THE WELLINGTON BUILDING SOCIETY.

New Zealand Times, Volume XXXIV, Issue 5846, 24 December 1879, Page 3

THE WELLINGTON BUILDING SOCIETY.

The sixth annual general meeting of the shareholders of the above society was held last evening at Panama Chambers, Panama-street, for the purpose of adopting the report and balance sheet, and any other business that might be brought forward. There was only a small attendance of shareholders, and the chair was occupied by Mr. Benzoni. The Chairman said he thought they must all admit. that their society had been an unqualified success, notwithstanding the depression of the last year, and if the same success continued they would have no reason to complain. He would ask the secretary to read the report and balance sheet. The report was as follows: ‘ ! ln placing before the shareholders the sixth annual report and balance-sheet, the committee of management believe the members have every reason to be satisfied with the position of the society. The serious and continued depression in commercial circles has made it obligatory upon the committee to limit their trausactions ; the state of the money market not permitting the borrowing of money at rates which would prove remunerative to lend again ; the advances made by the society have therefore not extended beyond the actual monthly receipts ; nevertheless, it will be perceived upon examination of the accounts that the operations of the society will bear comparison with the returns of former years ; at the same time should the pressure still existing be continued for any lengthened period, the shareholders must not look forward to the termination of the society at a date earlier than that originally anticipated. During the past year Messrs. McCredie and Mountain having ceased to be members of the committee, the vacancies were temporarily filled by the appointment of Messrs. William Tinney and Charles T. Benzoni. These gentlemen now offer themselves for election as members of committee for the ensuing year. The committee of management regret to state that they are about to lose the services of Mr. R. J. Gill, who has been connected with the management since the formation of the society. The committee feel that it will be difficult to replace Mr. Gill, his large experience and ever ready advice having materially contributed to the success of the society ; the appointment of a third member of committee thus devolves upon the shareholders.— Thus. W. MoEinzle, Treasurer.”

The balance-sheet for the financial year ending 30tb November gives the following particulars in reference to the profit aud loss account: —-Bv red -mptions, £3630 55.; fines and fees £4O 2s. 10d.; interest, £349 7s. 3d.; total, £4019 15s. Id. T.. charges of management, £585 2s. 3d.; debenture interest, £521 19s. 10d.; premiums, £257 10s.; office furniture, £l7 7s. 6d.; profit and loss, £2634 15s. 6d.; total, £4019 15«. Id. Mr. Cattell, junior, moved the adoption of the report and balance-, -beet, which was seconded and agreed to, Tlie retiring directors—-Messrs. Benzoni and Tinne—were re-elected. Mr. James Kebbell was elected in place of Mr. Gill, re-igned. Mr. Fage was elected auditor during the ensuing year in place of Mr. Kebbell. This was all the business, and the meeting terminated with the usual vote of thanks to the chairman.