NORTHERN BUILDING SOCIETY.

Globe, Volume XXII, Issue 2013, 6 August 1880, Page 4

NORTHERN BUILDING SOCIETY.

The fourth annual meeting of the Northern Land, Building, Loan and Investment Society, traa held at the society's office, Kaiapoi, on Wednesday evening. There was an unusually large attendance of members. Mr B. Parnham, chairman of the Board of Directors, occupied the chair. The Secretary having read the notice of the meeting, read the following report:— In presenting the fourth yearly report on the condition of the society, your directors, while aware that the balance-sheet to be presented herewith does not show the same rate of progress made daring the past year, compared with the previous one, have every reason to be satisfied with the working of the society, and may congratulate members on its continued prosperity. The auditors have made a special report upon the order in which they found the books, and the care shown in keeping them, and npon the fact that all the securities were properly produced, which in their opinion reflects the nighest credit upon the officer who has charge of the same. Your directors note that only 14| shares in the past twelvemonth have been realised, which appears a small number, but they can refer with satisfaction to other business done of a profitable nature. The number of shares in 1879 was 604. The total number now is 5483, of which 1743 are realised, and 374 still unrealised. The amount now advanced on realised shares is .£63, new shareholders paying a bonus of £5 on same. The bonus payable on fully paid up unrealised shares which may be withdrawn is £4. The redeeming value of shares is fixed from time to time. With one or two exceptions the securities have stood the test of hard times and depreciation of property, but as the depreciation appears to be only of a temporary character, within two years we anticipate full values will be realised. The retiring directors at this meeting are Messrs Neeva and Weston, who are eligible for ro-election. Messrs Weston. INceve, Ellen, and Eraser have been nominated as candidates, and are all members and qualified to act as directors if elected. The balance sheet was then read. The receipts were £9IBO Os Id, the principal items being, subscriptions, £3588 ss; redemption fees, £629 Is j fines, £9O 6s 2d ; interests, £469 14s 9d ; shares redeemed, £450 ; deposits, £931; loans and investments re-paid, £2701. The main items of expenditure were, shares realised, £BBO ; do. withdrawn with bonus, £1054; loans and investments, £4937 j working expenses, £l7l ; balance in bank, £569 6a 7d. The statement of assets and liabilities showed a balance of profit to accrue at termination of society of £11,34314s 6d. Mr J. W. Ellen, in moving the adoption of the report and balance sheet, expressed the confidence of the members in the management of the society, and pointed out that the apparent losses referred to would not exceed a penny in the £. Mr J. O. Porter, in seconding, said it was gratifying to shareholders to be assured that the losses to the society were so small, as from his position he knew the values of property had in some instances during the year suffered material depreciation. The directors were all men of good judgment, and their forethought had preserved the prosperity of the society. Mr GK H. Blackwell, in supporting the motion, was agreeably surprised with the statement, as some croaker bad put forth a report that there would be a considerable deficit. The present apparent value of shares not realised seemed to be about £4O aa compared with £33 last year. He was glad to learn that any loss would be covered by a penny in the £. The Secretary explained that any loss to whioh reference had been made was more apparent than real. The value of the property said to have depreciated had not really been tested, and the amount put down was a very low estimate. The motion was carried unanimously. Mr Ellen moved—“ That a hearty vote of thanks be entered on the minutes to the directors. He might say that they were all men of independence, and that they were above any species of log-rolling. The society was also somewhat fortunate in haying a secretary who knew exactly how its business should be managed, and had every item of information at his finger ends. [Hear, hear.] Mr Fraser seconded the motion, which was carried. Mr Parnham expressed the acknowledgments of the directors to the members for the vote of confidence, and trusted that next year would be a more prosperous one. Mr Blackwell moved a vote of thanks to the secretary and treasurer, pointing out that the work of the society seemed to be managed at an exceedingly cheap rate. Mr R. Woodford seconded themotion,whioh carried. Mr J. H. Evans, treasurer, and Mr Wilson, secretary, acknowledged the oomplimente. The ballot for election of two directors took place, and resulted in the re-election of Messrs Weston and Neeve. The meeting then adjourned. At a subsequent meeting of the Board of Directors, Mr Parnham was re-elected chairman.