ANNUAL REPORT.

Taranaki Daily News, Volume LVII, Issue 136, 2 November 1914, Page 7

ANNUAL REPORT.

Tio directors in placing the fortyninth anual report and balance-sheet before the members for the vear ended September 30 1914 congratulated; the shareholders on the successful results of the business transacted during the past Tear. E. and E series had. been paid off durng the year.

A dividend of ten per cent, and a •bonus of 5 per cent. Ibad 'been declared tee borrowing and investing members participating on equal terms), walking a total distribution of 15 per cent, for t»e year, thus enabling E and P series to mnture in seTen years. Members in the'series matured: during the year had paid the sum of £133 for each £IOO borrowed. £33 only of this amount representing im'lierest, the balance going in redemption of tie £IOO borrowed. The society had paid all costs in connection wit'i the preparation »tid registering of mortgages of £IOO and ot«.

Members juus,t real bra what a low rate of interest was \,-;M h\ them on loans from the society. | The net amount available for dia'l.ti- | Jmlion (including the balance •brought I forward froiii last yc;iv'> was £2382'2s SJ; which had boMi'apportioned as follows ■ (1) liv placing to t'K< credit of a'l members, borrowing and inventing, a' 1 equal to 10 ,r. -r ;-•nt., and a lomH of 5 per cent (.m-frelb'g profits) •Hotted to E mid F series matured during the year £2048 3s 9j. (2) to iiihe credit of Property Shisp.+nse Account *es—£2o73 3s 2d; leaving ftf J, O carried forward to next account £'loß I'9's Id. In accordance with l?«lp 82, Messrs 7. K. Skinner and 11. Co: J '< Jri'iir'ed! from the directorate but were- eligible a n f offered themselves for re-elc-fition. The auditors, Messrs Ilup-h Baity and I r.- H. Tribe, also rof-'r <' Iv.it offered themselves for re-eleotion

• ■ CHAIRMAN'S ADDRESS. In moving the adopt.on oi the report and balance-sheet, the c.k.ioiiaan said that the society had had a most succcssfil yetß Tlie profits—paid to investors an! borrowers alike—showed an increase, on r those for the previous yiar oi £127. 'The total amount ava.iai.ie for distribution was £2382 2s lid. and after payment of dividend, and £2o "to Property Suspense Account,, .he sum oi £3OB IDs Id remained :o be carried forward to next year, as eoiuparcd with i'lSl) 4? 2d carried fore ml from P.11.j. The advances were sihgluly le.-.s than last year, which was.sas shareholders would remember a record one in the history of the society. I'll'.:'directors iiad made a s.aia'l orovision of £SO Which had b v i: ■.ila.vel in the Property Suspense A-e-iaut' to meet JI!V possible losses, ijiii e.a < n .' likely at present :,o be r. ..uoed. as th • nd.v.necs ,\ove now in a, ■-,; sfd condition. Tlie expenditure ilic, '.ear include!' cost 0 f new rules and some o.Tico furniture. N"\t year would Iv the ju'iile,. of !!u' ibe society since it- iui-e-itie, i || . Ihrniidit tliu;;, in all ..■ri-naldlil c ili directors would arnnw. -o i-i.bn:.-tae occasion in a <.uHald:. manner, ''"a ■ dbocnrs had with tie-::, on- ivln, v.ouM »l--o celebrate his -jubilee :1s a directo" 1!«: referred to Mr S.Y'tl Vwoi-Mi v,vo had been with the ■.-■ : ie! v ever x-e-e its inauuura:ion "Tii«. "society." (one'uded Ihe ehairman. 'has never been in a sounder fi'iuneial position than it is to-d;.'-." (.V>plaiNe.) He then fornmlle moved tlie adoption of the rce.or, and balanecfheet. Mr IT. Daily seconded, and the motion was carried.

klic; ri'ix id-' ■;;■':•]:'i ; ;:;s. -Mr A. voe.lwaur propose, i the lvehciion of (lie rcUnic; .hiv.-iurs, jjessrs. T. K. Skinner ami 1;. i.W;c. in be i-b.iinnaii l.'ie -oeiny ii:m a man Vi ho was in.lefaiigabb: in I,ls c.o.is. aui looked after tile siA-ieiy's interests very Col. Ellis seconded the mo.ion, which I'n liie motion of Messio. K. 11. (ieorye and \\. ■(.'. Weston, the retiring iiudi;us. Messrs. 11. Jtuiiy and E. U. Tribe, v.en; re-elected. ,\!r iJaily, in reply, said the worl: wns a pien-mv. Tiie, books were suli>:ididly kept. A heai'iy vote of thanks was passed to the directors, and the" c,ustoma.ry reu uneratioi! u: t ■■■ \.\ u.. This terminated, the niee'tiing. At. a subsequent meeting o f directors Mr Cock wad re-elected chairman for ibe ensuing year.