MUTUAL BENEFIT BUILDING AND INVESTMENT SOCIETY OF CANTERBURY (PERMANENT).

Globe, Volume VII, Issue 742, 4 November 1876, Page 3

MUTUAL BENEFIT BUILDING AND INVESTMENT SOCIETY OF CANTERBURY (PERMANENT).

The annual general meeting of shareholders was held last evening at Mr Gee's schoolroom; Mr A. Duncan, chairman of the board of directors, in the chair. There was a small attendance. The chairman read the following annual report:— "In submitting the fourth annual report of the society, the directors are happy to be in a position to congratulate the members on its continued success. The financial statement and balance sheet annexed show profits amounting to £IO6O 8s 6d, divisible (after carrying one fourth to the reserve fund amongst the and borrowing members pro rata, as Bhown in the following statement —The balance to be distributed is £795 6s 4d, which will give to 694 investment shares of four years' standing 9s l-Jd per share, £315 18s 3£d; H 66 do of three years' standing, 5s 10Jd per share, £lO7 2s 7Jd ; 237 borrowers' shares (on six years' scale) three years' standing, ]2a 3£d per share, £145 13s ljd; 134 do (on eight years' scale) three years' standing, 8s 4|d per share, £56 5s OJd ; 91 do (on ten years' scale) three years' standing, 6s 3d per share, £2B 8s 9d ; 55 do (on twelve years' scale) three years' standing, 4s BJd per share, £l2 17s 9-Jd ; reserving for 334 investment shares of two years' standing, 2s 9f d per share, £46 19s 4>-d ; 122 borrowers' shares (six years' scale) two years' standing, 6s lid per share, £36 Is lOd ; 192 do (eight years' scale) two years' standing, 4s OJd per share, £3B 165,; 14 do (ten years' scale) two years' standing, 3s per share, £2 2s ; 36 do (twelve years' scale) two years' standing, 2s 3d per share, £4 Is—£794 5s 10Jd, leaving £1 0s s|d to be carried forward. The amount now standing to the credit of the reserve fund is £644 12s Bd. The securities are all of the highest class The society has not sustained a single loss since its formation, and the directors have exercised the greatest care in dealing with all applications for loans. The directors who retire this year are Messrs W. Harris, C. A. C. Cunningham, and J. P. Jameson, who are eligible for re-election, and have given the required notice. Mr C. T. Ick is the only shareholder who has given notice that he is a candidate for the vacant seat at the Board, caused by the retirement of Mr H. Sawtell." The financial account submitted showed the receipts for year ending 11th October, 1876, to have been £51,130 7s Id, inclusive £2486 3s, interest received. The disbursements for same period included a sum of £1283 9s 7d, balance due to the Bank on October 13th, 1875, leaving a Cr balance in Bank of £671 12s 2d. The liabilities amounted to £30,117 6s 7d, inclusive of £379 10s 6d, balance to credit of reserve fund, 1875, and £1043 16s 4d, balance to credit of bonus tund, 1875, leaving a balance to profit and loss of £IO6O 8s 6d. The assets were made up as follows : —Amount of loan on mortgage, &c, less principal repaid, £29,417 3s Id ; office furniture, &c, £2B lis 4d ; balance at Bank, £671 12s 2d ; making a total of £30,117 6s 7d. The adoption of the report and balancesheet was moved by the chairman, and seconded by Mr Jameson. At the request of Mr T. B. Craig, in his position of shareholder, the following letter, forwarded to the chairman of the directers by the auditors, was read : " Christchurch, 2nd November, 1876.

"To the Directors of the Mutual Benefit Building and Investment Society of Canterbury. " Gentlemen, —In certifying to the correctness of the financial accounts of the society for the year 1875-1876, we take this opportunity of informing you that we cannot agree with the manner in which the sum to the credit of profit and loss account has been dealt with.

" A sum of £94 7s lid has been paid away as bonus on shares withdrawn during the year, upon the adjustment of 6th March last, which we consider contrary to the spirit of the rules of the society, aad opposed to equity. " We beg to suggest that, before any further payments are made upon this adjustment or the profit and loss account otherwise dealt with, that the matter be referred to some certified actuary, say Mr M. A, Black of Sydney, with the view of getting the formula for adjustment. " We are, gentlemen, " Your obedient Servants, "A. Carrick, "Thos. B. Craig, " Auditors."

After boojh discussion, Mr Craig said he and his co auditor were of opinion that the allotment of profits made by the Rev W. J. Habena and Mr W. Jameson, on 6th March, 1876, was opposed to equity, and he would, jn the interests of the society, move the following amendment: —" That the financial account be received and adopted, so far aa the receipts aud disbursements were certified to, and that the matter of division of the profits be delayed till the directors have applied to a certificated actuary—say Mr M. A. Black, of the Australasian Mutual Pro vident Society—for, and have obtained, a formula for the adjustment of said profits, such formula to be based upon the rules oi the society only." Mr Seager seconded the amendment. On being put the amendment was declared to be lost, aud the motion carried. Messrs W. Harris, 0. A. Cunningham, and J. P. Jameson, the retiring directors, were re-elected. Mr C. T. Ick was elected director in place of Mr bawtell, retired. Mr A. Carrick was re-elected shareholders' auditor. Votes of thanks to th? directors and auditors terminated the meeting.