RIVERTON.

Southland Times, Issue 1321, 14 October 1870, Page 2

RIVERTON.

Tbe first annual meeting: of the Western District Building and Land Society was held in the Court-house, fiirerton, on Monday evening, the 10th October, when the following report and balance sheet were read and adopted :— " Your Committee have pleasure Jxx submitting the first Annual Keport aivi Balance- sheet, of the Society; "and jfer^Tst you will all derive much satisfaction from the bighlyTgratifying; result of. the past year's operations of the institution. " The total. number of shares taken up were 519, of which 17 hare lapsed, leaving now on the books 502,. held by 110 members. . " £1950 (equal to 78 shares) -has been advanced to 12 . members, -—the largest sum borrowed being £500, and the smallest £50— the: average per borrower being £162 10s Od. The total premiums realised thereon amount to £383 18a— the highest being JB6- 2s, per share (£25 each) on £100, and the lowest (at the .first sale) £4 2s on £150,— the average per share being £4~lßs 6d. " The nett profits for the year amount to £445 5s 3d (equal to 17s 9d per share) of which amount 20 per cent, has been carried to ? Keserved Profits Account," in terms of Eule 15, 14s per share to credit of members' accounts, and the balance to next year's account; " The power to borrow on debentures, conferred by Rule 26, has been exercised, ! but the actual amount outstanding is, at | present, £100. "In terms of Rule 23, the six senior Members of Committee — viz, Meaira Bell, Lyon, M' Donald, Instone, Petchell,

and Mills — now retire, but are eligible for re-election. "Tour Committee feel satisfied that all advances made are fully secured ; and in conclusion, express the hope that none who require to borrow will hesitate to follow the example of those who have already availed themselves of the great advantages uhdoubtelly offered by this and all kindred institutions. It w : ll then be the pleasiug duty of the Committee to congratulate you annually on a continuation of the course of prosperity so auspiciously entered upon by the Society. " John W. Matthews, President. *' RrvEBTOJf, 4th October, 1870."