CANTERBURY BUILDING SOCIETY.

Globe, Volume XXIII, Issue 2171, 9 February 1881, Page 3

CANTERBURY BUILDING SOCIETY.

The third annual general meeting of tho Canterbury Building Society (Permanent.) was held at the offioos of Mr B. J. T. Ford yesterday evening, at 8 o’clock. Mr Oarriok occupied the chair. The secretary read the advertisement convening the meeting, indicating that the business before them was to receive the balancesheet and directors’ report for the past year, to elect directors, and general. The annual report, which the meeting accepted as read, was os follows : The directors have much pleasure in submitting their third annual report, together with financial statement and balance sheet, which are attached hereto. The financial depression which existed daring the year 1879, and which restricted the ©Derations of the Society, has been replaced during the past year by an over-supply of money, accompanied by a limited demand and low rates of interest To meet this your directors thought it advisable to adopt the lower tables for the repayment of loans. In spite of this, however, applications for loans come in but slowly, tho result being that the Society have been in funds during the greater part of the year. "your directors hope, however, to see a better demand for money spring up shortly, which will enable them to employ all their funds profitably. Tour directors are again able to report that no loss has been sustained on advances made. As tho period under review completes the third year of tho Society’s operations, the rules reqnired an investigation into its affairs to be made. For this purpose the Board appointed Mr T. B. Craig, who has apportioned the profits as follows £ s. d. Reserve fund—Quarter of gross profits shown per balance sheet 319 16 6 Dividend to holders of A shares—about 3 1-3 per cent, per annum 469 13 6 Profit to be added to B shares of three years standing—viz., 1160 shares at 7s 7d per share 439 16 8 Carried forward to next year, being reserved as earned by B shares of less than three years standing ... 49 19 6 .£1279 6 2 The dividend to holders of A shares of not less than three years’ standing will be payable on _ February 15tb. Tho profit to be now divided, together with the interest paid upon A. shares and added to B shares, shows over 10J per cent, per annum over and above the amount placed to the credit of the reserve fund and after providing for the payment of the property tax dne in respect of the past year. Considering that all preliminary expenses have been paid, and the peculiar state of the money market during the whole of the society’s operations, yonr directors consider the result satisfactory to shareholders. In compliance with a resolution passed at the last annual general meeting, your directors took steps to alter the constitution of A shares, so that all new shares taken up in that class should be irredeemable; and, whilst doing so, they took advantage of the opportunity to revise the roles in other respects. The proposed amended rnlea were submitted to a special general meeting of shareholders held on the 3rd of January last, and were adopted by tho society. Dr. Frankish having resigned his seat on the Board, Mr J. V. Rots was elected by the Board to fill the vacancy provisionally. Under Rule XXII it is necessary for Mrßisa to retire at this meeting ; but, being eligible, he offers himself for re-election. Messrs R. Sutherland, 8. Manning and C. E. Briggs are the directors who retire by rotation, bnt are also eligible, and offer themselves for reelection. It will also be necessary to elect two new directors, in order to make np the nnmber to eight, in conformity with the amended rules. Messrs Frank Graham and Prank W. Hales, being properly qualified, have given dne notice of their intention to be candidates for election. The directors would again urge upon members that mnch may be done by them individually towards enlarging the operations of the society. A. Cabbick, Chairman.

The Chairman moved the adoption of the report, and did so with great pleasure, believing that the society hod good cause to congratulate itself upon the result of its operations for the short time it bad been in existence, particularly in view of the depressing influences that had worked to the disadvantage of commerce generally during a considerable part of that period. They might also congratulate themselves that the society had not lost a penny on their securities since its establishment three years ago. The profits indicated a satisfactory result of operations, giving over lOf per cant, per shareholder, in which respect they compared favorably with other kindred institutions, who were paying not more in general than 6 per cent. With regard to the alteration in the constitution of A shares, be wished to point out that the rights of the original shareholders under that head would not be interfered with, and could not in any way be considered as preferential shares.

Mr H. W. Ford seconded the adoption of the report. The motion, after some discussion on a matter personal to Mr Trent, was carried unanimously. The election of officers was the next business.

The following gentlemen were elected directors for the ensuing year :—Messrs 8. Manning, R. Sutherland, O. E. Briggs, J. Y. Ross, F. Graham, and F. W. Hales.

Mr T. B. Craig was elected shareholders’ auditor.

The Chairman informed the meeting that the directors had appointed Mr Harley director’s auditor.

Some conversational discussion took place in reference to a suggested reduction in the number of shares as a qualification for a seat on the Board of directors, but did not result in a resolution.

The meeting adjourned after passing a vote of thanks to the chairman.