Equitable Building Society.

Taranaki Daily News, Volume XLVII, Issue 7934, 25 September 1905, Page 2

Equitable Building Society.

ANNUAL MEETING. The fourth annual meeting of the Equitable. Building Society was held at the Council Chambers • on Friday evening. Mr 1). Kerry (Chairman of Directors) presided over a very large atk'iiclaiit'c ol shareholders. —Directors' Report.— I The report of the directors for the year ended Aug. 31, was in the following terms : ' "Once more your Dircclars have ■ the satisfaction to place 'before their. ! fellow members Balance Sheets and '[Statements of Account which indi< cate continued .prosperity and call for .'little comment or explanation. Mat-

ters have worked very smoothly although, in consequence of the quiet stale of the property market, your Directors and their Valuation Committee have [Vvind l it liecessary to exercise extreme care in dealing with securities submitted, and ii is possible that some of the members may 1 have been disappointed with the de- ' cisions arrived at. (Tho confidence ■ felt, in the Society and its managei ment is manifested by the readiness ' with which the lull complement of, ■ liOti Shares forming the Second Group was taken up, many of them by holders of No. 1 Group. It will he [noticed that the profit made during 'lt-he year (£lO5 Ms 2d) is less than

the increment (£205 17s Id) shown last year ;—this is accounted for by the fact that the bonuses on appropriations sold in 1903-1 happened/ to amount to £,"O 8s Od .more than in the year just,ended, while the former period included the item "forfeited subscriptions £2O 8s Oil," which represented the lapses from the commencement of business, and is not a feature of which the recurrence is desirable. The profits on. the working of the First Group now amount to £5Ls lis 6d or about 9 per cent, on the total subscriptions received, while the Second Group shows a deficiency fit £ll 15s-Id after providing for all , expenses of' formation, 'which our Directors prefer to dispose of in the | first Balance Sheet rather than spread them over several years as is often done in young enterprises. Had your Directors decided to make: a levy for working expenses in this Group, a blalancc of profit would

have appeared. Subscribed Capital at 31st August amounted to £5600 in the First Group, and to £126 13s Cd in the Second. , j The Loans made in the First Group aggregate the substantial sum of i.||Pll(l—4l appropriations- of ,£l5O each.—ami Members will probably too surprised to note that already the repayments total no less than £933 JOs Oil, being more than 6 appropriations fully paid back and the money again placed in circulation. The Directors again have to compliment the Secretary, Mr Slocker, on the excellence of his work, which has 1/een specially commented on by the Auditor in his Report on the ■Society's business." The Chairman, in moving the adoption of the report and balance sheet . congratulated the shareholders upon , the prosperous I condition of Uu , So _ '. , ; Mr F ;. I> - C " [kil > -seconded thcadopHon, which was carried unanimously.

—Directorate Messrs S Shaw, K. F. P Li.ikill, and J. p a ton WC re re-elected directors the other members of the directorate being Messrs D. Ben'. (Cnairman), W. N . Ewing, a „d J \v.' aiidfioT'.. 0 " Ift ' lscy Was "*>«=i«l for t remu "«*'<w* of £8 8s ioi the two groups. h«ur ' L, that a » Rectors ii/^^f-r l^ og "IT" 1 RtOUP C0 » 11^ k -' and lh ,? **<>wl group £lO. —Rules.— sccunng appropriations of £;io, he advantage of the fnl, amount ° oen ~<i'' fT'" >'""""""■»"■ «tiieh 'appealed favourable to the proposal >e mntter was lixi,| , 0 C o, „ up at the next m- (V t-in K . ealled for appropri ation purposes. ii«i.pii. "*M)]>i'opi'iations.— An appropriation of £;100 was dis-l'o-;e«l o, by ballot. Messrs F F Mils,:,, and I".- S. . UrhlK K ,. p fI J ; po.nted serntiueers and the marble, I were drawn by Mrs Sheffield. The WaS IVCW bi Mr R - X» tendeil being- f ( „-theo,nin-g for <«» approi.nations .totalling- £MOO a second -bailor w as taken wimier °" b lbc fortunate