No. 3 BUILDING AND LAND SOCIETY (PERMANENT.)

Globe, Volume III, Issue 216, 17 February 1875, Page 3

No. 3 BUILDING AND LAND SOCIETY (PERMANENT.)

The first annual general meeting of shareholders in this society was held last evening in the back room of the Oddfellows' Hall. There was a large attendance. Mr J. B. Dale, vice-chairman, occupied the chair. The Chairman read the advertisement calling the meeting, and the following annual report:— " Report to be presented at the first annual meeting, to be held on Tuesday, February 16th, 1875. " The committee, in presenting their first report to the shareholders, have the pleasure of congratulating them on the success already attained. " Although but short notice was given of the intention to establish the society, 1642 investment shares of the first series, and 129 shares of the second series have been taken up. "The sum of J 51350 has also been received from depositois, bearing interest at 7 per cent, per annum. " Applications for loans exceeding £20,000 have been received, "Your committee have exercised great care in making advances. In all securities a wide margin has been left, to allow for any fluctuation in the value of property ; they have advanced only upon freeholds. "The members of the committee who retire this year, in accordance with Rule 26, are Messrs J. B. Dale, J. Atkinson, W. Ness, and W. E. McDougall, who are eligible for re-election, and have given tha requisite consent. No other shareholders have given notice in accordance with the rules of being candidates for election. " J. B. Dale, Vice-Chairman. " Charles Allison, Secretary." The chairman then read the financial account for the year ending 31st December, 1874, which showed the receipts for the year to have been £9371 lis, and the disbursements by loans, withdrawals of special deposits, aud interest, £9123 lis 9d ; expenses of management, £346 14s 9d ; cash in hand, £1 4s 6d. The debtor side of profit and loss account, including balance profit of £lB5 2s lid, amounted to £647 9s. The creditor side being made up of entrance, and transfer fees, interest received, fines, and arrears of interest. The balance-sheet showed the liabilities to be £8159 9s 2d ; and the assets, loans on mortgage, £BOB6 12s 4d ; cash in hand, arrears of interest and office property, £73 4s lOd. He (the chairman) believed that all the shareholders would agree with him in saying that the report was very satisfactory. The committee had had many difficulties to contend with. There had been a great rush of borrowers, which had necessitated the society having an over draft at the bank, and which overdraft the bank thought fit to limit to such an extent as almost to compel them to suspend operations, and in consequence of which the committee, by virtue of the powers vested in them, transferred the account to the Bank of New South Wales. He was pleased now to tell them that matters in that respect were going on very satisfactorily. In the matter of securities, the committee had been very careful in watching their united interests. They had left a-wide margin on any properties advanced upon, as property was now really so very high, allowing in their transactions for any great change or depreciation in those security that might take place. The committee had declined leasehold securities altogether, and many of the freehold securities offered they were obliged to decline, owing to the owners desiring to borrow too largely, in consequence of which a great deal of opprobrium had been heaped on the committee, and some of the communications addressed to them through their adopting this course had been of the most laughable character. The committee had never flinched throughout. The securities held were good, and the society in a satisfactory position. He desired to call the attention of the meeting to the expenses incurred in the first year's management, and he might say they were incidental to floating the society. Without drawing invidious comparisons, he could say that he thought them lower than any he had seen incurred in starting a similar undertaking. It would now be for any shareholder to move the adoption of the report and balance-sheet, as read ; and before he would put them to the meeting any discussion desired could take place on them. On the motion of Mr Dale, seconded by Mr 0. E. Briggs, the report and balancesheet were adopted. The Chairman said that under rule 26 of the society Messrs J. Atkinson, W. Ness, W. E. McDougall, and J. B. Dale retired from the committee, but were eligible for reelection, and no other shareholder had sent in the necessary formal notice. It was unanimously resolved—" That these gentlemen be re-elected members of the committee." Mr A. A. Dobbs would like to mention that he thought it would be advisable to amend this rule, so as to allow of new members being elected on the committee without going through the formality therein mentioned. The Chairman said that the rule could be amended on a special meeting being called for that purpose and notice of it could be given at any of the monthly meetings. The Chairman said the next business was to elect an auditor, but he wished to mention a difficulty that had arisen in this respect. Rule 29 specified the duties of the committee with respect to the funds ami effects of the

society, and No 43, for the election of auditors, somewhat clashed with it, and if the meeting desired, these rules might be submitted to the revising barrister of the society. After some discussion, it was resolved that MrW. R. Mitchell's name be added to the number of auditors for the ensuing year, Messrs R. C. Bishop and H. E. Alport having been elected at the last monthly meeting of the society. It was suggested by a shareholder that the two latter gentlemen should be again elected at that meeting, but the secretary told the meeting that these gentlemen had been duly elected in accordance with the strict requirements of the Act and the rules, after due notice had been given. On the motion of Mr W. R. Mitchell, seconded by Mr Cooper, a vote of thanks was unanimously accorded to the committee for their services during the past year. On the motion of Mr J. R. Johnston, seconded by Mr Wm Ness, a special vote of thanks was passed to the trustees for the interest and trouble they had taken in the affairs of the society during the past year. The secretary desired to say that the trustees had bestowed considerable pains and great care during the year on the affairs of the society. Mr Harman especially had taken great trouble when waited upon with reference to the society's accounts being transferred to the Bank of New South Wales, and had interested himself to ascertain that no detriment would arise to the society in the matter of securities held by the bank. It was further resolved that the secretary be instructed to forward a copy of the vote of thanks passed to the trustees. A vote of thanks to the chairman terminated the business of the meeting.