EQUITABLE BUILDING SOCIETY.

Taranaki Daily News, Volume L, Issue 61, 17 October 1907, Page 3

EQUITABLE BUILDING SOCIETY.

AXXt'AL MEETING. About forty shareholders attended the annual meeting of the Equitable Building Society last night, Mr. J. Paton presided. DIHECTORS' REPORT. The directors' statements of accounts and balance-sheets for the past year indicated continued progress and prosperity of the society, both groups after allowing all working expenses showing a substantial prolit. During the year appropriations amounting to £1420 Os fid in the iirst and in the second group had been advanced on loan, and to these .sums might he added appropriations of .1050 and mil) allotted on 21st- August but not paid out until after the close of the financial year. The premiums payable for these latter appropriations added £BS Ids 8d and £O4 to the credit of prolit and loss accounts of the respective groups. The completed loans made since the formation of the society aggregated the substantial sum of £IB,OUO, aptly illustrating the old adage ''many a little makes a inuckle." The directors were sensible that the success of the society must largely depend upon the discrimination exercised in accepting securities, and consequently the greatest care was taken by the Valuation Committee During the year a number of securities had been declined as not being up to the required standard, and in other cases it had been found desirable to obtain collateral security in the form of substantial guarantee. Certain shareholders have complained that the valuation fee of £2 2s was excessive, but when it was borne in mind that the committee consisted of three professional valuers of high standing (among whom this fee had to be divided) the members would probably congratulate themselves that their interests were so carefully safeguarded. The directors recognised that later on, when accrued should have made the shares a more tangible security, the same caution would not need to be exercised, and the question of valuation fee might then well be reconsidered. As showing the popularity of the society, it was mentioned that during the year, owing in most cases to members leaving the district, several shares in both groups had been placed on the market, and all found a ready sale. The appropriations by sale had all been tendered for in excess of the upset prices, and the directors were of opinion that if shareholders more fully realised the exceptionally easy and favorable terms offered under this system of borrowing, considerably higher premiums would be obtained.

The report awl balance-sheet were adopted, upon the motion of the cliairman ;11d Mr. JJ. Jierrv.

Messrs. Corkill, Dockrill, Paton, and S. \V. Shaw were re-elected directors, on the motion of Messrs. J. C. Morey and D. K. Morison. Messrs. T. 0. Kelsey and 11. Lewis were nominated for the position of auditor. A liallot resulted in the election of Mr. Kelsey, at a ice of £8 Bs. Voting was: .Mr. Kelsey 1!), Mr, Lewis 13, informal 2. The directors' honoraria were fixed at £SO, being £25 from each group. Sir. Hopkins moved that it lie a recommendation to the directors to increase the working expenses levy from two shillings to four shillings per .share. Sir. Shaw seconded. Tin- chairman said the directors had considered this matter, but would not take action except at the expressed wish of the shareholders. .Mr. Shaw could not say that the resolution would not make much dill'ereiice, j as the funds had to come nut of the porkel■ of 1 lie shareholilers in any ease. He thanked All'. Hopkins for his very I fair i-riticism of Ihe socieiy's business. The motion was lost.

AITINII'IiIATIdNS. Two appropriations of tloO each ill the first group were disposal of by ballot. The fifth marble was selected as the lucky one, and the winner was Miss Ella 0. Hammond (575), who took both appropriation-. '"Sudden death." or the lirst marble, was decided on, ami it was drawn by Mr. A. B. Morton (210), for the two appropriations ill the second group.