PERMANENT BUILDING SOCIETY OF NELSON.

Nelson Evening Mail, Volume VII, Issue 114, 14 May 1872, Page 2

PERMANENT BUILDING SOCIETY OF NELSON.

The tenth annual general meeting of the shareholders in the Permanent Building Society of Nelson was held in the Temperance Hall, on Monday, May 13th, at 7 p.m. Mr. Hibblk was voted to the chair. The Chairman opened the business of the metting by reading the advertisement convening the same and stating the objects thereof, and then called upon the Secretary to read to Directors' Report, with the annual statement of accounts, and of the assets and Liabilities of the Society. After reading these, Mr. Dauby proposed their adoption, seconded by Mr. Wigzell. Carried unanimously. Two of the retiring directors, namely, Messrs. Luckie and Thornton were re-elected, and Messrs Tucker and Wigzeil were elected as directors for the ensuing term. Mr. Wiqzell moved that Rule 32 be altered at once by the meeting. lie said, in reading Rule 93, he was of opinion that this meeting was as competent to alter the Kule as any special meeting or committee that could be appointed. He the-e---fore moved that the word " ten " be struck out, and the words " seven and a half" be inserted. Carried. A vote of thanks to the Chairman, the Directors, and Secretary, were carried by acclamation. TEE TENTH AKNTJAL REPORT OP THE DIRECTORS OF THE PERMANENT BUJLDING- SOCIETY OF NELSON. In presenting the Tenth Annual report the Directors have pleasure in stating the profits to be increasing, showing a trifle over ten per cent, on the year's transactions. They also direct the attention of the shareholders to the annexed Statement of the Accounts and the Statement of the Liabilities and Assets, as affording the best proot of the working and stability of the Society, and which they recommend as one of the best and safest investments in the Province. The demand for money during the past twelve months by the members has been limited, and a large balance has been on call the whole time. The Directors have, in conseqnence, deposited £1400 in the Bank for a fixed period, or until the demand increases. The interest allowed on this sum is not very large, but they thought it better to invest at a low rate than allow the money to lie idle any longer. As the rate of interest has diminished at least two per cent since the last annual meeting, the Directors think it advisable to alter Rule No 32, where the interest on the loans is fixed at ten per cent. A notice to this effect has been signed by seven members (and has been read at the Society's meetings by the Secretary, in pursuance of the clauses in Rule 93) to reduce the interest on all loans, both current and future to seven and a half per cent. This proposed alteration the Directors believe will be beneficial to the Society generally, in keeping the winds employed, which will increase profit, and be a less burden to the borrower. They suggest that this meeting should nominate a Committee to carry out the change. The following shareholders have been duly nominated to act as Directors, namely, Messrs. Lttcicie, Thornton, W. Tucker and Wigzell, in the place of Messrs, Sharp and Catley resigned, and Messrs. Ltjckie and Thoknton, whose term of office expires. As there are no other candidates, the meeting will be called upon to confirm their election.