RANGIORA INVESTMENT AND BUILDING SOCIETY, PERMANENT.

Globe, Volume XXIV, Issue 2439, 30 January 1882, Page 4

RANGIORA INVESTMENT AND BUILDING SOCIETY, PERMANENT.

The first annual meeting of this society was held on Thursday evening at the Road Board ofilos, Rangioru. There was a full attendance of shareholders. Mr John Johnston, chairman of directors, occupied the chair. The report stated the directors had pleasure in presenting the same, as it showed that although the society had been started under nr favorable circumstances, still the success of Iho year’s operations equalled the anticipations of the promoters and gave promise for the future. There had been taken up 223 B investment shares of the first issue and 30 of the second issue. The sum of £472 15j 63 had been received from depositors, bearing interest at the rate of (5 end 5 per cent, respectively. Applications for loans had been received and granted for £1075, and after paving all the preliminary expenses, about .£6O, there remained a good balance to corry forward. The utmost caution had been exercised in accepting securities. Tho retiring directors were Messrs. A. Ivory and A. B. Blaok.lt, who were nominated and eligible for re-election. The statement of accounts showed tho receipts to bo—Subsc-ip-tions, £651 15s ; entrance fees, £25 6<; sale of rules, £2 12s ; redemption fore, £34 10s 7d ; interest, £44 7s lid ; fines, £l7 13s 91 ; deposits, £472 15s 6d ; survey fees, £4 14s 6d ; working expenses, £l2 13a ; total, £1266 17s 3d. The expenditure by loans, £1075; interest on overdraft, £5 4s 63 ; preliminary expenses, books, stamp and deed box, £43 5s Id; drawing rules and registration, £25 15) ; ■balance, £ll7 12s Bd. Tho statement of assets and liabilities showed the latter to be — On investment shares, £651 15s, deposits, £472 15s 63 ; interest, £8 5s b 1 ; balance, £47 6s 7d ; total, £llBO 2s lOd. resets— Halanos of current mortgages, less redemption paid, £IO4O ; rules in hand, £22 10s; cash, £ll7 12a sd. The accounts had been duly ■examined by Messrs O. E. Tribe and E. B. Good as auditors. After some remarks by tho chairman, Mr H. Blackett said it gave him great pleasure to move that the report and balance sheet bo adopted, the latter apparently being of a satisfactory character. Mr Cameron seconded, and the motion was agreed to. Messrs A. -Ivory and A. B. Blackett were unanimously are-elected as directors. Mr B. Aherne moved « vote of thanks to the directors, auditors, and secretary, Mr H. Blackett seconded, and the motion, having been endorsed by some of the members present, was unanimously carried. In reply to a question, Mr J. Lowthian Wilson (a director) said he thought the society had shown a profit on its transactions of 10 per cent., and if wound up that evening it would pay the investing shareholders 7s. Next year they must expect a larger profit. The chairman of directors and secretary acknowledged tho complimentary -rota. A vote of thanks was accorded to Mr Ivory, who had acted as surveyor, and to the chairman. At a subsequent meeting of the Board of directors Mr Johnston was re-elected chairman, and a vole of £ls as honorarium to Mr O. G. Chapman, as secretary, was passed.