BUILDING SOCIETY.

Taranaki Daily News, Volume LIV, Issue 112, 1 November 1911, Page 3

BUILDING SOCIETY.

ANNUAL MEETING. The forty-sixth annual meeting of the laranaki Land, Building and Investment i*»ciety (Permanent) was held in the secretary s offices, Devon street, on Monday evening the following being present": -Messrs. Y\. L. Newman, John Ellis, A Golcwater, T. K. Skinner (directors), A. Mclkrdy, C W. Hooker, H. A. Cholwill, 11. Bail,-, W. C. Weston (shareholders) and the .secretary, Mr. E. 1\ Webster. Apologies for absence were received from Messrs. R Cock, Newton King, and A. .Shuttlewortfi, who were unavoidably absent. ' In the absence of Mr. R. Cock, Mr. W h. Newman was voted to the chair. ' The directors' report was as follows: Hie directors have again to congratulate the shareholders on the successful results of the business transacted during the past year. AY series had been patd off during the year. A dividend of 10 per cent, and a bonus of 2% per cent, have 1 been declared (the borrowing and investing members participating on equal terms), making a total distribution of IS 1 /, per cent, for the year, this bein»i •precisely the .same as last year. The net amount available for distribution (including the balance brought forward from last year) is £lß6l 12s 7d, which has been apportioned as follows: (1) By] placing' to the credit of all members, borrowing and investing, a dividend, equal to 10 per cent, and a bonus of 2% per cent, (including profits allotted to AY series, matured during the year | £1720 8s 9d; (2) to the credit o'f reserve fund, £so—total, £1776 3s 9d; leaving to be carried forward to next ac-i count £BS, 8s lOd. In accordance with! Rule 82, Messrs. R. Cock and W. L.| Newman retire from the directorate, but i are eligible and ofTer themselves for. reelection. The auditors, Messrs. Hugh I Baily and 1 E. H. Tribe, also retire, but offer themselves for re-election. '

In moving the adoption of the annual report und balance-sheet, Mr. Newman said that it disclosed a very .satisfactory position of affairs. Some members would note that AZ series did not mature until seven years and one month. This was one month longer than in past years, but was due to the quiet times of two years ago. Shareholders and borrpwers alike could look forward with confidence in the near future to the series again running out in seven years. There has been a satisfactory increase during the last few months, due no doubt to the increased building throughout the province. A feature of the new business coming forward was that from what he might term the "hinterland" of the province. Such business gave the directors a lot of thought, but he could congratulate the society upon the fact that the country people were looking to the parent town of New Plymouth for their requirements in the way of loans, etc. He wished also to refer to the able assistance of their secretary Mr. E. P. Webster.

Mr. A. Mcßardy. seconded the resolution, which was adopted.

Messrs. R. Cock and W. L. Newman were re-elected directors. Mr. Newman, iu thanking members for re-election, stated that Mr. R. Cock took a great interest in the affairs of the society, ami the board were fortunate in having two members like Messrs. X. King and R. Cock, who visited all parts of the province, and so were able to report on business offering.

Messrs. H. Baily and E. H. Tribe were re-elected auditors. Mr. H. Baily thanked the' members for re-election. He said it was a pleasure to go through the books, which were so well kept. A hearty vote of thanks was accorded the directors, and the usual honorarium of £SO voted them, to be distributed as they think fit. Mr. A. McHardy, in seconding, referred to the satisfactory management by the directors. A vote of thanks to the chair con- : eluded the meeting. At a subsequent meeting Mr. R. Cock was re-elected chairman of directors.