Building Society.

Manawatu Standard, Volume XI, Issue 1689, 20 April 1886, Page 2

Building Society.

The annual meeting of the shareholders ut the ftlanawatu Building Society was held after we went to press yesterday m the Council Chambers. Present — Messrs Maearthur (chairman), Waldegrrave, McNeil, J. P. Leary, R. Leary, Lintou. Palmerson, Haybittle, G. Innes, Capt. Mowlein, Podevin, and F. Mowlem. The report for the past year was adopted on the motion of the Chairman, seconded by Mr McNeil. The Chairman said that their bonus this year was not so large as on previous years and could only account for the loss of this year by the cheapness of money which had existed. Investment shareholders had, however, been paid off who would otherwise be drawing interest during the year, and he had no doubt that next year they would be m a position to declare the old dividends again. ' ■ '> Mr McNeil remarked that- the whole of the ten years losses had been takeu out of that year's profit ; they never had a loss before. . Mr F. Mow Jem said h» did not wish to cast any reflection on the Manager or Auditors, but he did not see m the report that the correctness of the balancesheet had been certified to, the report merely reading that the auditors had examined the books, &c. It was decided to request the auditors to insert the necessary words as suggested. Messrs Maearthur, j. Mowlem, Podevin, and Palmerson, were re-elected directors, and Messrs Beattie and lieoliog, auditors. The Chairman stated that tho Managing Diiector, Mr Waldegrave, had sent m his resignation, finding the duties of the position too onerous, and also ou account of his being about to leave Palmerstonfor the Home country. He would move a hearty vote of thanks to Mr Waldegrave for the efficient way m which he had conducted the tffairs of the society for the past ten years. Seconded by Mr McNeil, and carried unanimously. Mr Waldegrave suitably acknowledged the vote of thanks, and said he sevared his connection with the society with reluctance, but was compelled to do so as for some years past he had found the dutieß tied him down too much. In resigning, he, however, had every desire for the prosperity and welfare of the society m the future. \ i Mr F. Mowlem asked if any money had been lent on mortgage during the past year, and was informed by the manager m the negative. The latter also stated that the resolution empowering the directors to lend money on mortgage was m effect only when no other . applications Were received. On the motion of Mr Haybittle a vote of thanks was oarried to the directors for their past services. The meeting then concluded.