WELLINGTON BUILDING SOCIETY, 1873.

New Zealand Times, Volume XXXIII, Issue 5532, 19 December 1878, Page 3

WELLINGTON BUILDING SOCIETY, 1873.

The annual meeting of shareholders was beld at the offices, Panama-street, at half-past j 7 o'clock last evening, Mr. K. J. Gill presiding. The following report and financial statement were taken as read: — At the expiration of the fifth year of your society s operations, the committee of management have again to congratulate the members upon the continued success of the undertaking. ~...,.,. a Upon reference to the statement of liabilities ana assets it will be observed that the amount standing at credit to profit and loss for the present year is £3168 is.: this result will compare favorably with the former retnrns- A 3 an inducement tn shareholders to realise by the way of mortgage, the committee of management have abolished the premium hitherto charged, end the fnll amount of £6O per share is nmv advanced upon all original share 3. The success attending the operation of rule 11 (advances upon security of shares) has been verydecided, as will bo seen on reference to the statement. . . . . Mr. "William Lowes having ceased to be a shareholder during the past year, sent in his resignation as a member of committee. In his place Mr. Mathow McCredle was requested by the committee to take a seat at the board until the annual general meeting. To this Mr- McCredle assented, and he now offers himself for election as a member of committee for the ensning year. The following members of committee also now retire:—s'r. Kobe t Barrett. Mr. T. W. McKenzie, and the H"n. w. H. Beynolds, 5t.1.0. These gentle- j men olfer themselves for re-election. PrjTASCIAT, SXATEMEST ESDISQ 30, 18(8. Db. £ a. d. Subscription, 1309Jshares.. .. ..19,042 10 0 Bedsmptions •• 2,m 0 0 Premiums .. .. 1.056 10 0 Hneaandfecs .. ... .. -• 5313 0 Interest and discount ... .. .. 203 3 6 Mortgages redeemed 1,980 O O Debentures 6.170 0 0 National Bank 1,523 15 6 Mortgage to complete 100 0 0 Sundry creditors JO 13 0 "TpJVand loss, 1873-77 3,773 6 3 Wrißnoff 8* S 5 £42,087 1 10 Cs. £ s. d. Charges of managementSecretary .. ..: 400 0 0 Committee fees .. .. .• •• f» 0 « Auditors'fees -• JS 12 0 Bonus to secretary .. .. .. -. "0 « v law charges.. .. .. .... 7 2 4 Guaranty Company 23 o <> Bant - •• •• MOO Printing and stationery z i „ ?, Advertising * - u Postages, telegrams, &c '2O 11 1 Interest, debentures , •>*" 17 '•> „ General ~ ~ .. .. 43 8 2 Mortgages, ordinary 1,294 0 0 ~ Shares, 1873-77 .. ..28,740 0 0 ~ „ 1573 7,590 0 0 Shares, advance 3,208 10 0 Office furniture 87 7 0 Bent, advance .. .. .. .- 14113 4 Sundry debtors 307 18 6 £42,607 1 10 Dr. rsorir akd loss. £ s. d. Eedemptions. .. 2.997 0 0 Premiums 1,030 10 0 Fiaesandfees 83 18 0 Interest and discount 203 8 0 £4,395 IB 0 Cit. £ s. d. Charges of management W on Interest and discount .. .. •■ 567 5 7 Prefltanelloss.. 3,108 i o £1,395 10 0 Db. XIABIIJIJIW AXI> ABSETS. £ ». <l. Shareholders .. 19,042 10 o Debentures .. 0,170 0 0 National Bank 1,028 10 0 Mortgage to complete 10(, .S 2 Sundry creditors .. .. .. .. 10 18 0 Profit and loss, 1874 J'l99 JS 2 Do. 1875 1,376 18 8 Do. 1876 2.634 8 2 Do. 1877.. 3,501 2 8 Do. 1373 3.1° 3 4 0 Written off .. ... 34 S 5 £39,459 9 4 Cb. £ s. <J. Mortgages-Ordinary 1,295 0 0 Do. . Shares ..31,350 0 0 Shares, advance 3,203 10 0 Office furniture .. .. .. .. 67 7 6 Kent, advance lit 13 4 Sundry debtors ~ .. ... .. 307 18 6 £30,459 9 4 We the undersigned, bolng the auditors appointed by Kule XXIV. of the society, hereby certify that we have examined the books, vouchers, mortgage deeds, and other securities of the Wellington Building Society, 1873, and compared them with the above balance sheet, and found them ail to bo correct. Cir.or.rn M. XiiSMti,, J. Auditors David Kainik, / Aluutor9 - Wellington, 12th December, 1878. CiiAfiLE* White, Actuary and Secretary. The ChaIBMAH said his duty that night was a short and pleasant one, because daring the past year the success of the society had been greater than it had been in any previous year. He attributed this success to the directors determining early in the year to purchase chares from shareholders, and instead of creating new shares realisng on the old once. The directors bad also abolished the premium hitherto charged upon realising shareholders. The success of the society during the year had been veiy great, and there wan no doubt tho society would runout by tho time originally 6*ed.

| A Shareholder called attention to the appa--1 rent want of interest taken in the society by its members, judging from the small number present. The Chairmas said he had attended four annual meetings of the Bociety, three of which he had presided over. He had before remarked upon the little interest manifested by the shareholders, and he intended to do so a"ain before leaving the chair that evening. There were only seven shareholders present who were not office-bearers of tho society. It was very discouraging to the committee of management. Mr. Toxward : It shows that they have good faith in tho committee. The CHAIRMAN : I. feel that what you say is a compliment to the committee, but at the same time I think that all men require to be looked after, and if they are not looked after they are likely to get into n way of doing their work slovenly. A motion for the adoption of the report and balance-sheet was unanimously agreed to. Mr. T. W. McKenzie, Robert Burrett, and Matthew McCredie were unanimously reelected members of the committee of management.

Mr. Alcorn moved that tho Hon. \V. H. Reynolds, M.UC, be re-elected a member of the committee.

In reply to a question, Tho Secretary (Mr. Charles White) explained that Mr. Reynolds was tho father of building societies in New Zealand.and he had done great service to building societies in the Legislature. He knew more about them-than any other member of either House, and he was at all time 3 most willing to render all the assistance in bis power. The Chairman added that the Hon. Mr. Reynolds had taken a great interest in the society, and it was at his suggestion that the premiums were abolished. He was a most useful member of the society, and he should like to see him re-elected.

Mr. Toxward said he had a great respect for the Hon. Mr. Reynolds, but he thought some local shareholder should bo placed on the committee. He did not think that the Hon. Mr. Reynolds would take any offence. Mr. T. McKenzie trusted the meeting would re-elect the Hon. Mr. Reynolds. He was a most useful member of the society, and had paid his money in advance in order to help the society along. He trusted the meeting would not pass a slight on the hon. gentleman by declining to re-elect him to a position in which he was of such great service to the society. - The motion for the re-election of the Hon. Mr. Reynolds was then put and carried nem. con.

On the motion of Mr. Toxward, Messrs. George M. Kebbell and David Kainie were re-elected auditors for the current year. ■ - A vote of thanks to the committee for their services during the past year was unanimously agreed to. A vote of thanks to the chairman terminated the proceedings.