WELLINGTON BUILDING SOCIETY.
ANNUAL MEETING. The .annual meeting of the Wellington Building Society was held on oh DecemberX9 at Mr.. White’s office, Panama-street. There, was,, a large attendance of members. Mr. 11. J. Gill occupied the' chair, and in a‘ few preliminary remarks pointed out the satisfactory condition of the society’s affairs. ■ The report and balance-sheet were then read. A shareholder called attention to one item of £lO 10s., paid to an accountant for a special report. The Chairman explained that this had been unnecessary and very useful piece of work, and that they were doing a business of £7OOO a year. In reference to clause 11 of the rules (referred to in the report), he pointed out that each: shareholder could borrow an amount equal to the amount paid up on the shares, which now stood at £l2 ss. each. The interest was 10 per cent,, paid monthly, and there were no legal or'other expenses. The report and balance-sheet were unanimously adopted. The following is thereport;— “ The committee of management, in meeting the shareholders at the expiration of the fourth year of the society’s operations, have much gratification in reporting the continued success of the undertaking, the number of shares realised during the past twelve months being considerably in excess of that of any former year. It will be observed, from the statement of liabilities and assets, that the amount standing to credit of profit and loss is £8773 6s. 3d.; after deducting outstanding liabilities, estimated at £199 18s. 3d., this amount is equivalent to £6 12s. per share. The committee of management desire to call the attention of members to rule 11 of the society, by which shareholders are entitled tomorrow for any period, not less than one month, upon security of their shares, an amount equal to the sum of the subscriptions actually paid, without charge, beyond the interest to be paid monthly; upon reference to the accounts attached, it will be seen that the sum of £lß2l 10s. has been thus advanced. The following members of committee now retire: —Messrs. T. J. Moun-
tain, H. W. Diver, R. J. ..Gill,. and. T. W. McKenzie. These gentlemen offer themselves for-re-election.V • ■ ■ The retiring directors were unanimously reelected. The meeting expressed their entire satisfaction at, the manner in which the directors, and the officers of the society had discharged their duties. A vote of thanks te the chairman terminated the proceedings.
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New Zealand Times, Volume XXXIII, Issue 5236, 4 January 1878, Page 7
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402WELLINGTON BUILDING SOCIETY. New Zealand Times, Volume XXXIII, Issue 5236, 4 January 1878, Page 7
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