THE MANAWATU BUILDING SOCIETY.

Manawatu Times, Volume III, Issue 39, 30 April 1879, Page 2

THE MANAWATU BUILDING SOCIETY.

« *». -. v. - -T3iTtJEDAY, APE?L-261i 1879.- —~ - The third annual general. meeting of tba and Investment Society .was held m the Public Hall, Palmersfcon, oa Saturday afterr noon. Ther« was a fain attendance of ahareholders. D. -H. Macaethpb, Esq.., Chairman of the Board Of Directors, occupied the chair. The CSAIHMAN having -read the notice convening the meetings i;h? -minutes of last meeting were read and cQnflrmefi, THJED AInSRAt t ' The. Chaibmak. said he ;h^-€Tißh pleasure m presenting t!ie third annual report, which would be found a very satisfactory one, as showing the extent of the operations of the Society. The report was as follows : — " The directory has again the pleasure of* submitting to the membera a report of the operations "of ' the Society rdufing" tbß-^past^ twelve months, and to congratulate th^ra upon the continued success which baa at^ tended its efforts. .-, . " During the past year the .Society has been registered under the Building Societies Act fou 1877; This, it_ is -hoped, will offer further inducements to, "capltausts'M inv<Jajs, as it is intended at ..once to tafee advantage of the power jbo".dJßppse of fully paid-up ,o? capital shares. ,-, r - ; .- „/.r .-.„'. r . v ." "The directors afe happy to report that no loss of any kind has occurred 'during the; three years m connection with the operations of the Society. •- " The profit realised J;o the presjsnt. time is. . £1037 I63. Bd.,: ot which £31,5.^8. .7d.!-, has' already been added to the value of all investment shares of over one -yeap'* stand; ing m the shapo of interest, '„" ,]■, ".This being the t^ij-'d yearof the Society; ia, accordance , eatable p'ro^ortioft o? '^i^re^aiflitei 'prdifit .will, after, deducting 'orte-fourth for the reserve fund, be added ito'thiß fjKalue of aUsharflS'bf three years' ; sfcariding, and ' ir eqjUalj withi interest already allowed, p about 25^ peV cent, upon^tbe i .value of' |uch shares.; { The balance, of profit is helii over to beraddecl -..t0 ■hares deemed to b^e of a^d oifa year's standing as regarda.profit. ..• As roonas they shall become oi the re^utfed three years^ standing; in ■ addition to: the iHere'bf -tlii? rirtfflts and" ihfceTSst>ccruing forlhe inters Vening years, the ba^dce wi^ be added^aud wilibe, ec^al, with intereata^eady. added, to "about 22f, 18iV l^'and lUi-pel" cent, oa shares of two and a* half, twb,.one,and|ii half, and one yea,r respexs^ely t .. r . . "A, Jfi||>rt;trA>nT'twd'JßOirip^«^lt persons appointed by us m 'accprdince with 1 Rule [XV. I on the s'ub'jeet of division- 't%JjjS&b4,. will be laid before you. ■ : " f ' ' . ' *" ." $116, directors bave : rescil^d{ s;tt^3*ct to the approval: of j.^ifinelg,fciftgi 'ssfjira^iiSed 11 tyfcMe-|M^"'elS^ r tt--M^yv,\-litov»^ one-fourth deducted from" "the '^rofitir aaV reserve fund be divided ar '.a ; ; b^nus^'fo!e shares of- tbreefty[o,.ftnji..one year's Btand-- ; ing, to hfi apportioned: m t^e same;- miitfneiv as the other tiiree-fburtbs have, beerijnith-ie" certi^cate attached hereto. : ' " The resolution, if approved^ will give a ' bonus of about 8| per cent, on thft present value of each serife" of- sharesj m addition . to the ivO3t i»a..stated above, which will be equal, with bonus, addition^ *b. about 29, of Uiree P °^ W° n: «h?re3 . half, Wid one; yearja/s^an.diug respeoiWely'rTT] During the readifigJoX the,reiport, 'jft was explained by .the Chairman that tffsdiyiaiohi of profits bad been made in' accordance' with the : suggestion; ,of •• . Thvnne - md Flbwer^of Foxtbn, who had'beeh ap"p.)iHtteid. hy tl**; Board of Directora ttf'^gdrtiis'itrt the best means of dLvidiag itha/;jßctTAied profits of the Society. • ■,'.::':,^..^y :^ A lengthy repprV was' presented- ■from'; theso gentleman,' wh6 had been appointed m accordance with Section 4of Rulej 3C,\T^ of, the Society's. ; mlei, jto t report"ll's^hbwtbe . ; accrued ; prpfi.ts' should be' divided ■amQngsj the. shareholders. After a< civeToi investigation/ they had 'arrjre/j at tlie-'^ollow-. ing figures, two and- ■ • half- yeara*- tihare- • belder«. being reckoned as- of; r two v years', standing, and one .and a half, year's share-., holdersa,s of one year's s'taiiSing,' as speci-' fied m the rales :.— ln phe- first series ot shares, representing those of three years' stancing, an.d consisting of' 406 share's, the apportionment' 'was* £414 133. 4d.;' to- ■ serites^ representing v shares of r tW year'i' standing, %nd consisting of. 1,74 sharosj. £118 9s. 6d. ; and to -the third series, representing one year, and consisting .of 26 shares, £8 17s. j biaing a total for^tbe thrde series of shares of £54.1- 19*.- IQd-One-fourth of the total amount bf accrued profits for the thvoo years— £lßo.l3s, 3d.—: they refcommencled to b© carried tp a reserve fund., as provided for. m Rule XV. The report won't m to a lengthy, detailed account, showing the profits due to" individual share-' holders, .and the^examinew' appended the; .following certificate : — " We' hereby ceVtify, ' m accordance with Rule XV., the equable proportion of profits which falh to be allotted to the investment, shar^l pf three' standing, at the. L clo3e of, the. undnciar "year, is iBl os. od. p:ej< "share ; to iKe investment sha'fes-of twb^'years^^standing. tb be added at thaend of the next financial year, is' 13s. Td'. p^rishariß ; tq.."t]iel'inve?tnhent' j shares' of me year's standing, tOvbf -'added "at. the end bt tbehext folk>*'iftg"feiancialye>i>, isTfls. Sd. per share. — Ebs2'st' : S. Thyn»b i '-J'.''N.':Fxoweb." ::•;•■• j .•.;»:<,■..>. : ■ -.- ' _■ '• ' '•'■• BAIAJJCBiSH-BBK-'-- -;■■'■■■ '■'-■ . .'-/ -. The balance-sheet showed' the total «mbun« • of ' receipts tb : lßiß*£69B3 9s. 4d., and the expanditure a gii^i^ ; amount,.. inclj^djng caslr iD'bß^hk and on hand, tt> ißbe. fty>oU)lt of 4s^ l^ 5 . ?d.. The - profit ' and loss'iiscount; sfibwid a total debit aniojintjsf £U|49 I9i. 5d. ; and a like am"ou«fefiS the cie4tt »ide. The liabilities of the ■It* 6d., including tbe' p^l!^Jl.oCio>^are- ;- holders fbt three years ; r -aad .the, assets formed a ßiujilur total. ■■"•■-- '...:. . .AUDXTOaa' BWOET.. _ . . In presenting the auditb'w' I .'reporti..whicß cerftfldd to t^e. correctnft»s-b£:fcha.l^fence-slieijtl the CHAiiMAS stated tlra^thdre had 'been a more thorough audit than ai any time, hitherto, and tliat every thing : 'oon,'nected With the. Society's affaiva hafi ■ faceived a thorough investigation at hands of the auditors. , * . '. ■ ■ . On the motion of . Mr. M'NEiji seconded by Mr. PALMEEBqN^the.reports and balancei. sheets were adopted; '» , . . !•;•" Mr.: Da^bvm^l>S ;pKopo3eilj an.d Mr. ■LKARr seconded- 1 — "-.That the section m tffe , report referring . .tp t the ..reoerre fuud^. be .(!>;?: V,, [• ~- '" ' BU^gg&»- . <J^ :i pniE.CTOBB. , _"« ]J_j £V.:" ' The r«,tiYidg*rdrrect^r4— Mes»sr3*T£intopT'* M'Donald, ; -MWill,- -art.d. AValdegravg.;^ were re-elected for tlTe: en.sU.ing yaar, fc other candidates having brespr^tpjsea., elecxion o? AtrcixoM.' . Mr. DALBYMPia proposed,' and! Mr M'^siu. sacgnciti— " Jlhat the auditors

rfeeJT^t^Hta^^six. piin^si .eaoh; and - thafr l)"e allovr *ed to Mr. •' -•* Baajrtio." ; TrQamed- > : Q&y. ;M t&JUJ^'fpc&ijosad/' acid Hfx.. Jxx6X'" .::■ %^ided-r-|^|(at^6e retiring aiiditort-^; v v .' . JUJ&fci*.: B. i^Seeli^ aa4 «T43, .B&itt fc— ber. . ' rd?llepte4"^C*rEte^ ■"■"■:•■■ .-■;.■■-.. " "J HJaJ l^^^ DrEHOTOBS. .; .: \On thl^|oS^'of Mr. PalmbbSOlT, seconded by Mr." Least, the sum of £80 was ; voted to the. directors,- to be divided pro . rata aucordiug to attendance at bojrd meet- - . Several shareholders testified ? to ibe zqsl- .^ r _ j bn^tnannei- m wuich tne boar&&t direct 'sx&r,'i .' "n^^eri(jrth^the>rdutieß^a»tbl^^^^^ of y^lu^ble Ul^ . .' demoted t6 the a|Eair3 of t)ii fW^jK\£&i^ -'. '' : In returning- : > tb'anka .on bf -th&^'r " dir^ctora, the GiiAißJtMr Baid^M^nriti. l^ l^*^ taking^anv oredit .for^Mrhat ihVjooard "Kad "T . deyoftdia-gdoii dealof time"' ftKttie' tulifle^'- T of ihe society, and had given thei£aifrßi.tti&& tb'ihe'^iu^^^vpore^^^^te^ccaaiuzit-.r* . when.-itbe-, society; i—want-eC ■mone£**l»'' v " i " tHa^kea^the sh^h^^j vpl'^^^ of cohfid«rice- and .t^ted" ; £'BSi?--fitt^ii c^xfc^ il '' arimual report would "st^tjie~ a. moi>d |*aV6i?V ; -. abs one. .; ■- ; *?:>** /-.; - . a ; i: -: -■ Th et^lfeirig; no" othSr^businesS?- bploreatTja :< zZ mepting,^th«'> Usual vcitfe. 7 of . thiirits; to the;- ... Chairmsfiitoririiuatedlbe proceedings. ■"' _„