REPORT.

New Zealand Spectator and Cook's Strait Guardian, Volume VIII, Issue 757, 3 November 1852, Page 3

REPORT.

The Committee of the Wellington Building Society in meeting their constituents for the first time since their appointment, will confine themselves simply to a statement of the position of the Society as set forth in the balance sheet, with, such additional particulars as may tend to its elucidation. The length of time that elapsed between the formation of this Society and the passing of the Ordinance for its legalization operated most prejudicially to its interests, as shewn by the fact that entrance fees were paid on 246 shares, while owing to the change of circumstances during that period only 185 shares were actually taken, of these 2B\ have been realized at a cost to the Society of £1,197 10s., and three shares have been forfeited, leaving 155J shares still unrealized. * Insurance. — At the time of the fofmation of this Society, it will be remembered that the only office effecting insurances in this place was charging very high rates of of premium, and your Committee therefore resolved that they would only charge three-fourths of those rates excepting in cases of peculiar risk, in most in.stances the premiums have been fixed considerably lower, and as more moderate rates have since been charged by another office, the premiums have been revised and lowered whenever practicable. And the Committee think it right to add. that instead of fixing uniform rates, every property is carefully, surveyed and the amount to be insured and the rates of premium arranged accordingly, . The amount of Insurance effected is £778 6s. 8d M the premiums received thereon £8 ss. Sd., the subscriptions to the guarantee fund £91 10s., making a total to the credit of the Insurance Account of £101 6s. Bd., thus .showing that the amount subscribed to the .guarantee fund has increased at the rate of 11| per cent. Expenses. — The small number of shares held in this Society, as compared with similar So.cieties in England, does not proportionately reduce the amount of labour, and the cost of books,' printing and iron safe, has been as great "as 'for a Society of three times its magnitude.

The consequence is, that the expenses appear very considerable, but' for future years this will be materially reduced. ' Results. — The balance sheet shews a balance in favor of the Society of £1877 : 14 : 5 ; this is arrived at by computing the amount which is absolutely to be received from the parties who hare realized their shares, without any calculation of interest. The above amounts divided among the unrealized shares would give £12 : 1 : 6 per share, thus showing that notwithstanding the heavy preliminary expenses a profit of £6 : 1 : 6d. has been made on each share, which' justifies the expectation formed of the successful termination of the Society within the allotted period. , (Signed) J. WOODWARD, ' - Chairman. '29th October, 1852.