MUTUAL BENEFIT BUDDING AND INVESTMENT SOCIETY (PERMANENT).

Globe, Volume XXIV, Issue 2675, 2 November 1882, Page 3

MUTUAL BENEFIT BUDDING AND INVESTMENT SOCIETY (PERMANENT).

The tenth animal meeting of the shareholders of. the above society was held last evening at eight o'clock in the rooms of the Corn Exchange. There were about twenty shareholders present, and Mr "W. Harris (chairman of directors) presided. The Secretary (Mr J. A. Bird) read the directors' report as follows : Your directors, in presenting their tenth annual report of the society's business, are able to record its continued satisfactory progress. The accounts hereunto annexed have undergone a most exhaustive audit, and it is believed that the results shown will be gratifying to the members. Your directors desire to draw attention to the fact that during the whole of the ten years the society has been in operation no losses whatever have been sustained, and the arrears at the present moment are but trifling. In response to numerous applications for loans at fixed periods, your directors have deemed it advisable to prepare alterations in the rules, giving them power to grant such loans. It may be pointed out that the third issue of investment shares, dated November, 187-1, have matured and exceed their fully paid-up value of .£25 by an amount of 14s 9|d, making the withdrawal value .£25 14s 9jd, and that the interest, together with the bonus on (A) shares taken up prior to May, 1881, amount to 27s per share, equal to 17 per cent, per annum. The directors retiring by rotation are Messrs J. P. Jameson, H. Sawtell, C. A, C. Cunningham, and J. H. Seager, who are eligible for re-election, and have given the required notice. On the motion of the Chairman the report was adopted. The following retiring directors were reelected :—Messrs J. P. Jameson, H. Sawtell, C. A. C. Cunningham and J. H. Seager, without opposition. On the motion of Mr Hookham, seconded by Mr Sissons, a cordial vote of thanks was passed to the chairman and directors for their efficient services during the past year. A formal resolution was passed confirming the allocation of the reserve fund by the directors.

Mr H. B. Alport was re-elected shareholders' auditor.

Mr Sissons proposed that a bonus equal to 10 per cent, on his present salary he paid to the secretary in recognition of his past services. A shareholder seconded the motion, but thought the chief clerk deserved to participate in the bonus. The motion was withdrawn, on the understanding that the directors would accept an expression of opinion from the meeting in the direction indicated. Mr Carrick thought they should not separate without passing a hearty vote of thanks 'to the Chairman, who intended shortly to leave the colony for some time. He had been chairman of the society for many years, and they could not do better than thank him heartily and wish him a pleasant journey and safe return. [Cheers.] The motion was carried unanimously, and the chairman responded. This concluded the business.