BUILDING AND INVESTMENT SOCIETY.

Taranaki Daily News, Volume LII, Issue 227, 30 October 1909, Page 5

BUILDING AND INVESTMENT SOCIETY.

ANNUAL MEETING. The forty-fourth annual meeting ofthe Taranaki Land, Building and Investment Society was held last night. There were present: Messrs. R. Cock (chairs man of directors), A. Goldwater, W. Hooker, i. Aslicr, McHardy, H. Baily, H. A. Chollwell. \Y. H. Skinner, N. King, ami Color,el Ellis. ANNUAL REPORT. In the annual report the directors staled thai tiiey bail lo congratulate til, shareholders on the successful re--ii• 1 - of the business transacted during 111,, past year. A.U. anil A.Y. series had been paid nIT during the veal'. A I onus of 2 1 /, per cent, and a dividend o c !0 ner cent, had been declared (the borrow in,; and investing members participating i"i equal terms), making a total distribution of 12V, per cent, for the vear. this licing precisely the same as last year. The net amount available for distribution (including the balance brought forward from last year) was t'?">R7 8s lilil; which had been appir!:;!lleil a- follow-: fl l by placing to lllc credit i.f all members. borrowing and investing. a dividend equal to Ift per cent, and a bonus of 2'/, per cent, (including profits allotted to A.l\ and A.V. series' matured during the year) £2364 lis sd; (2) to the credit of the reserve fund £IOO. total £2464 lis sd: leaving to be carried forward to net account £ll2 17s sd.

11l moving the adoption of the the chairman stated tlie nett ]irofits for the year were Ct>!) 3s less than the prev'ens year. Without touching the ba'r.nce' brought forward from the pr° VTOU6 year, however, a dividend of 12'/, per cent, had been declared. Tlie tances on inortgag: s iun'nuitcil to £121)1 more than the previous year. The property account stood at £404, but one small property had been sold since the balance-sheet was drawn up. actually leaving, after forty-five years working of the society, olio property on hand through foreclosure. This property I stood on tlie books at ,£3lO. At the 'present moment a customer could be found for the property nt £4OO, but during the past two or three years the directors had written off hv depreciation some £SO, and by holding this property some few months, should show a fair profit. The reserve fund stood at £IBOO. The directors intended to make up this sum to £2OOO. It was I not the intention of the directors to take large sums from tlie profits to | make up this sum, but to stop when the j £'ooo mark was reached. This leserve fund wher. invested would go a long way towards caying the whole of the management expenses of the society. Shareholders would notice that the A.U. and A.V. series had been finally paid off diring the year. This had taken seven years to accomplish, so that a borrower of £IOO during that period had Tepaid *o the society £133 only in monthly payments. This included all mortgage charges, paid by the society, .The rej-ort was adopted. The retiring directors, Messrs. A. Goldwater and A. Shuttleworth were reelected.

Messrs. H. Baily and E. H. Tribe were re-elected .auditors. A vote of thanks was passed to the directors for the capable management or the society's affaire during the year, and an honorarium of £{so was voted. At a. subsequent meeting of the directors. Mr. R. Cock was rc-elcctcd chairp*Rn.