No. 3 BUILDING AND LAND SOCIETY OF CANTERBURY (PERMANENT.)

Globe, Volume IX, Issue 1243, 1 March 1878, Page 3

No. 3 BUILDING AND LAND SOCIETY OF CANTERBURY (PERMANENT.)

The fourth annual general meeting of the No. 3 Building and Land Society (Permanent) ■was held last evening at the Oddfellows’ Hall, Lichfield street." The attendance of shareholders was hut moderately numerous. Mr W. Pratt, chairman of the committee of management, occupied the chair, and having read the advertisement calling the meeting, explained that the whole of the committee had resigned in order that the resolution, reducing the number from twelve to nine members, which had been passed at the last general meeting, might be carried into effect. Ho then submitted the report and balancesheet. The report was as follows ■. — Your committee have much pleasure in submitting to the shareholders the fourth animal report and balance-sheet of this society, and to congratulate them upon its continued prosperity, as disclosed by the statement of accounts annexed. Your t',pnnittcc have transacted a large amount of b'usjwess in the receipt of deposits and effecting of loans ; and in the selection and approval of the securities relating to the latter have exercised their usual care and discretion, resulting in a considerable profit to the society during the year just expired. Your committee have made certain alterations in the rules, and generally prepared all that is nceassary for placing this society under “The Budding Societies Act, 1876,” hut in view of a reduction otytLc jmtnber of the committee from twelve to nine for (lm ensuing year, in accordance with a recomnaemis+io# of the last annuel meeting of shareholders, have' 'coppered it desirable to defer taking further action until the •wi-Lf s of the present meeting have been asceri&.mcd. . Jn ofcjar to give effect to the foregoing, the ■whole of the (Committee have deemed it necessary to resign, buf- »s twelve have been renominated, it will be necessary for this meeting to vieet nine from the above number, to constitute (Re/Committee of management for the .year now entered pppa. . . . . , In uceordaa.ee wfih report at last annual meeting, the profits of the first three years weie allocated as follows, viz. ; . s. u.

William Pratt, Chairman. The financial account showed a total ibwpt jet*. jyed {including trediil deposits,

£12,152) of £20,430 Is lOd. The balance sheet on December 31st showed a profit of £2588 3s sd. The profit made last year nearly equalled that of the preceding three years. The Chairman remarked on the small amount received (£95) for management expense, the fines (£125 9s 9d) had made up the balance on that item. He did not think such a way of providing for expenses of management was satisfactory. He was in favour of a 2s annual fee per share with which to provide for management, which was much increased by the large amount of special deposits received. He moved the adoption of the report, &c. Mr H. Thomson seconded the motion. After a few explanations of items in the financial account had been made by the chairman and secretary, the adoption was carried unanimously. The meeting then proceeded to the election of committee-men, Messrs R. C. Bishop and Taylor acting ns scrutineers. The result was as follows :—Pratt, 55 ; J. B. Dale, 55 ; B. Button, 54; Allison, 53; J. Atkinson, 53; J. C. Atkinson, 51 ; H. Thomson, 46 ; W. E. McDougall, 43 ; Sandstein, 41. The only other candidate received 35 votes, and the above-named gentlemen were declared duly elected. The chairman read a letter from the auditors, cdling attention to the fact that the securities had not been brought before them for inspection. The chairman explained that the securities were in the Bank, and the formalities necessary to be gone through in order to obtain them would take a longer time than was available for this year’s inspection. The secretary detailed the precautions taken to prevent the deeds being taken out of the Bank. If it was desired, the necessary formalities would bo gone through another year. The proposed alteration of rules was agreed to, and the auditors of last year, Messrs R. C. Bishop and J. Whitelaw, were re-elected. The meeting was closed with the usual votes of thanks.

Interest at 7 per cent on BIG shares of 3 years’ standing 542 17 0 Interest at 7 per cent, on 68 shares It 8 of 2 years’ standing 4 Bonus at 'a3 J Id per share on 816 812 0 0 shares of three standing...^ Bonus at 9s per share pu 68 30 12 0 shares of 2 years’ standing Bonus at 2s id per share on 96 11 B J 1 nitres of 1 year reserved » Leaving a surplus of 5 Total per profit account £1412 11 11 We now piopose to apportion the net protit ot the last year as under, viz— Interest on 705 shares of the 4th 1004 12 6 year at 13s fid, bonus do. at 15s Interest on 56 shares of the 3rd year at 8s 8d, bonus do. at 11s 3d , 55 15 1 Merest on ‘J7 pharos of the 2nd, 56 11 yea*’ at is 2d, bonus do. at 7s fid ft Interest On 3) shares of the 1st year at 2s id, boauf $£)• at 3s 9d Leaving a surplus of y u in 1'J 11 2 :• ..sVe . 21145 11 0