SOUTH CANTERBURY BUILDING AND INVESTMENT COMPANY (Limited).

South Canterbury Times, Issue 2921, 5 August 1882, Page 2

SOUTH CANTERBURY BUILDING AND INVESTMENT COMPANY (Limited).

A general meeting of Shareholders iu : this Company took place last evening in Mr Ziesler’s office. There was a food attendance and the Chairman of' lircotors (Mr E. G. Kerr) presided. The Chairman read the notice convening the meeting, and congratulated' the shareholders upon the success which had attended the establishment of the Company. It was rather unusual for a v Finance Company to be able to make a profit out of its first six, months, buair. ness,’ because the ' working expenses were as great as if the company were doing a large business. He was pleased ,■ to be in a position to state that the Company had made a profit during the first half year of its working, and its business was increasing. He then read the following report of the Directors 11 The Directors have called this meeting, of shareholders in accordance with the “Joint Stock Companies Act” to lay before them the balance-sheet of the Company, including its business up to the 30th June last; to present the Auditors’ report; to elect Directors and Auditors, and to make such "other arrangements as may be thought expedient for the future carrying on of the Company’s business in the same successful manner as characterised its commencement. “Of the first issue of 1000 capital shares of £lO each, 999 have been taken np, and on these, calls have been made to the extent of 12s 6d per share,, a i farther call of 2s 6d being payable on July 31 last. The Directors would recommend that a further call of 5s pa]C. share be now made, payable {three months from date, and that farther calls of 5 s'each, he made at intervals of three months until the paid up amount per capital share shall Da. £2. “ The deposits of the Company amount, in the aggregate, to £6109 6s 9d. Of this amount £4OOO is for three years, £1735 18s for six months and more, and the balance deposits in Class B. £373 8s 9d, consist of. the subscription shares on which 2s 6d per share is. ; paid per month ; none of these deposits ? bear a higher rate of interest than 7 per cent. “ The amount of investment made by the Company is £11,170, and the value on June 30, £10,990 5s sd. “ The securities are without exception, safe, ]]and of an easy realisable nature. ; £BOOO is lent for a fixed period of from , 3,t0 5 years, and the balance, £2990, is repayable by monthly instalments. “ The profits for the half-year have been very satisfactory considering the . short period during which the Company haia been in esiGtonco, and tho small

amount of i japital called op. T.he balance of p« )fita left for disposal after paying exper , ises, interest on deposits, &c, is equal : to 14 per cent on the capital. The ; Directors would recommend the p ayment of an interim dividend at tl le rate of 7. per cent per annum, and to carry forward the balance in ne i w account. ' “ All the D i hectors and Auditors retiro, and bein,- g eligible, offer themselves for re.electioi . a. : !■ ' ; ... ' ' “ E. Q. Kerb, “Chairman.” The repor t and balance sheet Were adopted, the Chairman reminding the meeting that : the success of the Company so far , was mostly due to the energy of th . a manager (Mr Ziesler). It was rest jived on the motion of Mr Woollcombo seconded by Captain Cain, to increase tl ae capital up to £2 per share by calls of 6s per share every three months. On the j 1 motion of Mr Crawford, seconded b y Mr Smith, the retiring Directors W( - jre re-elected. The Chaii moan stated that this being the first yea rof the Company’s existence the Director: ,-a had agreed not to accept anything . f or their services although the Article'- s of Association provided, that £IOO fier annum should be paid to the Directo 1 rs for their services. *■ Messrs 2 fames Granger and Edward H. Tate we re re-elected auditors. Votes of thanks having been passed to the retii ring Directors, the Manager and the C Jhainnan, the meeting terminated. :