THE THAMES LAND, BUILDING AND INVESTMENT SOCIETY.

Thames Star, Volume VII, Issue 2063, 14 August 1875, Page 3

THE THAMES LAND, BUILDING AND INVESTMENT SOCIETY.

The fourth annual meeting of the above society was held at the .society's office last evening. Mr Renshaw was elected to the chair, after which the secretary, Mr Hume, read the minutes of the lasfc annual meeting, which were confirmed. The following balance sheet and report were then read : — POUBTH ANNUAL EEPOBT. In presenting the fourth annual balance sheet and report, your Committee have much pleasure in pointing out the very large addition to your Society's business during the past financial year, having increased from £1782 last year to £4418, showing the amount of business this year has been more than double the whole business transacted during the three previous years. From the total-profits of £490' 18s Od, the year's expenses of • £91 7s 2d has been charged, leaving a % clear profit of £399 10s 10d, from which to the amount of £162 14s 5d (being 7| Fer cen*- computed every six months) has been placed to credit of investing shareholders; and, in addition, it is proposed ttfWpay a dividend often per cent., amounting to £209 5s Id, and carry the balance of £12 9s Id to credit of the ensuing year's Profit ,and Loss Account. This dividend will be payable at the Society's Office, to-morrow, and may either b"e drawn in cash, or placed to investing members' account, at their option. Your Committee have carefully amended the Society's rules. A large supply of the new rules is now on hand. The necessary advertising of these amendments have been charged against this year's profits. There has been a constant demand for loans on good security, and your Committee anticipate a large increase of investing members during the ensuing year. The Society's business has been'removed to a more central office next the Bank of Australasia, Albertstreet, where all information and copies of rules can be obtained from the Secretary. During the past year Dr. Fox has been elected 6ne of your Trustees, and Messrs J. Brown, M.P.C., and John Wilson have been added to the Committee. Mefjsrs W. McCullough and S. T. Whitehouse retire by rotation, an d it is now necessary to appoint two gentlemen on the Committee. The Society is meeting the intention of its promotors in encouraging and forwarding the. improve-, ment and stability-of the District; and at the same time providing a safe investment for .savings.' Various freeholds have been purchased, and many houses improved during the year that would not have been done without its aid, and.your Committee are sure that by a judicious use of the advantages, held out, both investors and borrowers may be largely benefited. —James Renshaw, Chairman. Balance Sheet.-—Dr.: To investing shareholders holding 333 .shares,-£2915. 6d id ; interest credited shareholders for year,. £162 14d 5s ;—£3078 0s 6d; deposits, £100; mortgage interest suspense account, £1018 6s; dividend account, £269 5s Id; profit and loss (new account), £12 98ld; total, £4418 0s 8d.,; Cr.: By advances on mortgages, £4325 8s; mortgage form account, £3: 9s; pass books and new rules, £18 16s; Bank of New Zealand, £70 7s : Bd; t0ta1,.£4418 0s Bd. Profit and Loss Account —Dr.: To 8 per cent.: interest credited investing shareholders; £162 14s od; interest to bank, £3 12s lid;.do. on deposits, £11 9s 4d —£177 16s 8d; 10 per cent, dividend, £209 5s Id. Charges : Auditors, £4 10s; advertisisg and printing, £14 4s 9d; stationary, stamps, &c, £5 2s sd; committee and stewards' fees, £12 2s 6d ; secretary, £52 ; rent of hall au-1 office, £3 7s 6d~ £91 7s 2d; balance, £12 9s Id; total, £490 18s. Cr.: By balance from last year, £10 6s 9d ; interest received, £276 4d 3d; guarantee and contingency account for entrance fees, fines and bonuses, £204 7 s _£4Bo lls 3d; total, £490 18s.— Assets and Liabilities—Dr. : advances on mortgages, £4325 8s ; less unaccrued interest, £1018 65—£3307 2s ; mortgage forms on- hand, £3 9s; stationary, £18 16s ; cash in Bank of New. Zealand, £70 7s 8d j -total, £3399 14s Bd. Cr.: Amount at cr. investing shareholders, £3078 Os 6d; deposits, £100; dividend account, £209 5s Id; balance, 12s 9s Id; total, £3399 14s Bd.—A. Htjme, Secretary. We have examined the balance sheet, statement of assets and liabilities, statement of profit and loss, and compared them with the books, vouchers, and bank book, and find the same correct. Henet C. £n,LESPiE 5 ) . - E. T. WILDMAN, - 5 AUdltOlS. The Chairman, asked if any present ■wished to make observation upon the report and balance sheet, or ask for any information regarding the working of the society. Ho said it might strike many persons that when the society were enabled not only to "pay 10. per cent, this month, but liad placed 7 per cent, monthly to each account, that the borrowers had to pay very dear for their BtfjJSey, but such was not the case, it was </Wbg to the way in which the money was turned over so frequently. • By looking at the balance sheet it would be seen that the amount of the dividend had nearly been received from bonuses, fines, Sec. , tie could assure them that from his knowledge of the persons who had borrowed money from. the society, that not only had it benefited the society, but in. - nearly every instance had been the means of placing the borrowers in possession of good freehold properties, or enabled them to enlarge and improve their business. Mr Nichol proposed, and Mr Donnelly jfl^feeconded that ths report and balance sheet be adopted. Carried, Messrs Wm. McOullough and H. G. Whitehouse were re-elected members of the committee. A vote of thanks to the Chairman terminated the proceedings. .