No:8 BUILDING AND LAND SOCIETY (PERMANENT.)

Globe, Volume V, Issue 532, 2 March 1876, Page 3

No:8 BUILDING AND LAND SOCIETY (PERMANENT.)

The second annual general meeting of the shareholders of this society was held at the Oddfellows' Hall on Tuesday night. There was a good attendance of members. Mr J. B. Dale (chairman of the committee of management) occupied the chair, and opened the proceedings by reading the notice convening the meeting. The secretary (Mr C. Allison) read the minutes of the last annual general meeting, which were confirmed. The chairman then read the report of the committee, as follows: — " The committee, in presenting the second annual report, feel pleasure in being able to atate that the business of the society for the past year has been moderately successful. " Greater success would have been attained, and considerably more business done, had not the high rate of interest limited the operations. " On referring to the balance sheet, it will be seen that there has been an increase in deposits, and a fair amount of business done in loans, but a slight falling off in receipts on investing shares. The profit, however (divisible among the shareholders of the first year), is very satisfactory. " One hundred and twenty-three investment shares have been taken up during the year. " Over £SOOO has been advanced on mortgage during the past year. A number of applications for advances are wailing, but cannot be entertained, as the committee have found it necessary to suspend the making of further advances until the overdraft at the Bank is diminished.

" The securities are all first-class, and the same care as heretofore has been exercised by the committee in this department. " The working or management expenses are as low as could possibly be expected. "The committee have every reason to hope for an increase of business and extended operations, "The members of committee who retire this year are—Messrs J. 0. Atkinson, H. Allison, M. Sandstein, and J. Cartman, who are eligible for re-election, and have given the requisite consent. There is also a vacancy in place of Mr W. Ness, resigned. "J. B. Dale, Chairman. "Chables Allison, Secretary."

The balance-sheet, duly audited, was then read by the chairman, from which the following figures are extracted :—Profit and loss account for year ended December 31st, 1875—Dr —To expensesof management,'£2sl Is 2d ; shares withdrawn, £33 8s lid ; interest accrued on special deposits, £153. 6s 6d ; interest accrued on bank overdrafts, £701556d; discount on pre-payments, 16s 6dj balance profit, £660 8s sd. Total, £1169 16s lid. Cr—By balance from last year, £lB5 2s lid ; entrance fees and working expenses, ditto, £96 10s Id ; transfer fees, £2 18s ; interest received, £B3O 9s 3d ; fines, £54 16s Bd. Total, £1169 16s lid. Liabilities—On investment shares, £7040 4s ; special deposits, £2040 9s lOd; interest accrued thereon, £62 7s; overdraft due to bank, £2107 8s 8d; balance of profit and loss, £660 8s sd. Total, £11,910 17s lid. Assets—Amount of loans on mortgage, less principal repaid, £11,853 5s ; goods, viz., Safe, rules, &c, £57 12s lid. Total, £11,910 17s lid.

The chairman said since he had last met them they had many adverse circumstances to contend with, viz, the charging 9 per cent for overdraft by the Bank, but they had done a fairly remunerative business. Though they had to pay this large per centage for an overdraft there was a slight margin of profit. They had also had a large number of withdrawals from the society, and he was somewhat surprised to find that many shareholders did not seem to know the rules as regarded the withdrawal, and consequently the committee, through actiDg strictly up to the rules as the representative of the shareholders, had incurred much odium. The working expenses, he would desire to call attention to were very small, and he believed they were fully one-half less than any other building society he knew of. The committee had worked well, and the interests of the society had been carefully studied in every case. During the year Messrs Briggs and Allison had resigned from the committee. It was now open to some shareholder to move the adoption or otherwise of the report and balance sheet. Any member who wished to ask any question as to the report or balance sheet might now do so. After a short interval had elapsed, Mr Dale moved—" That the report and balance sheet as read be adopted." Mr J. Atkinson seconded the motion. Mr H. Thompson said ha wished to call attention to one fact, and that was that all the society got towards working and management expenses was £96,while the society was expending £251. Now he thought it was only right that the working expenses was charged should be such as to cover the cost of management. Their officers were, he knew, inadequately paid, but still he thought that the Expense fees should be increased. He should at the proper time give notice of motion for the increase of the working expenses fees so as to cover the expenses of management. This would only be fair, as each member would contribute pro rata to the cost of working the society, which was not the case now.

The motion was then put and carried unanimously. The next business was the election of five members of committee; four in room of those retiring by rotation, and one in the room of Mr Ness resigned. The candidates for the vacancies were Messrs J. 0. Atkinson M. Sandstein, J. Oartman, H. Allison, H. A. Davis, and W. Pengelly. On a show of hands being taken, Messrs H. Allison, J. 0. Atkinson, M. Sandstein, Cartman, and W. Pengelly, were declared •duly elected.

Mr Davis demanded a ballot, which resulted in the election of the following gentlemen:—Messrs J. 0. Atkinson, M Sandstein, H. Allison, J. Cartman, andW. Pengelly. The secretary, in answer to a shareholder, stated that the society was now paying 12J per cent on investing shares. The balanceBheet would show that the profit of the Bociety on investing shares was that amount.

Votes of thanks to the trustees and the chaiiman having been passed the meeting adjourned.