OAMARU MUTUAL BENEFIT BUILDING SOCIETY.

Oamaru Mail, Volume I, Issue 301, 11 April 1877, Page 2

OAMARU MUTUAL BENEFIT BUILDING SOCIETY.

«. The annual meeting of the members of the above Society was held at the Mechanics' Institute last evening. Mr. Headland (Chairman of the Committee) occupied the chair, and there was a goodly attendance of members. MIN CITES. The minutes of the last annual meeting were read and adopted. ANNUAL REPORT AND BALANCE-SHEET. The Secretary (Mr. Sumpter) read the following report and balance-sheet: — " Your Committee have great pleasure in placing before you the Fourth Annual Report, and do so with the greater satisfaction, as they have to congratulate you on the very profitable nature of the year's transactions. " The Balance-sheet shows a nett total profit of L 3 18s. llkl. per share, or L2 ss. lid. for the past year, equivalent to about nineteen pounds per centum per annum. " Your Committee need not allude to the decision arrived at by the general meeting, convened to consider the advisability °of changing the Society into a Permanent onj, as the members are well acquainted with the result. " The Committee does not recommend the offering of a bonus at present to withdrawing shareholders, but would suggest that the consideration of so doing should be left to the members of the incoming Committee. " Your Committee are of opinion that your Secretary has been underpaid for the last two years, and recommend that he receive a bonus of L) 0, and that his salary for the current year be L 123"Tiie fallowing members of Committee retire, and areeli. i-.de for re-election, viz. ; Messrs. Thomson. Sinclair, and D. Miller. Mi ssrs. Bee and Galbraith, who were members of Committ.se, have ceased to be shareholders, consequently members will have t<> be elected in their places. " On behalf of the Committee, "A. J. S. Headland, " Chairman." Balance Sheet of tiie Oamaru Mutual Benefit Building Society, For the Year ending 2Sth February, 1577.

Profit and Lot* .^B To Redemption ... 150 Lo ~ Interest ... 1336 10 9 „ Fines ... ... 104 £■ 1 ~ Transfer Fees 4 10 ,0 Profit from last Balance ... 1262 7^K[ £2SSS I4B?; By Bonus allowed on 224 Shares withdrawn ... 2SO 0 0 BK^ „ Interest on bank overdraft ... 241 17 8 ~ Discountonsubscrip tions paid BB| in advance ... 2 10 0 ~ Discount on mortgages re- Hsl paid before ex- Bri piryof term... 13 13 0 jß^d ~ General ex- BB^I penses ... ISS 6 3 Balance 2132 7 £2SSS 14~Kr Number of Shares last year ... 764 ~ ~ withdrawn... 224 " Nett profit at 28th February, 18<8P* L 2132 7s. Bd., divided amongst 540 shaiJß —L3 18s. Hid. per share, and forward of 10|d. " We hereby certify that we have amined the foregoing statement of receißßand expenditure, together with the books, securities, and vouchers of tllB! Society, and that we have found thaßji "A. Y. Smith, ) . r , B "J. G. Fetch !' Audltor3 'B " George Sumpter, B " Secretary. " Oamaru, February, 1877." B| " The Committee of the Oamaru Mutuaßß Benefit Building Society. H " Gentlemen, —Herewith %ve beg tB hand you balance-sheet of your Societjß for the year ending 2Sfch February, 187 iB and have to express our satisfaction witlß the progress made during that time. B " We have examined the various booksß vouchers, and securities, and would takfl this opportunity of bringing under youfl notice the careful and efficient manner nM which the accounts have been kept bS your Secretary, Mr. Geo. Sumpter.—Wfl are, &c., "A. Y. Smith, \ , v , "J. G. Finch. j Autiltor3 ' On the motion of Mv. Forrester, seconded by Mr. Baudinet, the balancesheet was unanimously adopted. The report was then taken into con sideration, and on the motion of Mr. Forrest br, seconded by Mr. M'Kenzie, it was also adopted. SOLICITOUS TO THE SOCIETY. On the motion of Mr. Baupinet, seconded by Mr. M'Combe, Messrs. Julius and Balmer were re-elected solicitors to Society. SECRETARY. Mr. Filleul proposed, " That Mr. Sumpter be re-elected Sat the salary recommended in.. '5.. report." Seconded by Mr. M'Fp :t z,l,-, .*s.4:fcarried. valuator. On the motion of Mr. Baudinet, seconded by Mr. Thompson, Mr. Forrester was appointed valuator. TREASURER. On the motion of Mr. Baudinet, seconded by Mr. M "'Combe. the honorarium of the Treasurer was fixed at LlO. AUDITORS. Mr. Filleul proposed, and Mr. Bruce seconded, that the Auditors should receive the sum of LlO 10s. for their services. Mr. Thomson moved : s an amendment, that the sum be L 8 Bs. Seconded by Mr. Baudinet. On the question being put the amendment .was lost, and the original motion carried. trustees. The honorarium of the Trustees was, on the motion of Mr. Forrester, seconded by Mr. M'Kenzie, fixed at L 4 4s. each. committee. The election of five members of Committee was then proceeded with, the following gentlemen being elected : —Messrs. J. Thomson, D. Miller, J. Kay, W. C. Baudinet, and J. M'Combe. MEETING-ROOM. The Chairman brought under the notice of the meeting the advisability of changing the meeting-room, and suggested that they should obtain the same room aa that used by the Permanent Society. Mr. Baudinet moved, "That the regular meetings be held at the office of Mr. Sumpter, and the annual general meeting at such place as the Committee may determine." The motion was seconded by Mr. Thomson, and carried. PRINTING REPORT. It was agreed that 100 copies of the report and balance sheet should be printed for circulation amongst the members. The usual vote of thanks to the Chairman brought the meeting to a close.

Dr. £ s. d. £ s. d. To Subscription' 8S08 17 0 Account Redemption ... 150 18 0 ,, Interest ... 1336 10 9 ,, Fines ... ... 104 8 1 Transfer Fees 4 10 0 10 1596 6 ,, Principal repaid by monthly3226 instalments... 6 8 9 ,, Profit from last balance 1262 7 ,, Overdraft on National Bank 3508 of Is ew Zealand 6 7 £1S,402 4 10

CR. By Investment Account • - • 15,338 15 11 ,, 224Shareswith2337 2 0 drawn ,, Bonus allowed on 224 Shares at 25s. 280 0 0 ,, Interest on bank overdraft ... 241 17 8 ,, Discount on subscriptions paid 10 0 in advance ... 2 „ Discount on mortgages repaid before ex13 piry of term... 13 0 ,, General expenses 188 6 3 7or a 11 £18,402 4 10