Report.

Manawatu Standard, Volume IV, Issue 120, 16 April 1884, Page 2

Report.

The- directors have much pleasure m. presenting the shareholders -their eighth annual report and balance sheet, the latter duly audited. The next profit realised for the year amounts to £2215 11s 3d. Of this sum £1250 3s 3d has been already credited to shareholders as interest, afc the rate of £7. per centum on the value of the shares at the beginning of the year. Your directors have agreed to divide a further sum of £83,7 16s 6d, equivalent to a bonus of L 5 per centum, which, •together with the interest ; above mentioned, will make a dividend equal to £12 per centum for the year. '1 he first issue shares have now entered on their last year, the value being as per attached table, £42 17s per share ; and ! your directors have resolved that any member holding shares of this series may on application withdraw, at aiiy time during the year subject to the ac^ cumulation of funds permitting it, the amount standing to credit m the books of the Society. ' . During the past financial year, Investment Share 3 amounting to £2284 have been withdrawn ; of this amount however, shares to the value of £718 have been converted into Capital Shares. The Advances for the same period, as will be seen by the statement attached, equal though they do hot surpass former years. Your Directors have, however, not found it necessaiy to have recourse to the power vested m them by the resolution of the Shareholders at the previous annual meet-, ing, to invest m the way of ordinary mortgage, the demand under the tables having been sufficient to prevent un unduo accumulation of funds. It will be necsesury to appoint four Directors and two Auditors. The retiring Directors, Messrs Macarthur, Levin, Palmersonand Mowlem, offer themselves for reelection ; and Messrs Beattie and Keeling have intimated their intention of ag.iin seeking office as Auditors. Jno. Wuldegrave, Managing Director,