Building Society.

Manawatu Standard, Volume XI, Issue 1688, 19 April 1886, Page 4

Building Society.

At the. tenth annual meeting of invest ing members of the Manawa^n Permanent Equitable Building and Investment Society, held this afternoon, the following report was submitted :— The directors have the pleasure of presenting to the shareholders the tenth annual report and balance sheet of the Society, and although the profit to be divided is not so large as that of former years, still the sharenolders may be congratulated that ie the depressed times through which the country is now passing, a fair rate , of interest for their investment is obtainable. During the year, as expected, the second series of investment shares has matured, and the holders paid off. The third series will matqre m June next. The net profit realised for the year is .£1584: 7s Bd, out of which £1080 11s 2d has been already appropriated for interest. The balance, viz., £547 16s 6d, together with the amount not divided the previous year, would have been available as a bonus addition ; but your directors ad^ vise that only a portion of this sum (viz., £203 5s Od, equal to £1 10s per cent, on the value of the shares at the beginning of the past, financial year) be divided, the balance being retained to provide for ascertained losses. The demand for advances during the past year has been exceedingly limited, owing no doubt to the general cheapness of money and little opening for speculation, but the funds at the disposal of the society have been fully utilised, investment shares which have matured absorbing a sum of over £8000. It will be necessary to appoint four directors and two auditors. The rttiring directors, Messrs Macarthur, Mwlem, Podevin, and Palmerson, offer themselves for re-election ; and Messrs Beattie and Keeling have signified their intention of again seeking office as auditors. „