LAND BUILDING AND INVESTMENT SOCIETY.

Taranaki Daily News, 30 October 1917, Page 6

LAND BUILDING AND INVESTMENT SOCIETY.

ANNUAL MEETING.

The annual general meeting of the above society was held at the secretary's oflice last night, Mr. Richard Cock presiding over a good attendance of members.

Tlie report .stated that the volume of business transacted had been very satisfactory considering the curtailment of building operations, due solely to the high price of all building material. . L and M series had matured during the year, the period being the same as that of the two series maturing last year, viz., eix years and eleven months. A dividend of 10 per cent, and a bonus of 3 per cent, had been declared (the borrowing' and investing members participating on equal terms], making a total distribution of 15 per cent, for the year. Members in the series matured during the year have paid the sum of £l3l 8s 4d for each £IOO borrowed. The society paid all costs in connection with the preparation and registration of mortgages of £IOO and over. Borrowers must realise, ivith the high rates of interest now ruling, wliat an excellent opportunity the society gives to those anxious to secure homes for themselves. The net amount available for distribution was £2411 Us '2d, which had been apportioned by placing to the credit of all members, borrowing and investing, a dividend equal to 10 per cent., and a bonus of 5 per cent, (including profits allotted to L and M series matured during the year) £2271 6s 7d, leaving to be carried forward to next account £l4O 9s 2d. The 'balance-sheet showed that members bad paid during tlie year £'0407, loans repaid £640, fixed deposits received £1970. Advances to members totalled £3135, and the payment of L and M series absorbed £I4OO, fixed deposits withdrawn £3140, the management account expenses being only £357. Tlie chairman, in dealing with the report and (balance-sheet, congratulated the members on the satisfactory results of the society's business during the year. Dealing with the securities, he stated that, in the directors' opinion, these were all good. The only property on the society's books was one that should be readily saleable for the amount it ptood at on tlie balance-sheet. He was pleased to be able to state that the Society had subscribed £IOOO to the last war loan. In referring to the management of the society, he considered this was conducted on economical lines, which was a great advantage to the borrowing members, as it enabled such excellent results to be achieved in the low rate of interest paid on mortgages bv them.

" Mr. A. Shuttlcworth, one of the originill numbers of tile society, seconded the adoption 6f the report and balance-sheet, and in doing so gave some interesting information of the society's earlier days.

Messrs Newton King and T. K. Skinner were re-elected directors, and Mr. Hugh Bailey was elected auditor. A hearty vote of thanks was accorded the directors, and an honorarium of £75 was granted to them for their services during the year.