CANTERBURY BUILDING SOCIETY (PERMANENT).

Globe, Volume XXII, Issue 1876, 27 February 1880, Page 3

CANTERBURY BUILDING SOCIETY (PERMANENT).

The second annual general meeting of shareholders in tho above took place laßt night, in Mr Gee's School-room. Mr A. Carrick, Chairman of tho Board of Directors, occupied tha chair. The report of the Directors for the past year was read a 3 follows :

The financial statement and balance-sheet attached hereto, whi'-.h have been duly audited, show the position of the society. Its operations have been very much restricted, the monetary pressure prevailing throughout the year being the cause of many withdrawals by shareholders, whilst the deposits made with the society are tmall in amount as compared with what might have been expected. No loss has been sustained on advances made. Your Directors are of opinion that, considering the great financial depression which has existed during the whole year, members may be congratulated unon the success of the society's operations. The amount standing to the credit of profit and loss account, after deducting one-fourth as a reserve, according to the rules, shows a profit of 4 per cent per annum, which, with 7£ per cent, already provided for, gives a total of II £ per cent, per annum. It would add materially to the success of the society if members would bear in mind that much might be done by them individually towards enlarging its operations by inducing their friends to become shareholders or depositors. Messrs A. Oarrick, J. D. Frankith, and J. Goss are the directors who retire by rotation but are eligible for re-election, and are the only members who have given the notice required by rule 23. As it is believed that more capital would be invented in the society's funds if the p lid-up shares were made irredeemable, so that the full proportion of profits could be paid annually instead of a portion being deferred until tYe Upse of threa years, the directors would like to have an expression of opinion from members on the subj'-ct. A. Carbick, Chairman.

The financial accounts showed as follows: Receipts—To A shares taken up, .£1390; subscriptions on B shares, £2O ! 3 12s 6d ; redemption money, .£1125 14s 8d ; interest, .£1709 3s sd; ditto on prepayment, £1 4s; entrance fees, £29 8s ; working expenses fees, .£lO3 3s ; fines, £llo6s9d; transfer fees, <£3 7s ; insurance premium*. .£5; survey feea, £3l lis; daposits, £4050; overdraft at Bank on December 31st, 1879, .£528 3s 6d ; total, 13slOd. Disbursements —By Bank overdraft, Dec. 31st 1878, .£2609 12s ; withdrawals, class A shires, .£670 ; ditto B shares, £ 1452 16s 8d ; advances on mortgage and shares, .£4651; deposits withdrawn, £1257 ; interest paid on A shares for 1878, .£177 3s 2d ; ditto 1879, -8201 7s 9d; interest paid on fixed deposits. 4c, <£lß6 Is 4d; entrance fees returned, £9 Ss; working expenses fees returned, £2 lis ; insurance premiums, £(> 10s ; survey foes—paid surveyors, including amount due December 31st, 1878, £56 5s 6d ; liabilities of 1878, <£3s. Expenses of management--Advertising and printing, .£77 3s 3d; charges, .£2l 2s 2d; auditors' fees, <£3l 10»; directors' fees for 1878, .£SO ; manager's salary and office rent, ,£250. Total, .£15,003 13s 10d. The Chairman said that ho thought the shareholders would agree with him that the transactions of the year had been very satisfactory. They had passed through troublous times, and had been fortunate enough notwithstanding not to make any losses. They were enabled to meet all their engagements, and the overdraft at the bank had been reduced to a minimum, in fact at the end of the month there would be a oredit balance. He would move the adoption of the report and balance-sheet as read,

Dr. Frankish seconded the motion, and in doing so expressed the opinion that the operations of tho society would compare favorably with those of other societies of a similar nature. With regard to the proposition to make the A shares irredeemable, he thought it a very good idea, and one likely to advance the interests of the society. The motion was then put and carried. On the motion of Mr O. B. Briggs, seconded by Mr S. Manning, the retiring directors, Messrs Carrick, Gross, and Frankish, were re- eleeted.

Mr T. B. Craig was re-elected as shareholders' auditor, and the chairman announced that the directors had re-appointed Mr E. S Harley as the other auditor. Mr Harley moved—" That the remuneration of the directors be fixed at £75 for the year, to be distributed by them according to attendance." He pointed out that the directors had worked zealously for the society, and had also done what he hoped to see the shareholders do, viz., assisted greatly in placing money on fixed deposit with the society. Mr Tipping seconded the motion. Mr Sutherland, as one of the directors, would prefer to see the amount of remuneration fixed at the same amount as last year, because the society was a young one, and he had no desire to see the expenses of management appearing too high. The motion was then put and carried. The Chairman said they now came back to the question of capitalised shares, as mentioned in the report. The directors were not prepared with any scheme, but Mr Ford, their manager, was of opinion that it would be of benefit to the sooiety. If the shareholders thought this should be done the directors would put the matter train an, and call a meeting of shareholders on the subject. Any resolution that was passed this evening would only be preliminary, as nothing they could do would alter the position of holders of paid up shares. Mr Ford said that during the past year, as broker, he had had considerable demand for irredeemable shares, a demand which was beyond the supply. He had endeavored to get these clients to take up their shares, but with one exception he had failed, on the ground that the full profit was not payable until after three years. Of course it would not be ndvisable, particularly in the times they had passed through, that the shareholders should be allowed to receivo the profits at a month's notice. He felt sure there would be a large demand for the shares if they were made irredeemable. The shareholders who had taken up shares (since December had agreed to their being made irredeemable if the directors thought proper. He felt sure the alteration as proposed would be a great benefit to the society. Mr Tipping moved —" Tnat the directors be requested, if they see it advisable, to take stops at an early date to provide for an alteration of the rules so that any new shares taken up in Olaßs A be irredeemable " Mr Richardson seconded the motion, whioh was carried. This concluded the business of the meeting, and after a vote of thanks to the chairman the proceedings terminated.