WELLINGTON AND HUTT BUILDING SOCIETY.
The third annual meeting of the Wellington and Hutt Building Society was held at the society's office, Panama-street, last evening ; Mr E. W. Mills in the chair. The Chairman explained that in the ordinary course the meeting ought to have been held in the month of January, but they had not been able to get the books ready and have the accounts audited in time, and this necessitated a postponement. REPORT. The Secretary read the report, which referred to the continued success of the society’s business. Since the last annual meeting the society has been incorporated under “The Building Societies Act. 1876," which exempts it from all stamp duties, and increases its borrowing powers, thus enabling the committee to extend their operations. The securities held were considered very satisfactory, and the property mortgaged yearly increasing in value. The number of shares held amount to 1012}-, the profit for the year upon which is £1305 Os. Id., or nearly £1 ss. lOd. per share. A balance sheet giving details was attached. The Chairman, before moving the adoption of the report, remarked that their late secretary, Mr. Tribe, died in March last, and Mr. Ledger was appointed in his place. The item for interest was rather large, but that was caused by an excessive overdraft, produced by the considerable amount of money they had lent. The overdraft had, however, been reduced, and they were again enabled to lend money. The amount of calls paid up to the present time was about £9 155., and on that sum they had made a profit of something like £5, which he, speaking as a large shareholder, thought was all that could be desired. By registering under the Building Societies' Act they were exempted from stamp duties; He moved the adoption of the report. Mr. Primmer seconded the motion, which was carried.
ERECTION OP OFFICERS. Messrs. Thos. Mills, 11. J. Duncan, and Major Atkinson, retiring directors, were reelected. Messrs. W. R. Waters and TLos. W. Pilcher were re-elected auditors.
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New Zealand Times, Volume XXXIII, Issue 5307, 29 March 1878, Page 4
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338WELLINGTON AND HUTT BUILDING SOCIETY. New Zealand Times, Volume XXXIII, Issue 5307, 29 March 1878, Page 4
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