PATEA DISTRICT LAND AND BUILDING SOCIETY.

Patea Mail, Volume IV, Issue 312, 13 April 1878, Page 2

PATEA DISTRICT LAND AND BUILDING SOCIETY.

The annual general meeting of the above society was held at the office of the Society, Carlyle, on Wednesday evening, last, about fifteen shareholders being present. Mr W. Aitchison was voted to the chair. The Secretary read the Inspector’s Report, and Director’s Report and Balance Sheet, which was adopted. The retiring Directors Messr GL T. Potto, J, E. Keys, F. J. Smith, E, Holthara, James Rhodes, James Lett, and PO’Sullivan, were re-elected. Votes ofthanks for the Auditors —Messrs W. Cowern and E. Holtham—were passed, as also to the Chairman of Directors, and to the Manager for past services. A vote of thanks to the chairman concluded the meeting, ’ The following is the - : report. , The Directors in placing this the fourth Annual Balance Sheet before the shareholders, consider it will be accepted as satisfactory. A large number of shareholders have seen the advantages of borrowing on the building society system, which is shown by the amount advanced by the society, viz., £6,286 During the year the Bank overdraft, of £1,352 lls 7d has been paid off, and the Directors have had under their consideration the question of offering encouragement to shareholders to borrow upon the security of the amounts already paid up on shares, or upon security of landed property. l Arrangements have also been made for ad-

vancing sums of money for short periods to non-shareholders, which it is expected will considerably add to the business of the society for the next year. The net profit for the year amounts to £497 5s 9d, from which the annual dividend is declared of; 14s per share, on 698 shares, leaving £8 IBs 9d to be carried forward to next year’s accounts. Messrs G. T. Potto and J. E. Keys retire from the Board of Directors by rule 25, section 3, but aie both eligible for reelection. - Messrs D. O’Sullivan, if. J. Smith, E. Holtham, J. Rhodes, and J. Lett also retire by rule 25, section 11, and are eligible for re-election. WILLIAM AITCHISON. Chairman. Patea, March 30th, 1878. , , • R. C. Tennent, Esq., who inspected" the books and accounts, reported to the chairman as follows —“ At the request of the Directors of your Society I have examined all your books in detail, and find the same correct according to the system of bookkeeping adopted. I have also checked the Balance Sheet, and t.ba estimated profits and find them correct. The books are well and neatly kept, and I have to congratulate the Society on the flourishing state of their affairs.”