No. 2 BUILDING SOCIETY.

Globe, Volume VII, Issue 711, 29 September 1876, Page 2

No. 2 BUILDING SOCIETY.

The eighth annual meeting of the No 2 Land, Building, and Investment Society was held last Thursday at the offices, Cathedral square. There was not a large attendance of the shareholders. The chair was occupied by Mr W. Pratt, chairman of the committee. The chairman called upon the secretary, Mr Charles Allison, to read the annual report and balance sheet. The secretary read the report of the committee as follows : “ The committee have pleasure in submitting to the shareholders the report and balance sheet for the eighth year of the society’s operations, and would congratulate them on the satisfactory progress made at this advanced stage of its existence. “ In accordance with the recommendation of the last annual meeting, the accounts of the society were submitted to an actuary, and the committee are pleased to record that the actuarial report sustained the opinions of the committee, expressed at that meeting, as to the probable duration of the society, “ Since the last report twenty-nine investment shares have been withdrawn, and thirty-three and a half realised shares have been redeemed; leaving in the society, at the present time, 173 investment, and 381 realised shares. “ As no applications have been received for the realisation of shares, all funds have been invested as accrued, and now stand as follows £1255 advanced to members on the security of their shares, and £6939 6s 3d on real security. “ The result of the year’s transactions shows that the profits to accrue at the termination of the society now amount to £37 17s 2d per share. “Although the committee have, during the past year, succeeded in investing the income as it accrued, yet, from the shortness of the time for which loans can now be granted, they anticipate difficulty in the future. They trust, however, that by offering a liberal bonus for the cancellation of shares, the application of the ballot will be rendered unnecessary. “W. Pratt, Chairman; Chas Allison, Secretary." The balance-sheet to August 31st, 1876, duly audited, was presented, and showed the following results:— Capital and liabilities— Dr :To amount due to shareholdtrs, on 554 shares, being eight years’ subscriptions, at £4B, £26,592; paid in advance by shareholders, £4 3s ; profit and loss account, £20,973 16s Id; total, £47,569 19s Id. Cr: By securities on 383£ realised shares, including 2J lapsed shares, £38,350; amount of arrears due by shareholders, £155 12s 7d; advances due by shareholders and others, £8194 6s3d; by cash in Bank, £B7O 0s 3d; total, £47,569 19s Id. Profit and loss—Dr: To amount paid on 62£ shares withdrawn, &c, £lOOl 15s 7d; bonus on shares, cancelled by redemption, £IOO9 11s lid ; interest on Bank account, £ll 0s lOd; expenses of management, £2ll 0s ss; balance profit as above, £20,973 16s Id; total, £23,207 4s lOd. Cr: By balance from August 3lst, 1875, £21,197 7s 9d; redemption money, £1220 17s; working expense fees, this year’s account, £176 19s 9d; fines, £ll6 18s sd; interest on Bank deposit, £ll ss; interest on advances to members and others, £483 16s lid; total, £23,207 4s lOd. The report and balance sheet as read were adopted. Messrs L. B. Nathan', B. Button, Hi Allison, F. C. Bowler, and J. Atkinson were the only members nominated to fill the five vacancies on the committee, and were therefore elected. It was resolved that a special general meeting of the shareholders be called for the purpose of passing a rule empowering the committee to allot the accumulated funds by compulsory ballot.