COMMERCIAL BUILDING SOCIETY.

Oamaru Mail, Volume III, Issue 710, 26 June 1878, Page 2

COMMERCIAL BUILDING SOCIETY.

The annual meeting of shareholders in the Oamaru branch of the Commercial Building mid Mutual Investment Society was held last evening in the Mechanics' Institute, Mr. Thoa. Kennedy occupied the chair, and amongst those present were Mr. Callender (Secretary of tlv Society), Mr. Thomson (Surveyor), and Mr. W. Aitken (Local Agent), The following i;: the ANNUAL REPORT. The Directors have pie-wire in lay in!; ing before you the eighth annual report, and congratulate the members on the continued success of the Society. 3,224 new shares have been taken up. making in all, since commencement of Society, 13,77§. The securities consist of 376 mortgages. The present number of investing shareholders is 713, holding 6427 sh*™?, exclusive of borrowing members' shares. The Directors have to recomnif iid a bonus of 14 per cent, on amount standing to the credit of shareholders, in accordance with the rules. r. Rj_:?»cy has been opened at Timaru, v. ioh tucked success, Ti'iv Directors have to report that the Society h.v, been brought under the Building Societies Act of 1876, and the new rules are now submitted for the consideration of the members. The balance-sheet for the past year was also mibmitsed, but we regret that pressure upon our space precludes the possibility of our publishing it. The statement of accounts showed the Society to be in a very healthful and prosperous position, and fully justified the expressions of satisfaction freely indulged in by members present. The Secretary (Mr. Callender) in explaining matters, said that the great obstacle in the way of the Society had been the scarcity of suitable investment*. They had too much money lying idle. He hoped that the local shareholders would use every endeavour to find desirable investments for the Society's funds. He did not '-now if it were the cam her*,

but in Dunedin there waa a large amount lof c.'.pital seeking investment, and the i Society had actually to turn away people anxious to invest in it. Thomson, the Society's Surveyor, referring to the securities said he did riot beaevo better were held by auv Society in .New Zealand, or eTen in England. Me earn. X-ennedy and Hurst were elected local directors, and the usual votes of thanks liaTing been accorded, the meeting terminated.