NEW PLYMOUTH INVESTMENT AND LOAN SOCIETY

Taranaki Daily News, 9 June 1922, Page 5

NEW PLYMOUTH INVESTMENT AND LOAN SOCIETY

ANNUAL MEETING. The forty-sixth annual meeting of the New Plymouth Investment and Loan Society was held at the office of the secretary (Mr. C. S. Rennell) yesterday, when Mr. W. F. Brooking, chairman of directors, presided. The annual report and balance-sheet pointed out that in view of the great financial depression which had been experienced throughout the Dominion and was reflected in the advances made by the society during the period under review, the result achieved must be considered very satisfactory, as it indicates that the general position of the society is sound in every respect. The directors made a careful examination of the securities held by the society, and found them all to be in first-class order. Clients generally have met their obligations promptly, and this contributed to a great extent to the satisfactory result of the year’s operations. In moving the adoption of the report and balance-sheet, Mr. Brooking congratulated shareholders on having had a very successful year. The report which he had just read expressed the views of the directors, and he did not think that he need add any further remarks.

Mr. T. Furlong, in seconding, endorsed the remarks of the chairman regarding the satisfactory year, which he considered all the more creditable when they took into account the economic and financial conditions that prevailed during the past twelve months, as these naturally restricted the operations to a certain extent, as would be noted by reference to the balancesheet in connection with the advances made during the period just ended. The prospects for the future of the society were very bright, and he referred to the number of permits issued by the Borough Council during the last two months as indicating that the building problem was still an acute one. The society, he thought, in conjunction with similar institutions, would be a factor in adding to the progress of the town, as it had done to some extent during the forty-five years of its existence. Mr. W. C. Weston considered the report had been a little too modest. He considered that their list of securities were the best it was possible to have. Mr. R. C. Hughes also considered the year’s working had been very satisfactory. and in support of his view, made comparison with various items in the last balance-sheet. The report was then adopted. Messrs. C. T. Rundle and W. C. Weston were re-elected directors unopposed, whilst Messrs. C. T. Foote and C. H. Wynyard were re-appointed auditors. Mr. Foote considered that the directors deserved the congratulations of the shareholders on having so ably conducted the affairs of the society during such a difficult year, and on his motion they were voted an honorarium of 75 guineas. At a subsequent meeting Mr. B* (joking was re-elected chairman of directors.