LAND, BUILDING AND INVESTMENT SOCIETY.

Taranaki Daily News, 28 October 1918, Page 5

LAND, BUILDING AND INVESTMENT SOCIETY.

ANNUAL MEETING. Tho annual meeting of the Taranakl Land, . Building nnd Investment Society (permanent) was held at ihe office of the secretary (Mr. E. P. Webster) on Friday evening, Mr, R. Cock (chairman of directors) presiding. ANNUAL REPORT. Tim fifty-third annual report slated: N and 0 series have matured during the year; the period is the same as that of the two series maturing last year, viz., six years and cloven v mouths. A' dividend of 10 per eehfc and a bonus of per cent, have been declared (tho borrowing and investing members participating on equal terms), 'waking a distribution of 12*(> por cent, for ihe year. The re&ult tlift year should be considered highly satisfactory considering tho abnormal times wo are. passing through. Members in the series..matured dur- , ing the year have paid the sum of £l3l 8b 4d for each £IOO borrowed, £!11 8s 4d only of this amount representing interest, the balance ■ going in redemption of tho £.106' borrowed. The society ha* paid all costs in connectionwith the preparation and registration of mortgages of £IOO and over. Borrowers from the society must realise, with the high rates Of interest now ruling, what an excellent opportunity the society gives to those anxious to secure homes for themselves. The net amount available for distribution (including the balance brought forward from Inst year) Is £2847 3s Td, which has been apportioned as follows: By placing to tho credit of nil members—borrowing and investing—a dividend of 10 per cent.. Including profits allotted to N and O sories, matured during tho year), £1951 7» lid, leaving to be carried' forward to next account £395 15s Bd. The adoption of the report was moved by the chairman, and seconded by Mr. Hugh Bally# and carried without discussion. ELECTION OF DIRECTORS. The retiring dlroctots, Messrs. B. Cock ami W. L. Newman, were re-elected. ■ ; : Mr. Hugh Bally was re-elected auditor at a fee of twenty guineas. The directors were voted the usual honorarium of £75, to bb divided as they themselves think fit. They wcto also accorded & Tflry hearty vote of thanks.