OAMARU MUTUAL BENEFIT BUILDING SOCIETY.

Oamaru Mail, Volume II, Issue 605, 10 April 1878, Page 2

OAMARU MUTUAL BENEFIT BUILDING SOCIETY.

♦ ANNUAL GENERAL MEETING, An annual general meeting of the Oatnaru Mutual Benefit Building Society was held in Mr. Sumpter's (the Secretary's) office last evening. Mr. Headland was voted to the chair. The following bsvlanr.o-shesrfe was presented Balancis-Smkbt of tho Oamaru Mutual Benefit Building Society for tho year ending 2Sth February, IS ' 7B , Dr. £ s. d. £ s. d. To Subscriptions .. . • 5,051 12 0 „ Redemption .. .. 154 10 0 ~ Intereat .. .. .. 1,22$ 10 ~ Fines .. • ~ Transfer fec.3 , ■ , ■ o 17 0 " - 1,591 2 S „ Principal repaid by Imunthly instalments 4,401 15 10 ~ I'rofit from last balance .. 2,132 7 S 1C.,1111 Id 2 Or. -G S. d. £ s. d. By ., • ■ 1112 0 3 "70 Shares withdrawn .. oio 15 0 Bonus on 14 shares at £3 42 0 0 ~ Bonus on 60 shares at £5 280 0 0 ~ Interest paid Bank .. 227 @ I'-! ~ Discount on subscriptions. (paid in advance ■' IS 0 ~ Discount oil mortgages re[paid before expiry S4 S 3 ~ General expenses., .. 214 8 0 ~ Caeli at Union Bank of [Australia 2,23-2 10 11 ~ Cash in hand .. .. 017 11 1 Li,179 18 5 riioriT asd i.os«. nr . M s. d. £ 8. d. To' Redemption .. .. 154 10 0 „ Interest 1,22S 10 11 ~ Fines .. -■ 202 4 .1 ~ Transfer fees .. . • f> 17 0 ~ Profit from last balance .. 2,132 7 S 3,723 10 4 Cr. £ S- d- •£> '!■ Uv Bonus on 70 shares withLdrivwn 322 0 0 ~ Interest paid Bank t .. 227 010 ~ Discount on subscriptions [paid in advance 3 13 0 „ Discount on mortgages re[paid before expiry S4 3 3 „ General expenses .. .. 214 S 0 _ Balance .. 2,872 5 3 5,r23 10 1 Number of shares 2Sth February, 1577 .. .. 540 Shares withdrawn during year .. .. .. 70 . 470 "Set profit at 28tli February, 1573, £2372 ss. 3d., divided amongst 470 shares, £0 2s. 2Jd. per share, and balance forward of 7s. 4d. GF.OIUiE SI'MPTKR, Secretary. We certifv that we have examined the bonks and vouchers from which the above statement bus been made out, and found the same correct. .1. G. Fin-cm, C. K. TkmI'HST, Auditors. On tho motion of Mr. M'Kenzie, seconded by Mr. Procter, the balance-sheet was adopted, and 100 copies ordered to be printed. The Committees' report was then read as follows : Fifth Axxi'al Rki'out of the Oamaru Mutual BenefitBuil ling Society. The Committee, in presenting for- your consideration the lifth annual report of tho above Society, have t|i slate that, notwithstanding the fact that the Society, in general meeting, determined to cease lending monev, the year's transactions show a very considerable profit, making the total profit per share to date L(i 2s. *2Ad. In order to place you in a position to bo able to make definite arrangements as to the future manage, ment of the -Society, it was deemed advisable to bring the Society under the Building Societies Act, lti7o, which has now been accomplishedTo expedite the terminating of the. Society, the Committee recommends that a bonus of L 0 per share lie offered on withdrawals of unrealised shares; that ail allowance of half tile interest accruing on terminable mortgages be made : and a discount equivalent to the latter be given on realised shares ; and would also recommend the cessation o.f monthly subscriptions. For the Committee. GI'.OUOK SIWn'TKR, Secretary. At the suggestion of the Secretary, the recommendations were conside-ed seritUim, when it was resolved as follows :—"That a bonus of L(j per share be offered on withdrawals, and that an allowance be made of half the interest accruing on terminable mortgages, and that a discount equivalent be given oil realised shares. Also, that a special general meeting be called to consider the propriety of ceasing to pay in subscriptions. After the re-instatement of officers, the election of the committee resulted as follows :—A. J. S. Headland, Henry Aitken, L. Fail-lie, W. C. Baudiuet, and T. Procter. A vote of thanks was passed to the chairman, and the meeting terminated.