MUTUAL BENEFIT, BUILDING, AND INVESTMENT SOCIETY.

Globe, Volume XXII, Issue 2092, 6 November 1880, Page 3

MUTUAL BENEFIT, BUILDING, AND INVESTMENT SOCIETY.

The eighth annual meeting of the abore Society waß held last evening, at the offices of the Society, Oashel street; Mr W. Harris in the chair. In the absence of the secretary through in. disposition, the chairman called upon Mr G-arnett to read the annual report as follows : The directors in presenting the eighth annual report have much pleasure in being able to state that the business of the society for the past year has. been quite as successful as could have been anticipated, considering the financial depression that has so lately existed. They are also pleased to state that daring the whole of the eight years the society has sustained no losses whatsoever, thus ehowing that extreme care has been taken in the selection of securities offered. The accompanying balance-sheet shows clearly the financial position of the society. A monthly audit of the books and vouchers has been held during the year, and the audit committee have beea pleased to state in their report that the business of the society has boon conducted very satisfactorily. The amount of .£2069 lis lOd to credit of reserve fund at last balance has been divided and placed to the different shareholders' credit, in consequence of the society having issued fnlly paid-up shares; and the original investing shares having now matured, one-half of the reserve fund of this year has also to be allocated, and the balance carried to account. The amount of profits for present division amongst the members is .£1436 7s 4d. In looking back on the eight years_ just terminated, the directors have great satisfaction in being able to point out to the shareholders the large amount of profit made since the commencement of the society. The fact that the original shares on which the sum of £l3 has been paid have attained a value of £26 15s 7|d, shows that a shareholder derives a Bum of £l3 15s 7sd per share over and above the actual amount paid by him to the society as subscriptions at the rate of 2s 6d per month. Taking into consideration that the borrowing members have also largely participated in the profits, the success of the society must call for congratulation, and the great extent of its operations is good evidence of the confidence reposed in it. In looking to the future, they have the fullest confidence in the society's continued progress and prosperity, and would urge upon the members to do all in their power to make its advantages known. The two directors who retire by rotation are Messrs T. M. Gee and John Cnrnow. They are eligible for re-election. Two directors are required to fill the vacancies caused by the resignation of Messrs A. Duncan (late chairman) and C. A. C. Cuningham. Messrs John Curnow, T. M. Gee, A. Moore, H. Sawtell, and J. H. Seager have given due notice that they are candidates. Tho Chairman next submitted the balanoe sheet, remarking he had been asked from what source the large profits shown were derived. These arose ohiefly from the large deposits made by the public with the society, thus showing the large share of public confidence it enjoyed. One remark he would make, showing how eminently satisfactory was their position, whioh was, that it was calculated the first year's shares would not mature till nearly twelve years, but they had matured in eight years, with an additional sum of £llss 7id per share over and above the full value, £25. This needed no comment from him.

The report and balance sheet as read were unanimously adopted. The next business was the election of four directors in the place of Messrs T. M. G-ee and J. Ournow, who retired by rotation, and Messrs A. Dunoan and O. A. C. Cuningham, who have resigned. Messrs H. Sawtell, John Ournow, T. M. Geo, and J. H. Seagar, were elected. Mr H. E. Alport was re-elected as shareholders' auditor for the ensuing year. Votes of thanks to the chairman, directors, retiring directors, and secretary of the society, were carried by acclamation, Mr Oarrick remarking, whilst supporting same, that it spoke well for the confidence of the public that the sum of £27,650 was lodged with the society at the present time as special deposits. The Chairman, in returning thanks, uaid that the directors were very much gratifiod at the i-esults attendant on the society's operations. In aDswcr to a question, he replied that the cheques for the 310 realised shareholders would be ready on Monday next. Indeed, the money was ready now, but as Saturday was a half-holiday he thought it better to fix Monday as the date on which they would be payable. The meeting then terminated.

A curious old bye-law has been put in force at Shrewsbury, Emma Fawcett, propaietor of a travelling circus, being fined £1 and lis 6d costs, for driving ten vans and thirty horses through the streets of the town upon Sunday.