LAND, BUILDING AND INVESTMENT SOCIETY.

Taranaki Daily News, 27 October 1920, Page 2

LAND, BUILDING AND INVESTMENT SOCIETY.

ANNUAL MEETING. The annual meetln? of the Taranakl Land, Building and -Investment fifciety (pernun.er.tf nas held 011 Monday eveilng. Mr. R, Cock (chairman of directors), presiding over a fair attendance of members. The fifty-fifth annual report stated: —K. and S. series have matured during the year; the period of these series was six years ten months. A dividend of 10 per cent, and a bonus of 5 per cent, have been declared (the borrowing and investing members participating on equal terms) making a total distribution of 15 per cent, for the year. The result of the year's' working should be considered highly satisfactory. Members in the series matured during the year have paid the sum of £129 16s 8d for each £IOO borrowed, £29 16s Sd only of this amount representing interest, the balance going in redemption of the £l9O borrowed. The society has paid all costs in connection with 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 last year) Is £2452 10s 7d, which has been apportioned aa follows, >by placing to the credit of all members, borrowing and Investing, a dividend of 10 per cent., and a bonus of 5 per cent, (including profits allotted to R. and S. series matured during the year), £IBB7 0s 10d, leaving to be carried forward to next yeart account £565 9s 9d.

The chairman, In moving the adoption of tho report, congratulated members on the continued and increasing prosperity of the society and on its very satisfactory financial position. During the year advances had increased approximately £7OOO, and the amount carried forward to next year showed an increase of £237 on the previous year's figures. The two series which had matured during the ye..r had shown an Improvement of one month compared with the two series running out previously. During the year good business had been offering, In fact more than the society could aeeommodato. The directors were pleased to advise that in their opinion the whole of tho advances of the society wer» perfectly sound. The chairman, continuing, referred to the retirement from the directorate of Mr. A. Shuttleworth, who was appointed to the board as far back as 1868, three years after the formation of the society, and had continued to be a director for the intervening 52 years, during nine of which he had held the position of chairman. Mr. H. Bally seconded the motion and the report was adopted without discission. Messrs, N. King and R. H. George were reelected directors and Mr. J. D. Sole was elected to fill the vacancy caused by the retirement of Mr. Shuttleworth. Mr. H. Bally was re-appointed auditor. A hearty vote of thanks was accorded the directors for their services during the past Tear and it was decided to place on record the society's appreciation of Mr. Shuttleworth's long and valued services to the members.