NO 3 BUILDING AND LAND SOCIETY (PERMANENT.)

Globe, Volume VIII, Issue 838, 1 March 1877, Page 2

NO 3 BUILDING AND LAND SOCIETY (PERMANENT.)

The third annual meeting of sharehdders in above society was held last evening at the old Uddtellows’ Hall, Lichfield street; Mr J, B. Dale, chairman of committee of management in the chair. There was a good attendance. The chairman read the advertisement calling the meeting, after wh'ch the minutes of the last annual meeting were read and confirmed. The chairman then read the following third annual report and statement of accounts : “The committee, in presenting their annual report, with the statement of a '.counts, to the close of the third financial year, are happy to be able to state that tho society has continued to prosper. Your committee have received applications for loans to a much greater amount than the sums actually advanced during the year. They have used much caution in approving the securities offered ; and a large increase of advances would have been effected with safety if the number of investment shares had further augmented. Your committee have to congratulate, the shareholders on the satisfactory bonus to be declared after deducting the whole expenses to date. In accordance with ule No 60, your committee have now to submit to you an allocation of the profits to which all shares of three years standing are entitled, viz, 19s lid bonus, and 12s lOd interest on each share ; on shares of two years standing a bonus of 9s is reserved, with 4s2d interest, and on shares of one year a bonus of 2s 4d is reserved. The members of committee who retire on this occasion are—Messrs H. Thomson, W, Pratt, 15. Button, and 0. F. Money ; these gentlemen are eligible fur reelection, and are the only shareholders who who have been nominated, and who have given their consent in accordance with rule No 47. J. B. Dale, Chairman.” The statement of accounts for year ending December 31er,, 1876, showed the receipts to have been £11,381 8s 2d, and the disbursements as follows ;—Balance due to Bank on January Ist, £2107 8s 8d ; loans on moltgage, £1416 10s ; special deposits withdrawn and interest, £2765 15s Id ; interest on overdrafts, £125 Os id ; withdrawals and interest on ditto. £1674 12s 3d ; expenses of management, £235 5s lOd ; dishonored cheques, £l7 11 a 6d ; insurance, premiums, and cash in hand, £l2 4s 9d, The debtor side of pro tit and loss account amounted to £2056 lls Bd, tho credit side of which included a balance from last, year of £660 8e fid. The balance sheet for the year showed the liabilities to have been £14,180 13s lid, the assets being made up as follows:—Amount of leans on mortgage less principal repaid, £14,123 8s 6d ; goods, viz, safe, rules, &c, £57 6s fid ; cash in hand, 19s ; total, £14,180 13s lid. After some congratulatory remarks from the chairman on the satisfactory position of the society, Mr M. Handstein moved the adoption of the report and balance sheet. Mr J- Atkinson seconded the motion. A remaik from a shareholder on the discount paid on a dishonored cheque appearing in the statement of accounts, was satisfactorily explained,

Mr Pratt referred to the difference between ha fees received for working expenses, and : he expenses of management as shown in the recounts. A resolution to raise the working expenses fee hsd been carried at the last annual meeting, but had not been acted upon >y the committee, and if such an alteration had been found necessary at that time, it was, in hia opinion, all ihe more so at the ■resent time. He would move a resolution beating on this later on in the evening. The resolution adopting the report and ■tatement of accounts was put and carried unanimously. Messrs 11. Thomson, W, Pratt, B. Button, md 0. F. Money, retiring members of the committee, were re-elected for the ensuing year.

The Chairman said the required notice had been given of the intention of Mr B. C. Bishop and J. Whitelaw to submit themselves for re-election as auditors.

On the motion of Mr M. Sandstein, seconded by Mr C. F. Money, those gentlemen were re-elected.

Mr W. Pratt moved—“ That this meeting recommends the committee to take the question of raising the working fees from one shilling to two shillings into their consideration at as early a date as possible.

Mr Johnston seconded the resolution.

It was Jpointed out by a shareholder that according to the rules the resolution could not be discussed at that meeting, and after further remarks it was resolved that at the close of the meeting a requisition should be signed by a number of members, calling a special meeting of the society to discuss the question.

Mr Sandstein said that it was the opinion of several of the shareholders that it would facilitate business and be to the general interest if the society were brought under the Act lately passed. He would move—- “ That the committee be empowered to bring the society under the new Act, providing it should be found that it would be to the advantage of the shareholders to do so.” Mr McDougal seconded the motion.

At the request of a shareholder, the chairman explained that under the Act alluded to a borrowing member wishing to redeem hia property could do this with very little expense, and the borrowing powers of the society would also be extended. Mr Allison (secretary) also explained the provisions of the new Act, and said that under it the society would be totally exempt from all stamp duties. After some remarks on the motion, it was decided to add the terms of this resolution to the requisition to be signed that evening calling a special meeting.

Mr Sandstein then withdrew his resolution.

Mr H. Thomson desired to refer to one matter. The members of the committee devoted a great deal of their time to the business of the society, for a very small remuneration. Personally he considered twelve too many on the committee, and the fees too small. In his opinion the work could be as efficiently done by eight, and the fees divided among that number, aud for himself he had no objection to retire without taking the chance of ballot. Eventually it was determined that the committee should consider this subject in connection with the proposal to bring the society under the Act, and lay- the result before the special meeting.

A vote of thanks to the chairman terminated the proceedings.