THE WELLINGTON BUILDING SOCIETY.

New Zealand Times, Volume XXX, Issue 4604, 22 December 1875, Page 2

THE WELLINGTON BUILDING SOCIETY.

The second annual meeting o£ tins society was held last night in the side-room of the Odd Fellows* Hall, C. E. Haughton, Esq., in the chair. The report and balance-sheet were read by the secretary (Mr. Charles White), The following is the report;— In meeting the shareholders at the expiration of the second year of the society’s operations, the Committee of Management have great pleasure Un reporting the continued success of the undertaking. ■From the profit and loss account it will be seen that the balance of profit to be divided amongst 1214* shares amounts to £2577 15s. sd. equivalent to £2 2s“ od. per share. It will be in the recollection of members that at the last annual meeting the Committee of Management proposed the issue of debentures of the value of £lO and upwards. They have now the satisfaction to record the success that has resulted from their endeavors in this direction, the amount of the society’s debentures now afloat being £I7OO. The committee desire to call the particular attention of members to rule xi. of the society, by wliich shareholders are permitted to borrow, by way of loan upon the security of shares, a sum that shall not exceed the amount of subscriptions actually paid. Beyond the interest, payable monthly, the borrower is put to no further charge. During the past year Thomas Webster, Esq., in consequence of his departure from the colony, resigned office as a trustee, and in accordance with rule v., section 9, the committee have appointed Henry William Diver, Esq., in his stead. In consequence of the unavoidable absence from the province of Mr. John Blarney, the committee could not avail themselves of the valuable services of that gentleman as one of the auditors. Under the circumstances, and to prevent delay in the annual meeting, the committee, acting upon the advice of the Society’s solicitor, requested Mr. Kebbell to proceed with the audit, and to secure the assistance of Mr. Eainle, a competent accountant, to assist him in his labors; the .committee have no doubt that their action in this matter will meet the approbation of the members. The following members of committee now retire: — The Hon. W. H. Reynolds, Thomas W. McKenzie, T. J. Mountain, and Charles Heaphy. With the exception of Major Heaphy these gentlemen offer themselves for re-election. The Chairman - briefly reviewed the operations of the past year. He referred to the balance-sheet, an examination of which he said would bear testimony to the success of the society. That the society was in a healthy condition was evident from the fact that all debts due to it amounted to £35 only, and of that amount the sum of £1 33- only was due by borrowers on shares; and quite threequarters of the £35 had been paid since the books were made up. The report and balance-sheet were then adopted. , The Hon. W. H. Keynolds, M.H.8., T. W. McKenzie, Esq., and T. J. Mountain, Esq., were re-elected members of committee of management for the ensuing year, and B, J. Gill, Esq,, was elected in place of Major Heaphy. The proposal to enlarge the rules of the society, by admitting the nomination of qualified persons, not being members, for the office of auditor, was carried unanimously. The meeting was brought to an end with the usual vote of thanks to the chairman.