TARANAKI LAND AND INVESTMENT SOCIETY.

Taranaki Daily News, 1 November 1921, Page 6

TARANAKI LAND AND INVESTMENT SOCIETY.

ANNUAL MEETING. The fifty-sixth annual meeting of the Taranaki Land Building and Investment Society was held last night, the chairman of directors (Mr. R. Cock) presiding over an attendance of about fifteen.

Dealing with the report and balancesheet (particulars of which have been published), the chairman assured shareholders that the society had never been in a sounder position than at present, its fifty-sixth birthday. The amount available for distribution was £2705. as against £2450 last year, and this had been apportioned by placing to the credit of members a dividend of 15 per cent., and carrying forward a balance of £696 6s lid. As the result of the year's working they were in a better position than the previous twelve months to the extent of £l3l. The operations showed very good progress indeed considering that the society had experienced some little trouble as the result of the moratorium.

On the expenditure side the sum of £S44 16s 6d had been paid as interest on deposits, as compared with £578 in the previous year. Although they were £l3l better in credit they had had to pay a little more for deposits, the rate being a half per cent, more than, the society had been accustomed to pay for some time. They had depended to some extent on an overdraft from the bank, which had cost £9l 19s 6d. This item of expenditure the previous year was £24.

The mortgage charges ■' (£65) were somewhat lower than was the case the previous year when £95 was expended. This was accountable for by the fact that owing to the difficulties of the times the society had had a lot of applications for money which had been more or less turned down by the directors. In spite of this, however, the general business, as would be seen from the balance-sheet, was about the same as last year. The management account (£387 Ils 9d) was £7 less than last year. The total of deposits received was £9885, as against £7300 last year. In the profit and loss account the item of withdrawals, commission and entrance, which was practically profit, was £46 Is, and in 1920 was £l5B. Last year the existing shares had a capital of £l5BO, and the share capital this year was £1772. The chairman concluded by moving the adoption of the report and balance-sheet. The motion was seconded by Mr. Hooker and was carried without discussion.

The three retiring directors, Messrs. R. Cock, R. H. George, and L. A. Nolan were re-elected.

Mr. Hugh Baily was re-appointed auditor.

A hearty vote of thanks was accorded to the outgoing directors, and their annual honorarium was increased from £75 to £lOO, in recognition of their past services.

Replying on behalf of the directors, the chairman said they had been very careful indeed in the management. He also paid a tribute to the work of the society’s solicitor 1 (Mr. G. Grey) and moved that he be accorded a vote of thanks in appreciation of the care devoted to the work. This was carried.

In thanking shareholders for the tribute, Mr. Grey paid a compliment to the work of the secretary (Mr. E. P. Webster), and to the acting secretary (Mr. C. B. Webster).