The Manawatu Permanent Equitable Building and Investment Society.

Manawatu Standard, Volume XXXVIII, Issue 6708, 29 May 1900, Page 4

The Manawatu Permanent Equitable Building and Investment Society.

The annual meeting of tbe Manawatu Building Society was held yesterday afternoon, when there wore twelve members present, Mr K. Leary occupying the chair, Mr R. Leary war re-elected chairman on the motion of Mr G. J. ScottThe report, as published by us, was taken as read, and on the motion ot the chairman, seconded by Mr Montague, it was adopted. Mr Prior pointed out that there was £869 outstanding as., arrears of interest, and fines, etc., and although it was an improvement on the position last year ha thought it was not satisfactory, and he asked for an explanation. The chairman explained that some old securities had not realised the amount lent on them, but the Society was working mere carefully now. The money borrowed from the bank was let out again at a higher rate of interest, and so there was no loss on the overdraft c/eated to mekfc these arrears.

Messrs Nannestad, J. P. Leary, R. Leary, and G. J. Scott were re-elected Directors. Messrs Keeling and Halcombe were re-elected Auditors. Mr Prior said he thought that it was adyisable that an estimate of the value of securities be made, and it was agreed that this might b9 done during the year. In closing the proceedings the chairman paid a high compliment to the Managing Director for the way in which he conducted the business of the Society, and to the Auditors for the rigid examination they had made of their books. A special meeting was then held to consider the proposed amendments published by us some days sgo, and they were passed without alteration. A vote of thanks to the chairman terminated the proceedings.