WELLINGTON BUILDING SOCIETY.

New Zealand Spectator and Cook's Strait Guardian, Volume IX, Issue 861, 2 November 1853, Page 3

WELLINGTON BUILDING SOCIETY.

Thk second annual meeting of the Wellington Building Society, was held in the Hall of the Athen«um, on Friday evening last, Mr. J. Woodward in the chair. The Balance Sheet and Report having been read by the Manager wa«, uprfn the motion of Mr. Holmes, seconded by Mr. Kinneburgh, received and adopted Messrs. *G. Hart, R. Lambert, and W.^Seed, were appointed Auditors. Messrs. G. Allen and James M'Beth were re-elected 'members of the Committee, and Messrs B. Gordon and J. E. Watkin, were elected members of the Committee, in the room of Messrs. W. W. Taylor and T. Mills, who retire by rotation. A vote of thanks was given to the Auditors for their services in auditing the accounts, as also to the retiring members of the Committee, and the meeting adjourned. ! -

R. FORT OF THE COMMITTEE. The Balance Sheet of theSociety which has been placed in the hands of the Members necessarily comprises nearly all that the Committee have to report, and they think it to be matter of congratulation, rather than of regret, that their proceedings through the year have been purely matters of routine, as, although this makes their Report meager, yet it U much more for the interests of all concerned that the affairs of the Society should go on smoothly,, than that they should be interrupted by uausual occurrences, the Committee are therefore reduced to saying in general terms that the whole of the Realized Shares are and have been duly kept up, and that the few Shares which have been withdrawn have been nearly -compensated for by new Shares that have been taken. Position of the Society.^—At the. commencement of the year the number of Shares held, was, Realised 26£, Unrealized 155|. During the year 23£ Shares have been Realized, 5 shares withdrawn, A\ new Shares taken up, leaving the present number of Shares, Realized 50, Unrealized 132|. The 50 Shares that have been realized have cost the Society £2335 10s. The amount of Supscriptions received on those Shares is £600, and the amount to be received on account of the came £3360, showing a prospective profit to the Society of £1624 10s. which divided among the present number of unrealized Shares would give to each a bonus of £12 55., fully keeping up the value of the Shares to that declared in the last report, and justifying a very favourable view of the ultimate results. Insurance. —The amount now insured by the Society is £1066 13s. 4d , £-100 of which is covered by reinsurance. The Guarantee Fund now amounts to £219 7s. this amount if divided among the number of Shares would give £1 4s. each showing a nett increase of 10 per cent per annum. The Committee have not yet Wn able to adopt a printed form oi Mortgage in accordance with the recommendation of the last annual meeting, but as the issue of Crown Titles has simplified the conveyances they trust that for the future the legal expences will be materially reduced.