Thames Land, Building, and Investment Society.

Thames Star, Volume XI, Issue 3624, 7 August 1880, Page 2

Thames Land, Building, and Investment Society.

ANNUAL MEETING.

The ninth annual meeting of the share* holders was held last evening.

On the motion of Mr McCullough, Mr Benshaw was voted to the Chair,

Mr Alex. Hume, Secretary, read the minutes of the last annual meeting and those of a meeting held for the election of auditors, &c, both of which were confirmed. „ .

The following report was then read by Mr Hume.

Ladies and Gentlemen,—The Societj'g business now presented by the Balance Sheet Dhows a slight increase over that for the previous year. Your Committee have had to refuse offers of business transactions, tome of which appeared to be of a nature outside the limits of a Building Society's business. Your Committee thick the rate of fines iiow charged on redemption payments in arrears might be lowered, and such arrears not be allowed to run over three months.

Your Trustees have in view the tale and removal of the large building in rear of jour Office premises, as the same is not used or likely to be.

The Property Tax form has been received from Wellington, and returned duly filled up with all the required information : at the same time the attention of Government has been drawn Ij the fact that if the Society it taxed, the tax will fall on persons which the Pro* perfcy Tax Act exempts. A proposition has been made to form a Land Investment and Loan Co., Limited, to do business of a more extended aud varied nature than that which your Society can enter into, for which purpose your Trustees aud Committee' recommend your sanction to allow such a company (if formed) to be managed and carried on in the Society's office. , &

The reserve fund has been absorbed into profit and loss account, and £129 12s 8d written off as bad debts on leasehold proper* ties; £877 Is Id has be^n passed to credit as interest to investing shareholders, and £556 It 2d for a 6 per cent, dividend, baring »

credit balance of £126 19§ lid to carry forward.

The "following gentlemen form the present* Committee—Messrs F. C. Dean, John Read, 8. T. Whifcehoiue, Wm. McCullougb, J. MoQ-owan, John Wilson, and Peter Lamb. Of these the last two retire by rotation, but are eligible for re-election.

Tbe dividend will be due and payable at the society's office on and after the 7th inst., and may either be drawn or placed to credit of investing member's accounts at their option. James Exnskaw, Jameb Kilqottb, William B. Souxeb, Trustees. BALANCE SHEET FOB THE TEAR ENDING 31ST JULY, 1880.

Receipts.—Dr.: Bank of New Zealand, £89 13s 2d; subscription payments, £1664 3s 9d; redemption payments, £8669 13s 3d; deposits, £2700; interest, £24 8s 8d; mortgage forms, £8 ; entrance fees, fines, bonuses, discounts, rents, &c, £32115s 9d; total, £13,477 14s 7d. Disbursements.—Cr. : Advances on mortgages, £699315s 4d; dividends paid, £526 15s; interest on deposits and to Bank, £68 lls ; shares and interest withdrawn, £2122 12s lOd; deposits repaid, £3040; repairs and painting office, £7 19s; stationery, £5 10s; refund of forfeited shares, £14 0s 2d ; general charges, £249 4s 7d; Bank of New Zealand, £449 6s 8d ; total, £13,477 14s 7d.

Balance Sheet.—To investing shareho]dors, £11,649 Is 9d; interest credited shareholders, £877, Is Id ; Deposit, £60; suspense interest account, £3203 '8s; accrued interest on deposits, £3 12s ; dividend account, £566 Is 2d; unpaid fine account, £31 2s 4d ; profit and loss account, £126 19s lid; total. £16.517 6s 3d.—By mortgage accounts, £15,573 19s 2d; office fittings and premises, £459 5d ; iron safe and deed boxes, £25; stationery £10; Bank of New Zealand, £449 63 8d; total, £16,517 6s'3d.

Profit and Loss Account. —To 7| per cent, compounded interest to investing shareholders, £877 Is Id; interest ou deposits and to bank, £68 lls ; 5 percent, dividend, £566 Is 2d; accrued interest on deposits, £3 12s; stationery, £5 10s; refunds of forfeited shares, £14 Os 2d bad debts written off, £129 12s Bd. General Charges—Auditors, £6 6s; advertising and printing, £7 17s; committee and steward's fees, £20 7s 6d; rates, £3 10s; Fire Brigades, £2 2s; secretary, £150; office rent, £52 ; sundries, £7 2s Id; profit and loss new account, £126 19s lid ; total, £2040 12* 7d.—By balance, £36 0s 9d; accrued interest, £1500; interest received, £24 8s 8d; mortgage forms, £8; small accounts, 7s sd; rent of office £52; entrance fees, fines, books, bonuses, discounts, &c, £269 15s 9d; reserve fund, £150 • total, £2040 12s 7d. ■ -.■■.- .;■,- .:,. ■;■■■.■■

Assets and Liabilites. — Mortgage accounts, £15,573 19s 2d ; less unaccrued interest, £3203 8s; office premises and fittings, £459 0s sd; stationery and mortgage forms, £10; iron safe and deed boxes, £25; Bank of New Zealand, £449 6s 8d; total, £13,313 18s 3d.—lnvesting shareholders, £12 526 2s lOd; deposits, £60; dividend account, £566 Is 2d; accrued interest on deposits, £3 129; unpaid fine account, £31 2s 4d; profit and loss account, £126 19s lid ; total, £13,31318s 3d. . , . :

Alex; Humb.

We hare examined the Balance Sheet, Statement of Profit; and Loss, and compared them with the books, Touchers and bank book, and find the same correct.— Ht. C. Gillespie, Kicmabd Hudson, Audit6rs>»»AupfStr«tbf 1880.

I In reply to Mr Poulgrain as to how the item bad debts was so large, the Chair* man and Mr Bead explained that the depreciation of property had caused the Society to make a few %&d debts, but when it was remembered that this was only the second time in eight years that any sum was written off, and the total was not more than £200, it would be seen that the losses were exceptionally light. On the motion of Mr McCullough, seconded by Mr Gillespie, the report and balance-sheet were adopted. Messrs M. J. Wilkes and J. Dan by, junr., were proposed and elected members of the Committee.

The Secretary stated that in a com* munication from the Government he found the Society would hare to^pny between £50 and £60 under the new Act.

Mr McGowan moved, and Mr Bead seconded, that fines should be:reduced one half, and showed that hardships were frequently i nflicted upon borrowers ,by the heavy fines charged for neglect in paying punctually. Mr Whitehouse opposed arguing Mat the heavy flues caused people to pay promptly, and in cases of hardship the rules gave the committee power to deal with such cases. The motion was carried. The proposition mentioned in the report referring to' thu formation of a Laud Investment and Loan Company (Limited) was then considered. Tri course of conversation it was stated that.the proposed new company would work in conjunction with the existing society.—The recommendation of the committee was agreed to.

Votes of thanks to the secretary, Mr Hume, for the careful manner in. which the business of- the soca ty had been 'managed, aud to the Chairman concluded the business- '