MUTUAL BENEFIT BUILDING SOCIETY.

Globe, Volume XXIII, Issue 2366, 2 November 1881, Page 3

MUTUAL BENEFIT BUILDING SOCIETY.

The animal meeting of the above was held at the offices, Cashel street, on Tuesday. Mr W. Harris occupied the chair, and there was a fair attendance of shareholders. Tho report of tho directors was read by the secretary, Mr J. A. Bird, as follows ; In presenting the ninth annual financial statement and balance-sheet, duly audited, for the year ending October sth, 1881, your directors have again to congratulate the members npon the satisfactory financial position of tho society. An amount of £28,465 4s 7d was advanced on mortgage during the year now closed, as against £14,845 for the pro ceding year, so that notwithstanding the difficulty during the past year in placing money at interest on freehold securities, the amount of advances made has been nearly double that of the previous year. As a proof of the estimation in which tho society is held by the general public, it will be as well to mention that deposits have been lodged at various x )or i°fl a since its formation representing an aggregate amount of £103,762 12s 7d, of which £371,903 18s 6d has been withdrawn, leaving the balance remaining on Xiayinent of all management and other expenses, the accounts exhibit a net profit of £2104 15s Bd, three-fourths of which have been distributed pro rata amongst the shareholders entitled to same, as shown in tho table appended hereto; the (A) cax>ital shares x>articipating to the extent of 12s 7d per share, equal to 6\ x>cr cent. i>cr annum, in addition to tho guaranteed interest of 7 x>er cent. The directors have much pleasure in pointing out to tho shareholders that the second issue of investment shares, bearing date November, 1873, have exceeded their fully paid ux> value of £25 by an amount of £1 Is Hid, making the withdrawal value £26 Is HJd. The directors retiring by rotation are Messrs Harris, Anderson, and Booth, who are the only candidates nominated, it will therefore be necessary to formally re-elect them. By order of the Board,

W. Harris, Chairman. Christchurch, 20th October, 18S1. The balance sheet was taken as read.—The Chairman, in moving the adoption of the report, spoke of the very satisfactory state of the society, especially considering the abundance of money in the market. The directors, in view of their having a balance at the Bank, declined to receive large amounts of money which were offered to them. They had also declined to issue any more capital shares, and the result of this had been the payment on these shares of 13i per cent., which he believed was 3 per cent, more than had ever been paid by kindred

societies in Christchurch. _ There wa very satisfactory state of things with reg the second issue of the share:, as stated report. He might say that it was now the & of the Board that members could, instead o - drawing their £25 shares, capitalise them lor £lO shares fully paid up. Tna sharoh who might desire to do so shoull f? l . ve at an early date, so that tho Board migh • eider the matter. In reply to a question, the Chairman said that 150 investment shares would run out this year. Ho then moved the adoption of the report and balance sheet, whicn was agreed to unanimously.—Mr Alport was reelected as shareholders’ auditor. Messrs Booth, Anderson and Harris wore ro-uppointed directors for the ensuing year, aed a vote of thanks to them passed unanimously for their services during tho past year. It was resolved that toe meetiut* approve of the method adopted by the directors in tho disposal of tho reserve fund as provided by rule 17 for the years 187 J-SO equally amongst the B. shares, iho mooting adjourned.