EQUITABLE BUILDING SOCIETY.

Taranaki Daily News, 27 October 1922, Page 3

EQUITABLE BUILDING SOCIETY.

THE ANNUAL MEETING. SOME INTERESTING REMINISCENCES. The twenty-first annual meeting of the Equitable Building Society of New Plymouth, was held in the Soldiers’ Club, New Plymouth, last night, the chairman of directors (Mr. Stanley 'Shaw) presiding over a large attendance of shareholders. In moving the adoption of the annual report and balance sheet (already published), Mr. Shaw said he thought they had every reason to congratulate themselves upon the operations of the past year. He was very pleased at the large attendance of shareholders, which was easily a record in the history of the society. Probably some of them would have noticed that the meeting that night constituted the 21st birthday of the society 7 and it was perhaps more than a coincidence that he should occupy the chair that night, as he was the only director left of those who were associated with the starting of the society. Mr. F. E. Wilson was at that time a director, but had resigned when he was appointed their solicitor. The first directors were Messrs. John Avery,. E. Doekrill, <E. G. Frost, J. C. George, D. Berry, F. E. Wilson and the speaker. The first meeting of directors was held on March 15, 1901, but at the outset the society had had a somewhat chequered career. They were new to the business, and they had a great deal to learn, Mr. Shaw enumerated the meetings that were held until after a meeting on September 2 of that year, from which date everything had gone smoothly. The first appropriation by ballot was held on December 13, 1900. The 25th marble drawn was decided on as the winning marble, but they afterwards decided that this method disfranchised the first 24 shareholders whose marbles were drawn, and so the “sudden death” plan was adopted. Tablets were first used for drawing, but the society had soon decided to obtain marbles, which had always been used since. The first appropriation for sale was on March 31, 1902, the price obtained by tender being £35. The total amount of loans advanced by the society was £30,639 in No. 1 group, £32,260 in No. 2, and £5OOO in No. 3. The No. 3 group had been going for a little over two years. He thought they would agree that those figures were very satisfactory indeed. They showed that the society had more than justified itself, and had been the means whereby a large number of shareholders had been able to make homes for themselves.

The motion was seconded by Mr. R. A. Large, and carried. ELECTION OF OFFICERS. The retiring directors, Messrs. P. Hopkins. F. S. Johns, E. Whittle and J. R. Cruickshank, were re-elected unopposed, while Mr. C. T. Mills was re-elected auditor. The remuneration for the directors for No. 2 and 3 groups was fixed at the same rate as last year. APPROPRIATIONS. After the annual meeting appropriations were disposed of by ballot. In No. 3 group, two of £250 each, was drawn by Mr. J. C. Avery, and in No. 4, two of £250 each by Mr. G. E. Roper. “Ir. P. Hopkins was appointed chairman and Mr. F. S. Johns, vice-chairman of directors.