NO. 3 BUILDING AND LAND SOCIETY.

Globe, Volume XXIII, Issue 2188, 1 March 1881, Page 3

NO. 3 BUILDING AND LAND SOCIETY.

The seventh annual meeting of shareholders in this society was held at the offices, Worcester street, last evening, at 7 o’clock. There was a fair attendance, Mr Wm. Pratt in the chair.

The usual preliminary business having been disposed of, the annual report was read as follows : In making the seventh annual report of the above society the committee have the pleasing duty of congratulating the shareholders upon the satisfactory result of the business transacted during the past jear, as disclosed by the statement of accounts and balance-sheet annexed to this report. On referring to the statement of accounts it will be observed that the withdrawals daring the year amount, with profits, to =£3277, being nearly all shares of the first issue, but have been replaced by an almost equal amount in new shares during the same period, thereby offering the best assurance of the continued prosperity of the society; end tho creation of permanent shares, inaugurated by authority of the last general meeting of shareholders, has been also largely taken advantage of by investors. It will be necessary to elect three members of committee in place of Messrs W. Pratt, J. C. Atkinson and M. Sandstein, who retire by rule, but are eligible for re-election. The _ same gentlemen have also been duly nominated as candidates for the vacancies, and have given their requisite consent. Your committeo have effected an equitable division of the net profits of the jear, as follows: —To each original share of seven years’ standing, interest ill 13s lOd and bonus .£1 6s 3d; to each original share of six years’ standing, interest JBI 6s 9d acd bonus -fit 2s fid ; to each share of five years’standing, interest .£ I Os 3d and bonus 18s 9d ; to each share of four years’ standing, interest 14s fid and bonus of 15s; to each share of three years’ .tanding, interest 8s 8d and bonus 10s 3d ; a proportional amount being reserved for shares of shorter duration not entitled to allotment according to rule 60. The total present value of tho shares will, therefore, he as follows :—Shares of seven years’ standing, .£3O 8s 2d ; shares of six years’ standing, .£24 13s 8d ; shares of five years’ standing. .£l9 9s 8d ; shares of four years’ standing, £ll 16s 8d; shares of three years’ standing, £!10 l7s 5d, —William Pratt, chairman. The balance sheet for the year was as follows : Liabilities—On investment shares, £13,810 5s 8i ; on special deposits, £11,293 6i Id : on interest accrued thereon on December Slat, 1880, £l9B 2s ; on balance of profit and loss, £5596 2s lid ; total, £30,897 16s Bi. Assets —By amount of loans on mortgage, £30,409 4s 8i ; by amount of insurance arrears, £4O 6j 3d ; by goods—viz,, safe, rules, &0., £55 13s 53; by cash in hands of stewards, 13s 2d j by cash at bank, £368 6j 2d; by cash in hand, £23 13s; total, £30,897 16a Bd.

The Chairman, in moving the adoption of the report, remarked that the business of the year showed a considerable increase on that of the year previous, and, generally speaking, the affairs of the society were of a progressive and highly satisfactory character. Ho moved the adoption of the report and balancesheet.

The resolution was seconded by Mr Thomas, and carried. The election of officers for the ensuing term being the next business, Messrs W. Pratt, J. C. Atkinson, and M. Sandstein (who had retired by rotation) were unanimously re-slocfol membjrs of committee.

Messrs Rookwood, O. Bishop, and J. Whitelaw wore re-appointed auditors to the society.

Some discussion of a conversational character took place in considering a resolution of last meeting in accordance with rule 90, the resolution being to this effect: —“That the following words be added to rule No. 69 : That permanent shares shall be created, of the value of £SO each, and that certificates shall be issued for such shares, or for each one-fifth part thereof, on which dividends shall bo paid half-yearly, in accordance with said rule No. 59, and that tho rules relating to the withdrawal of investment shares shall not apply to such shares, or to one-fifth parts thereof.”

The resolution was adopted, Tho secretary drew attention to the charge made upon the society under tho property tax, and stated that he had on appeal done his best to obtain exemption from tho liability, which ho, in common with many others, looked upon as a most unjustifiable imposition. The Chairman pointed out that a groat injustice was being done to the holders of shares in such society, seeing that under tho exemption clause of the Act, shareholders would under different circumstances —that is supposing their money to be otherwise invested—be exempt up to the sum of £SOO. He also explained that the tax, as applied to this society in particular, operated most unfairly by making a charge on the aggregate deposits, a portion of which might be distributed before the tax was levied. As a matter of fact, such had occurred in connection with this society to tho extent of £3OOO. The Act itself contained a contradiction of one of its leading principles, and acted most prejudicially and unjustly towards a class of prudent, hardworking men.

A gentleman present suggested that tho matter should be laid before tho city members

Mr Whitelaw suggested that some steps should bo taken to test the question by way of appeal to the superior Courts. He subsequently moved—“ That it be a recommendation to the committee to make an effort, in conjunction with other kindred societies, to test their legal status with respect to the operation of the Property Tax, or otherwise seek to obtain an alteration of the present law on this subject” The reso'ution, after some discussion, was carried unanimously. On the motion of Mr Bishop, A vote of thanks was passed to the committee of management for their services during the past year. Mr Pratt, chairman, responded, and, in so doing, expressed the hope that at the next annual meeting the committee would be in a position to make a still more satisfactory statement. This concluded the business.