Levin Terrrninating Building Society

Horowhenua Chronicle, 15 February 1916, Page 3

Levin Terrrninating Building Society

I , _ £400 MISSI-JSG. WARRANT ISSUED .AWv-M OF LATE SECRETARY. Persistent rumouis have ue.u current with respect to tiie Levin lirminatuig liuiidiiig boci.-iys aflaiVs, li. being commonly reported that the secretary Jmd Uecanipeu, and that one Society's a Hairs were in a bad position. 'J.in: proceedings at the annual meeting ul subscribers i-u clie fcocu:t,\ , held at. Levin on .fiiday night iasi, showed Lieise rumours were not j unfounded, aouie M-nsa Uuiial reveia ■ ,

Hulls beinjj; iuatio. J lie baiauce->sitoet >uis reait by tno Society\s auditor ( ,vij' J. ij. At rn.-;. Aitached to Hie, statement was a iefter to this clfwi" that tiicro was a. shortage in the cash that tsnould uo iu tJio CS-nk ol lie (id. Jiio baiance-sneet showed that the Society bad math) a profit of I'S.iTij lud. Hie liabilities totalled J.3S;ii( 4s 4d, and tho assets (showed: Loans less repnynieut.i, £'3107 10s; cash in bank ami on hand olid Intel cril. acerueui .-(Mil lUil j suspense account £31)2 ll« (jet. 'I'Jio chairman ol directors (Jir i l '. It of), and the audi u»r \.ere subjecte-i to a smirp rusiliauo m ijuct-t.imis. ■ •ile^s.» J. . A'at-iiur ami j.\ \'V. t-iolu-;-s in j tli iiui do ieiigtuy explanations .n t in; position. i'liey em tod chat the cot'toty's iau; sectotary uur Albert / Gl'vverJ Jiad d.isappearea. After jm'.cli delay, the sale iiad been .sent u, \\eilitgtoii mm opened, but limbing amies could be discovered. audit was then held, w lieu it was found Llia. nearly LIUI.) %\«» iuiaeiujj. A warrant, had bct'U issued i.»r the an est oi tiie .secretary, but up to tiiu present In' had I'it bio:: uppdeho!! id. A lengthy discir-sion ensued as to whether the aueloiy »lioui>. be liy .idated or kepi Tile jfi-i at lituinbiiii.i;bioch to the eontumauce <>l tho operations lay in uie laci. that a laryje num. her ol subscribers Jiad yiven notice u< their withdrawal from ti.e soci'oty, ana retpiestmg payment tor their tslinre.in forms of i lie society 's rules. Jiveutiwliy it was decided to adjourn the meeting for one month, iu order that «, sub-eomniiitee iniyht try ana peisuade the suijscri .orb mentioned tu refrain from wiiJidrmnng, in Avhicii case it was ho-ped Lo carry on operations. It was pointed out that it r'ie society- eoutuued its work it- cauld pay iu the pound.'—O'taki Mail.