PERMANENT EQUITABLE BUILDING AND INVESTMENT SOCIETY.

New Zealand Times, Volume XXXI, Issue 4812, 24 August 1876, Page 7

PERMANENT EQUITABLE BUILDING AND INVESTMENT SOCIETY.

The second annual general meeting of the Permanent Equitable Building and Investment Society of Wellington was held on August 7th at Mr. T. K. Macdonald's office, Temple Chambers. There was a good attendance, Mr. Anderson, chairman of directors, occupying the chair. The minutes of the previous meeting having been read and confirmed, Mr. Macdonald, secretary and manager to the society, read the annual report as follows : 1. The Board of Directors have pleasure in submitting the second annual report to the investment members of the society, and would congratulate them on the continued success which has attended the operations of the society during the past year. 2. During the year applications for advances to the extent of £25,005 have been received, out of which the sum of £17,675 has been granted. It is gratifying to be again able to state, that the whole of the securities held by the society as against advances, are of unexceptionable character. 3. During the same period, ISSJ investment shares have been taken up, and 193£ withdrawn or written off, leaving 1129!- now on the books ; these shares are in the hands of 280 shareholders.

4. The balance sheet as annexed shows a net profit to date of £2160 12s. Id., ft fact which speaks for itself. It will be noted that £440 4s. 3d. of this amount has been passed to the credit of Investing shareholders, in accordance with the provisions con* tained in clause I of rule XV,

5. Tho directors arc glad to state, that the new borrowing tables, ranging from one to twelve years, have proved advantageous to borrowers, and it may be well to remark that the society offers, by means of these tables, superior facilities for varied monthly payment?.

0. The directors have had under their consideration the provisions of tho new Building Societies Act now before tho General Assembly, and. In the event of the BUI becoming law, tho directors will take into their serious consideration tho advisability of Incorporating the society under tho Act. You will, however, bo specially called to consider the matter should such decision be arrived at.

7. In consequence of leaving the colony for Europe, the chairman of tho board of directors (Mr. Gibson) resigned his scat. Mr. David Anderson was appointed chairman in his stead, and Captain Edwin, R.N., was elected to HU the vacancy in the board of directors. It will, however, be necessary for you, In accordance with the provisions of clause 8, Buie VII, to confirm Captain Edwin’s appointment, 8. The Hon, Robert Hart, M.L.C., finding the position of trustee incompatible with his position as partner of tho society’s solicitor, resigned his office as trustee. It will, therefore, be necessary for you to appoint a new trustee. 9. In accordance with clause 2 of Rule VII, Messrs. Anderson, Hart, and Smith retire from the board of directors, but are eligible for re-election. Balance Sheet, June 1, 1876. To deposits £15,505 0 10 Investors 13,804 11 2 BUls payable 3,000 0 0 Balances due on advances .. .. 2,173 11 0 Cash balances .. 378 1 4 Sundry creditors 1 0 10 Profit and loss account .. 1,729 7 10 £30,162 2 0 By advances on mortgage (less repayments) £35,505 19 2 Office furniture, safe, fixtures, &o. 166 14 4 Interest account .. .. .. 132 7 2 Preliminary expense account .. 113 16 6 Sundry debtors 91 15 0 Valuation and working expense fees, Ac 61 8 0 Insurance account .. ~ .« 24 17 10 Rules on hand .. •• .. 16 4 0 £30,152 2 0 The Chairman said in moving the adoption of this report ho bod nothing to add to what wofl there stated He might simply remark

that in one instance onlyjrad it been found necessary, to. put , the rules in force against a defaulting depositor. ’ He then moved the; adoption of the report and balance-sheet. > Seconded by Mokteith, and carried unanimously. . ■'* r” • r Messrs. Anderson, Hart, and Smith, retiring directors, were unanimously re-elected, I The appointment of Captain Edwin, R.N., as a member- of the board of directors .was confirmed.

; On the motion of Mr. Buckley* Mr. DavidAnderson, junr., was unanimously appointed trustee.

; Messrs D. Rainie and S. Carroll were reelected auditors, each to receive a salary of £ls. ' Mr. Collins spoke in eulogistic terms of the manager and secratary of the, society, Mr. Kennedy Macdonald, to whose efficient services was due to a very large extent the present prosperity of the company. He thought when a society was fortunate enough to secure the servicesof an able and conscientious servant that the services of such a man should be recognised in some substantial form. He would therefore move that the meeting vote a bonus of £IOO to Mr. Macdonald. The salary, he thought, should be increased also, but that was a matter tor the directors. .

Mr. South seconded the motion. Mr. Macdonald, expressed himself very much gratified by this mark of esteem and confidence, the more especially as he had in no way solicited that which Mr. Collins had been kind enough to suggest on his behalf At the same time, however, he thought it was a matter which came more within the province of the directors, and possibly they would take this as a recommendation from the meeting and act upon it. In these circumstances he thought it would be better to let the matter rest where it was. . - ■

Mr. Collins was quite willing to leave it to the directors, but should like to be assured that they would act upon his suggestion, as he was about to leave Wellington, probably for a term of three or four years. The Chairman said the directors would not lose sight of the suggestion. Mr. Buckley thought they might safely intrust the matter to the directors after the expression of opinion which had just been made, and the generous manner in which Mr. Macdonald had accepted the suggestion. It was suggested that the directors should receive remuneration, but Messrs. J. E. Smith and Anderson, on behalf of their colleagues, declined.

Votes of thanks to the chairman and directors brought the meeting to a close.