MUTUAL BENEFIT BUILDING AND INVESTMENT SOCIETY.

Globe, Volume VIII, Issue 1064, 24 November 1877, Page 3

MUTUAL BENEFIT BUILDING AND INVESTMENT SOCIETY.

The fifth annual general meeting of this society was held last evening at Mr Q-ee's schoolroom. There was a small attendance.

Mr Andrew Duncan, chairman of the board of directors, occupied the chair, and called upon the secretary, who read the following report: — Your dh-ectors have pleasure in submitting to the shareholders a satisfactory statement of the society's business for the past year. Iho profits of the year amount to .£1653 lis ; one fourth of which has been canned to "reserve fund," in terms of the rules. The reserve fund, with the above addition, now stands at £1057 17s Bd. The balance divisible amongst the investing and borrowing members has been distributed pro rata as follows :

Investment Shares—s 32, five years' standing, at 14s (id, .£385 14s ; 282, four vears, at 10s 6d, 4148 Is; 248, three years, at 6s 9s, £B3 14s. Borrowers' Shares—226 (six years' scale), four years, at 22s Id, .£449 10s lOd; 124 (eight years' scale), four years, at 15s Id, <£93 10s 4d ; 91 (ten years' scale), four years, at lis Id, £SO 8s 7d; 58 (twelve years' scale), four years, at 8s sd, £24 8s 2d ; 113 (six years' scale), three years, at 14s 2d, £BO 0s lOd ; 108 (eight years' scale), three years, at 9s Bd, £52 1-3; 8 (ten years' scale), three years, at 7s 2d, £2 17s 4d ; 36 (twelve years' scale), three years, at 5s sd, £9 15s. lieserving for Investment Shares—l 26, two years' standing, at 3s 3d, £2O 9s 6d, borrowers' Shares —60 (six years' scale), two years, at 7s Bd, £23 ; 53 (eight years' scale), two at 5s 6d, £l4 lis 6d ; 8 (ten years' scale), two years, at 3s 6d, £1 8s ; 2 (twelve years' scale), two years, at 2s 7d, 5s 2d ; total, £1239 18s 3d. Leaving 5s to he carried forward. The earliest opportunity was taken by jour directors (a special general meeting being held i'or the purpose in April last) to bring the society under the operation of the Building Societies Act, 1876, which secured several important privileges, and enabled the society to become an incorporated institution. All the securities accepted by the society arc unexceptionable, and your directors continue to oxcrciso the greatest care in dealing with every application for loan. The directors who retire are Messrs Geo. Booth, Thos. H. Gee, and Henry H. Prine, the two former of -whom otter themselves for re-election. Mr John Anderson has given the required notice that he is a candidate for one of the vacant seats at the Board.

The balance-sheet showed the liabilities—including the amount due on investment tihsreg, and accrued interest on shares £'J69i iSs Id, and balance of profit and loss £160: ji 3 —to amount to £41,411 Os 7d, the asset. being mode up as follows ; —Amount of low on mortgage, &c. (less principal repaid)

£10,448 Is sd), £40,924 3s 2d; office furniture and insurance, £25 18s 3d ; balance in bank, £460 19s 2d. Total, £41,411 Os 7d. The chairman said that in asking the meeting to pass the report and balance-sheet furnished by the directors, he would take the opportunity of saying that the society had been five years in existence, and the small attendance that evening showed that the shareholders knew that things were going on in their oldj groove and the affairs of the society were prospering, and the amount of confidence placed in them was as pleasing to the directors as the position of the society must be to the shareholders. It was gratifying for him to be able to state that no losses had been met with last year. Had any occurred and the shareholders had found anything to be dissatisfied with, they might have depended on it that the room would have been found full of members taking part in the proceedings. He was happy to be able to state that everything was progressing satisfactorily, and he trusted that in another four years, when the profits and payments had reached the full value of the shares, that when the original shareholders had taken their money out they would again start afresh (applause) —as he was certain they would still retain an interest in the society, and not leave it then. [Applause.] The state of the accounts was shown annexed to the report, and anything the directors could say would not strengthen their position, as the accounts spoke for themselves. They had been strictly audited—even more strictly than at the close of the previous year, as the auditors had gone carefully into every account and through the securities, and the result of their labors had been the very satisfactory state of things as shown in the statement laid before them. [Applause.] He would have much pleasure in moving the adoption of the report and balance sheet, and after his motion was seconded, any shareholder could then say anything he desired with reference to the documents. Mr J. A. Wnlley seconded the motion. Mr G. Booth called attention to the pleasing fact, as shown on the balance sheet, that the management expenses for the year only amounted to £383 3s 7d, and the balance on the profit side showed from the items that these expenses were really not payable out of the society's funds. So long as matters were carried on in this way, they, as shareholders, ought indeed to be satisfied. Mr J. P. Jameson said that another encouraging fact was that more than £64,000 had been deposited with the society, which was the largest year they had yet had by a long way —[applause]—and every department showed an increase on the previous year. The total amount of the transactions had been nearly £84,000, and considering all that had been done at an expense of only £383, they ought to congratulate themselves that the business had been got through at a less cost than was ordinarily shown on transactions of a similar nature to a like amount. [Applause.] The Chairman, before putting the resolution, said a statement had been made out by the directors showing the profits on borrowing and investment shares according to a scale of years, which it was intended to have printed and distributed amongst the shareholders. Their society was the first in Christchurch which had given borrowers a share in the profits, and that was no doubt one reason why borrowers had given the society so large an amount of their patronage. The motion for adoption was then put and carried unanimously. The meeting then proceeded to the election of three directors. Messrs Geo. Booth and T. M. Gee, retiring directors, had given notice of their intention to oiler themselves for reelection, and Mr John Anderson had given the required notice as a candidate. These gentlemen were unanimously declared to be elected.

Mr A. Carrick was re-elected shareholder's auditor.

On the motion of Mr Seager, seconded by Mr Willey, a hearty vote of thanks was passed to the chairman and officers, for the manner they had conducted the affairs of the society during the last year. The Chairman, in replying, said the directors took pride in furthering the interests of a society which they had helped to start. He felt certain the directors and officers would use their best efforts during the next year to advance mutual interests.

This concluded the business of the meeting.