LIABILITIES.

Southland Times, Issue 1247, 6 May 1870, Page 2

LIABILITIES.

The President, in moving the adoption of the report, congratulated the shareholders on having arrived at tQ9 first landmark in the existence of the Society, when a statement of its affairs was submitted for their information. He considered that the progress made was very satisfactory. They were informed that 1072 shares were held by 219 shareholders, that 123 shares had been advanced upon, and that due caution had been exercised in dealing with the securities. His own opinion was that the latter were of the most indubitable nature. The committee had been most, anxious and zealous in the faithful discharge of the duties of their important trust, putting themselves to considerable personal inconvenience in inspecting properties in order to save borrowing members the expense of a valuator. The committee had held 43 meetings during the year, the attendance at which had been both regular and punctual. A special meed of praise was due to Mr Dickinson for the many useful and practical hints which that gentleman had given to the committee, and he (the chairman) was sure the other members of the committee would cheerfully join in according it. He might enlarge on the benefits conferred on the community by the establishment of the Society, but would not longer detain them. He then moved the adoption of the committee's report and balance sheet. Mr J. H. Baker seconded the proposition. Mr H. E. Osborne enquired if the auditors had inspected the securities. Mr T. Perkins, as one of the auditors, replied that they had carefully examined every one, and were quite satisfied with them. Mr I. Broad asked for an explanation of the item set down in the balance sheet, as " sundries." The chairman read 8 statement of the various items included in the amount, which received the approbation of the meeting, and the motion was thereafter put and carried unanimously. The President then intimated that the next business would be the appointment of his successor. Individually, he wouldprefer to retire, but, if it was the wish of the shareholders, would continue in office and do the best he could for their interests. Mr &. Trew then proposed, and Mr T. Perkins seconded, that Mr J. W. Bain be re-elected President of the Society, which was carried unanimously. The following gentlemen were then elected to fill the vacancies in the committee, viz :— Messrs B. A. Dickinson, J. H. Baker, J. Stock, R. Tapper, K. Bose, P. M'Ewan, and W. G-arthwaite. On the motion of Mr J. Hay, seconded by Mr J. Hare, Mr T. Perkins was re-appointed auditor. Three guineas each were next voted to the auditors for their past services. Mr Trew having explained the necessity for procuring a safe in which to keep the books of the Society, proposed a motion authorising the committee to purchase one at a cost hot exceeding £15 ; seconded by Mr Conyers, and, after a little discussion, agreed to. A vote of thanks to the past committee and officers, proposed by Mr J. H. Baker, and seconded by Mr GHlmour, was carried by acclamation, and the meeting dissolved.

To members' shares ... ... £33t6 8 2 „ Due on advances ... ... 212 3.0-- „ Balance Profit and Loss account ' 13 15 0 £3602 6 2 ASSETS. ' By Advances on mortgage... ... £2775 0 0 „ Advances purchased but not yet : ■ taken up ... 300 0 0 „ Unpaid fines ... ... ... 17 18 8 „ Oaah at Bankers ... ... 509 7 6 £3608 6 2