NORTHERN LAND, BUILDING, LOAN, AND INVESTMENT SOCIETY.

Globe, Volume XXIV, Issue 2598, 4 August 1882, Page 3

NORTHERN LAND, BUILDING, LOAN, AND INVESTMENT SOCIETY.

The Bixthac-ual meeting of shareholders of this society was held at the ofSoe, Oookson street, Eaiapoi, on Wednesday evening. Thirty-two members were present, representing 108' shares. Mr E. Parnham, ohairmun of direotors, being one of the retiring directors,. Mr J. Beharrell was voted to the chair.

The seoretary read the following report:— *' In presenting the sixth annual report your directors- congratulate members upon the satisfactory financial position of the society. The funds have been fairly employed, although the rate of interest has not been high.. An amount of £6241 was advanced on mortgage, oompared with £4704 last year. They have used every caution in approving of the securities acoepted. Their assertion in reference to the rise in value of property spoken of last year has been borne out, and one large property which had previously not reached our estimate, has been sold without any appreciable lots to the society. The total number of shares is 527 I 6th, namely, the somewhat large number of 343 not yet realised, and 179 1 6th which have been realised upon. The total number of the previous year was 5131 Bth, the inorease being due to the oreation of a few realised sharei. The society ia now in a position to provide fairly large sums for investment, and to offer a very liberal bonus on each investing share withdrawn, as well as the making of the highest possible advances' to members realising. The redeeming value of shares is fixed from time to time, and the new rates may be obtained on application to the secretary. The auditors have referred in terms of praise to the way in which the books and acoounts are kept, and the order in which the papers were produced, which your direotors are plea'ed to endorse as reflecting credit on the officer who has the control of the same."

The balance sheet showed reoeipts July 26th, 18S1—Balance in Bank, £l4Ol 83 2i ; subscriptions, £3597 16s ; working expenses, £179 17s 9i; redemption fees, £603 8s ; fines, £9l 18a 3d ; interest, £1240 6s 7d ; shares redeemed and bonus on new shares £160; loans repaid, £492 10s ; investments repaid, £2792; property sold, £254 14a ; sundries, £92 12s 5d ; total, £10,906 10s 2d. The disbursements for the year were—Shares realised, £1400; do withdrawn, £159 ; deposits repaid, £520 ; loans to members under Bule 47, £1650; investments on mortgage, £6241 5s 8i ; working expenses, &0., £194 Is 5d ; sundries, £99 3s 6:1 ; balanoe in hand, £642 19s 9d. The statement of liabilities and assets showed the amount of balanoe to accrue at the termination of the sooiety to be £l4 843 6s Id ; and the total value of the society's assets to be £33,831 9s 6d. On the motion of Mr B. Moore, seconded by Mr C. Brighting, the report) was adopted. On the motion of- Mr H. Neevo, seoonded by Mr S. GK Ghee, the balance sheet was unanimously passed and adopted, 1 At a subsequent meeting of the directors, [ Mr B; Farnham was, on the motion of Mr > Caleb Bmith, seconded by Mr Beharrell, \ elected chairman of dirootori for the seventh time in succession*