, and H. H. Prins. On the ballot Messrs Jameson, Jenkins, Gee, and Prins were declared duly elected, Mr A. Garrick was re-elected as shareholders’ auditor. Votes of thanks were passed to the directors for their services during the past year, to Mr Bird the secretary, to the auditors, and the chairman, and the meeting terminated.