CANTERBURY BUILDING SOCIETY (PERMANENT).

Globe, Volume XX, Issue 1569, 28 February 1879, Page 4

CANTERBURY BUILDING SOCIETY (PERMANENT).

The first annual meeting of the Canterbury Building Society (Permanent) was held at Geo’s schoolroom last evening.

There was a very good attendance. On the motion of Mr S. Manning, Dr, Frankish was voted to the chair.

The Chairman said they must all regret that the illness of Mr Garrick, their chairman of directors, had prevented his attendance that evening. He thought that they would agree with him that the position of the society was a very good one. The high rates of interest which had ruled during the past few months had it was true militated against the extension of the operations of the society, and therefore he need not say the profits were not so large. The expenses of floating this society were great, but this had been wiped off, and they had a profit of some 10 per cent., which he deemed very satisfactory. He wished to press upon shareholders the necessity of advising their friends not only to join the Society by taking up shares as investing members, but also to deposit with the Society any spare sums of money they might have. By this means it would be seen that the profits of the Society would be increased, and consequently a larger dividend would flow into the pockets of the shareholders.- He thought that under the circumstances of his having had to take the chair so hurriedly that they would excuse him saying any more. He would now call upon the manager to read the advertisement convening the meeting and the minutes of the first general meeting. Mi E. J. T. Ford, the manager, then read the advertisement and the minutes of the general meeting, which latter were confirmed. The report of the directors, which was taken as read, was as follows: The directors, in submitting their first annual report, have grout pleasure in congratulating the members upon the success which has attended the operations of the society during the past year. The financ r al account and balance sheet atached hereto, audited as required by Rule 32, show the position of the society, and contai a summary of its transactions and considering the large amount of money received at the commencement of the year principally upon A shares), a portion of which was unprofitable to the society for several months, and that all the prel minary expenses have been provided for, the directors are of opinion that the profits show a very favourable result. The total amo mt of loans applied for during the year was the total amount granted being <£21,190, of which £18,420 was actually advanced, leaving ,£2770 to be advanced upon completion of securities The securities hold by the society are of a very satisfactory description, and show an ample margin beyond the advances made. The active co-operation of members in further extending the business of the society is earnestly solicited.

Messrs C. E, Briggs, S. Manning, and R. Sutherland are the directors who retire by ballot, and are the only members who have qualified themselves for election as provided by Rule 23

Although entitled by Rule 25 to an honorarium of not less than .£75, the directors prefer leaving the question of remuneration to be decided by the general meeting. A. Cakrick, Chairman.

The financial account to December 31st showt-d that the receipts during the year bad been £22,913 9 i 7d, of which the iptions to class A shares had been £5370, and the receipts and prepayments on class B £3559 ss. The fixed deposits amounted to £0569, The sum of total receipts, it may be stated, included £2609 12s overdraft. The disbursements were as follows : By subscriptions withdrawn, class A shares, £210; do., do., class B shares, £176 ss; interest paid on A shares and on fixed deposits. &c., £lßl 7s 3d; advances on mortgage and shares £lB 42 *; entrance fees returned, £2l 12s fid; v orking expenses fees returned, £2 15s ; fire insurance £'2s; surveyors f r surveys, £7O 4s LOd ; office furniture and books, £O3 11s; fixed deposits withdrawn, £1675; deposit at Bank, £1600; preliminary expenses, £62 4a 3d ; expenses of management, £375 9s 9d —total, £22,913 9s 7d. The balance-sheet showed the liabilities to be as follows:

On 516 Class A shares, £5160 ; 2411 Class B do £3183 ; fixed deposits and interest accrued on same, £4077 6s 2d; interest accrued on A shares and on bank overdraft, £197 17s ; interest on loans prepaid, £4 18s 7d ; survey fees due to surveyors, £25 18s ; sundry creditors (ineluding £ls fees in suspense), £BS ; bank overdraft £2609 12s; balance, £270 4s 5d ; total, £16,713 16s 2d. The assets were—Advances on mortgage and sh ires, £16,575 10s 6d ; office furni’uro and books, £93 11s; arrears of'interest and repayments, £44 14s 8d; total, £16,713 16s 2d. Dr. Frankish moved—“ That the report and balance-sheet as printed be adopted.” Mr S. Manning seconded the motion, which was agreed to. The election of three directors was then proceeded with, and Messrs C. K Briggs, S. Manning, and R Sutherland declared duly elected by the Chairman to serve on the directorate for the ensuing year. Mr T. B. Craig was elected as shareholders’ auditor for the ensuing year, on the motion of Mr Shanks, seconded by Mr Trent. Mr Trent moved—“ That the amount of remuneration to the directors for the past year be £50.”

Mr T, B. Craig had much pleasure in seconding th« motion, The directors had

had a great deal of work. ■ They had attended over twenty-four meetings, and had exercised the utmost care and vigilance in taking securities. Ho had therefore much pleasure in seconding the motion. The resolution was then put and casricd unanimously. The Chairman reported that Mr E. 8. Harley had been elected by the directors ns thc-ir auditor for the ensuing year lie might say that, in view of the scarcity of money and the high rates of interest charged by Banks and money lending companies, the directors had resolved to work under table D, which meant that in all future loans interest at 10 per cent would bo charged. This, of course, aid not mean for all time, as tuo directors had power to alter the rates of interest from time to time. He might point out that other companies had been charging at a rate of interest equivalent to what they new proposed. A vote of thanks to the chairman conclude d the proceedings.