NO.2 WESTLAND INDUSTRIAL BUILDIRG SOCIETY.

Hokitika Guardian, 16 September 1919, Page 4

N 0.2 WESTLAND INDUSTRIAL BUILDIRG SOCIETY.

ANNUAL MEETING. The fifteenth annual meetiug of the above Society was held at the Secfetaiy’s Office yesterday bvening. In the absence of Hon. 11. L. .Michel, M.L.C. (Chairman of the Board of Directors), Mr D. J. Evans was veted to the chair /Other directors present were Dr Teichelmann and Messrs C. Evans, and ,1. J. Breeie. The attendance of other shareholders was limited.

The annual report and balahce sheet having beau circulated was taken as road. The Chairman moved the adoption of the documents. He pointed out 'tlict owing t@ the withdrawals no appropriations had been made during the Veav, which reduced the earning power of the Society. An appropriation of would be made immediately, the fund- being in hand and a. second approi nation of a similar amount would be made later, the funds being in sight. There were now 103 shares held bv about 40 subscribers and tlie management expenses were kept as low as possible. There were some arrears no soiiv of the mortgages, but as times were now more normal the directors were taking steps to recover the outstanding amounts. The present year would show a recovery in the profit and loss aeoeunt. About £4O per share had been paid up and tlie profit was i*iw about £8 par abaci. The matter of increasing tlie shares had been, suggested, and these were now procurable blit it was considered doubtful if any great number would be taltfen up. Mr J. J. Breeze seconded the adoption of the report and balance sheet and said that with the funds in band and to accrue tlie profit and loss ac•count wonljd ’ trocover tho loss made doling the past financial year. The motion was carried.

jsr Teichelmaim and Mr T). J. Brans retiring directors were re-elected unopposed.

M A. B. King was re-elected as auditor in conjunction with Mr J. H. Wilson. 'On the motion of tho Cli airman seconded by Mr H. Jones a vote of thanks and appreciatin was passed to Mr W. Jeffries the Society’s Secretary, for his services during the year. It was resolved to appropriate £3OO by salo at the Secretary’s office on Saturday night, the minimum premium bong £lO per £IOO. It was pointed out shaieholders eould use the amount profitably by investment hi the war him, the bonds or certificate* being hilrl by the Society a» security. The meeting then concluded.