THAMES LAND, BUILDING, AND INVESTMENT SOCIETY PERMANENT.

Thames Guardian and Mining Record, Volume I, Issue 265, 14 August 1872, Page 3

THAMES LAND, BUILDING, AND INVESTMENT SOCIETY PERMANENT.

The first yearly, meeting of the above society was held last night at the Mechanics’ Institute, There were some 20 members present. Dr Fox was called to the chair, and read the advertisement convening the meeting. The Secretary read the following report and balance-sheet ■

FIRST ANNUAL REPORT, PRESENTED AT THE ANNUAL MEETING, HKLD TUESDAY, august, 13,1872. In presenting the first annual report, the committee of management congratulate the members on the fact of the society having so successfully passed through its first, and what may in some respects he considered the most trying, year of its existence. From the annexed statement of accounts it will be seen that the society has been able to lend out to its members, on good security, the sum of £625. This was far short of the amount applied for; but, as the loans are in all cases repaid by monthly instalments, the lending power of the society is each month increased. It will also be Been that the assets, by way of securities hell by the society, exceed the liabilities due to members on their accounts by the sum of £177 9s Bd, which represent the profit that will result on current mortgages when they fall due. The profit and loss statement exhibit the satisfactory circumstance that the business of the seciety has been so far remunerative as to show a profit equal to 21£ per cent, on members’ investments in addition to the ordinary interest credited of 8 per cent. The two members of the committee, who. by the rules, retire, are Mr Dowden and Dr Fox. Both are eligible for reelection. The changeful character of a goldfield necessitates a constant succession of new members to fill the ranks of those drawing out. This is profitable to the society, and at the same time the circumstance may be noticed that a large increase of members may be made without materially adding to the expenses. Members, therefore, would do well to encourage friends to join.

Deposit Account.—The society being now established, and its securities every day increasing in value, offers a safe and profitable investment for money deposited at call or for a term ; the rates of interest allowed on each deposit ranging from 5 to 7 per cent.—the security being the whole property and funds of the society. Alexander Fox, Chairman of Committee, James Renshaw, Trustee.

Balance-sheet for the twelve months ending July 31, 1872. By advances on mortgages,£647 lls Id, by formation expenses £37 6s 2d ; total, £684 17s 3d. To investing members’ subscriptions £4lB 6s Bd, to interest placed to credit of same £l7 8s lOd, total £435 15s 6d; guarantee and contingency account £79 13s Bd, to interest account £8 13s 4d, total £BB 7s ; to mortgage interest account £126 8s lOd, to Bank of New Zealand £34 5s lid ; total, £684 17s 3d. Estimated statement of profit and loss account, 31st July, 1872. By guarantee and contingency fund, Ac., for entrance fees, for transfer fees, bouus on advances, lines, and forfeitures £157 12s sd, bj' fines due £2 14s Bd, by interest matured on mortgage, £26 2s 2d. total £lB6 98 3d ; by balance £9l Is Bd, To general expenses incurred for 12 mouths £lls 4s lid, less expenses of formation, expenses carried forward to subsequent years £37 6s 2d, total £77 18s 9d ; to interest on members’ accounts £l7 8s lOd ; total £95 7s 7d : to balance £9l Is 8d ; total, £lB6 9s 3d. Estimated statement of assets and liabilities. Balance due on mortgages covered by securities £647 lls Id ; by balance £177 9s Bd. Liabilities—At credit of members accounts £435 15s 6d, due Bank of New Zealand' £34 5s lid, total, £470 Is sd; balance, £177 9s 8J ; total, £647 lls Id. A. BRYCE BilN, Secretary. We have examined the balance-sheet, statement of assets and liabilities, and estimated statement of profit and loss, and compared them with the books, vouchers, and bank book, and find the same correct. M. Breabley ? W. Ranwell }Audltoro- - August, 1872. After a few explanations, the report and balance-sheet were adopted and approved of. The next business of the meeting was the election of two directors in place of Dr Fox and Mr Dowden, who retired according to the rules. Mr Br early was proposed as one of the Directors by Mr Leighton, seconded by Mr Arden. Mr Guthrie proposed Dr Fox, seconded by Mr Stevenson. Mr Wm. Read proposed Mr Dowden, seconded by Mr Boon. A ballot then took place, Messrs Lloyd and Renshaw acting as scrutineers. The result was that Dr Fox aud Mr Dowden were duly re-elected as members of committee. Mr Lloyd proposed a vote of thanks to the Secretary fir litis able conduct of the business of the society during the past twelve months. Mr Whitehouse seconded, and the motion was unanimously carried. The Secretary returned thanks for the confidence reposed in him. A vote of thanks to the Committee was also passed. A special meeting was then held for the purpose of altering the following rules of the v-ociety :—Rule 19, Sections 3 ard 4. The proposed alterations were made, and the meeting then separated.