TARANAKI LAND, BUILDING, AND INVESTMENT SOCIETY

Taranaki Daily News, Volume L, Issue 61, 1 November 1907, Page 3

TARANAKI LAND, BUILDING, AND INVESTMENT SOCIETY

■g>— The forty-second annual meeting of the Taranaki Laud, Building, and Investment Society was held last night. There were present—Messrs It. Cock (chairman of directors), presiding, Messrs J. Ellis, W. L. Newman, J. S. Wilosn, A. Chohvill, W. it. Skinner, A. Goldwaler, and W. C, Weston. Apologies for absence were received from Messrs A. Shuttlewor'lh and T. K. Skin-

ner. The directors, in their report, regretted the death of Mr J. O. George, for live years a director. They had again it',o (congratulate sharcholdiers on thfj successful results of the business transacted. The A.Q. and All. series have been paid off in six years and eleven months, the same period as in previous years. .A bonus of 2% per cent aud a dividend of 10 per cent hid bicn declared, making a total dUtrb'.uticn of 12>/ 3 per cent for the year. The net amount available for distribution (includ.ng the balance brought forward from the previous year) was £2535 17s lid, which had been apportioned as follows:—By placing to the credit of all members, .borrowing and investing, a dividend equal to 1U per cent, and a bonus of 2>/i per cent (including profits allotted to the A.Q, an A. 11. series matured during the year), £2171 i Ids ltd; earned to reserve fund, £100; leaving to be carried forward £251) Is.

The chairman moved the adoption of the report and babiaice-sheet, and pointed to the fact that the Society had leas than £IOOO worth of property on its hands, even after 43 years' business. The directors had written off £2OO from the value of property thus held, to enable them to dispose of the small properties held. The reserve lund had now reached £1:00, and he advocated increasing it to £2OOO. I u the last twive months money had been so plentiful that the Society had ii ad to reluse to take moneys on deposit, and had /returned £ISOO for which , the I directors had been unable to find c ood investments. b

Mr W. H. Skinner Isecondied Ithe' adophon aud remarked 0 u the soundness of the policy of creating a good reserve. Xiie report showed a S satisfactory state of alitor The motion was carried nem. eon . Upon the motion of Messrs Ellis and Ctoluwator, Messrs K. oock an 7^. a ™ bimner were re-elected directors Mr' Wl« sa>d the Society was very for £ nate m having a man like Mr Cock I with w e liuie t0 uevote to the {society's business. ° tne th l vJ r „ G n Ck ' !»"■?&*»« thanks, opined granted the usua T ™ . (moved hy Mr 70!^%^°™^ iutere s ts~ ied the sha "*»l**i"

could °lie tl° t!U 7'' Said ' not be bettor irvcd. 7 C0 " Id toX J S<tietyIftJi; 1 ftJi;v OnC ! of the so]icito >'s *»*'* remarks'. end ° rSed the dlail "