EQUITABLE BUILDING SOCIETY.

Taranaki Daily News, 30 October 1920, Page 7

EQUITABLE BUILDING SOCIETY.

TEE ANNUAL MEETING. A SUCCESSFUL YEAR. The nineteenth annual meeting of the Equitable Building Society of New Plymouth, was held last night, when there was an attendance of about sixty shareholdiwa. Mr. W. P. Jfieoll (chairman of directors) presided. The nineteenth annual report stated: No. 1 Group.—During the year subscriptions have been refunded on 31 shares, absorbing the sum of £Bl3 fis Od; and profits amounting to £BO 4s 2d have also been paid to shareholders. The. total number of shares paid off under the amended rule No. 147 is'2s9, leaving a 1 ulance of thirty-three yet to be paid oh". The numbers of the last two shares paid of were 293 and 294. During the year loans have been redeemed on 41 shares, leaving 42 appropriated shares on which redemptions are being received. No. 2 Group.—Eighteen appropriations of £l5O eaoh have been allotted during the year (twelve by ballot and six by tender). The position of shares lin No. 2 Group is as follows: Approj priated 219, \ forfeited or cancelled 45, I withdrawn 175, entitled to participate !in ballots and sales lfll; total, 600. The I general tendency as regards appropriations obtained by ballot throughout the year has been to leave them on the hands of the directors with a view of disposal by sale, and not to provid? the security necessary to take up the amount on loan within the prescribe! time. This no doubt is due to the high prices ruling for all classes of building materials; shareholders regarding the loan aa too small to be secured by a first mortgage, therefore choosing to sell out completely their interest in the Group. Your directors in view of these circumstances, and also in view of the successful flotations of No. 3 Group, are inclined to favor winding up No. 2 Group and repay all the subscriptions standing to the credit of shareholders, together with a proportion of the profits of the Group, and endeavouring to float a No. 4 Group with larger appropriations. However, before anything is donß shareholders will be given an opportunity of expressing their views on the matter.

Xo. 3 Group.—'Your directors are pleased to be able to report the successful flotation of this group during the year. The group commenced working operations on March 29th last, and is now in full swing with every one of the GOO shares taken up. Two appropriations of £2OO each have been disposed of by ballot since the commencement. The interest taken in this group is very gratifying to the directors, and goes to show that the public are beginning to realise the special advantages the society has to offer those in search of cheap money for building purposes, and also augurs well for the flotation of a No. 4 Group in the near future. The ftcoumul&ted funds of the Society now amount to £ 14,139 6s.

Directorate.—Mr. W. N. Ewing, on aeoount of continued ill-health, tendered his resignation during the year as a member of the Board, and Mr. E. Whittle was appointed in his place Your directors feel that they cannot let Mr. Ewing retire without expressing deep regret at the cause of his retire.' ment (although happily he has since recovered sufficiently to enable him to return to business), and also on behalf of shareholders appreciation of his valuable services to the Society during his seventeen years on the directorate. The chairman stated that the Society was in a flourishing condition, and it was satisfactory to have to report the successful flotation of No. 3 Group. This was the outstanding feature of the. year, and showed the wisdom of raising the amount of appropriation from £3OO to £SOO for every two shares. The second group had' developed and had almost outlived its usefulness. The £3OO allotment was not of the same use to members as some years agp, and it might be well to consider the starting of a fourth group on the lines of No. 3. There would probably be very little difficulty in floating the group. The chairman concluded by moving the adoption of the report. Mr. Hugh Baily seconded.

Answering a shareholder, the chairman said that in the event of No. 2 Group being wound up, shareholders in this group would not necessarily be compelled to take up shares in No. 4. The report and balance-sheet were adopted with little further discussion.

DIRECTORATE. For the four vacancies on the board of directors, the only nominations were those of the retiring members, who were re-elected. They were; Messrs. Ja's. Clarke, P. Hopkiag, F. S. Johns, and R. Whittle. Mr. C. T. Mills was re-elected auditor. At a subsequent meeting Mr. Clarke was elected chairman of directors. PROPOSED NEW GROUP. A motion was proposed by Mr. P. El Wilson that it be a recommendation to close No. 2 Group and open a No. 4 Group. The mover said that before No. 2 was finally closed the remaining shareholders entitled to participation, 161 in number, be given an opportunity of taking up appropriations. The motion was seconded by Mr, Clarke. .. .„ •'

A good deal of discussion followed, the motion being finally withdrawn with the understanding that the matter be left in the bands of (he directors. In reply to a questioner, the chairman said that before anything was done regarding the closing of the group a meeting of shareholders of No. 2 would be called by the directors to consider the proposal. APPROPRIATIONS. After the annual meeting, a number of appropriations were disposed of by ballot, the draw resulting:— No. 2 Group, two of £l5O each, Mr C. H. Weston. r ■'■ No. 3 Group, two of '£2 so each, M.\ H. J. Gay lard. Two appropriations of £l5O each in No. 2 were to be disposed of by tender, but as no offers were received were balloted for and drawn by Mr. E. P. Webster.