EQUITABLE BUILDING SOCIETY

Taranaki Daily News, Volume LIII, Issue 163, 19 October 1910, Page 6

EQUITABLE BUILDING SOCIETY

ANNUAL REPORT. The annual report of the Equitable Building Society of New Plymouth to be submitted to the annual meeting, to be held on the 28th inst., is as follows: Your directors have again the pleasure of laying before you statesments of accounts and balance-sheets, from which it will be seen that another successful year has been experienced, the operations of the Society showing a profit in each group after payment of working ex- j penses. I Loans.—ln No. 1 Group 19 appropria- j tion of £l3O each have been disposed of (lil by ballot and 8 by sale), and loans I to the amount of £3OOO have been made. One of the most recent appropriations of i £.300 has not yet been paid out. i No. 2 Group accounts for 15 appropriations of £l5O each (6 by ballot and 0 bysale) and £24 GO has been advanced on mortgage. In this group £OOO awaits completion of security. Profits—No. 1 Group shows a profit for j the year of £l9l Gs 3d, and total accrued profits amounting to £ 1039 7s 4d—equal to, .say, £l2 8s per share. No. 2 Group this year made' a profit of £315 T3s 4d, and its increment now stands at £482 9s 6d, or about 17s 5d per share. (£7O premiums on last appropriations have still to be credited). ■Positions of shares in each group.— In No. li group 116 shares have been appropriated, I'oß forfeited or withdrawn, and 433 shares are now contributing, of which 376 are available for appropriations. Subscriptions on 19 appropriated shares have been suspended in terms of rule 18.

In No. 2 Group 56 shares have been appropriated, 46 forfeited or withdrawn, 552 shares are paying subscripI tions, and of these 498 are entitled to ; participate in ballots, i The holder of two appropriated shares has elected to cease contributing under rule 18. Funds of the Society.—lt will be seen that the accumulated funds of the Society now total the respectable sum of £20,333 3s 4d, the whole of which, with the exception of £2O Is, is represented by hard cash or mortgage loans of ample security. Your directors have spared no pains to satisfy themselves in all cases that securities are adequate, and shareholders who. may have thought them a little exacting in their requirements must accept the assurance that every application is similarly dealt with. The aim of the directors is to bring the Society to a termination without a single loss, and so far it seems possible to attain this object. Directorate.—No changes 'have taken place during the year. You will be called upon to elect three members of the board, and those whose term of office now expires—Messrs D. Berry, W. N. Ewing and P. Hoplcins—are all eligible and offer themselves for re-election. Auditor. The selection of an auditor has also to be made, and Mr. €. T. Mills again places his services at the disposal of the shareholders. Acknowledgements.—ln retiring from the position of chairman, I desire to place on record my appreciation of the pleasant relations which have existed among the members of the board throughout the year, and especially to acknowledge thg excellent work of our secretary.