Thames Land, Building, and Investment Society.

Thames Star, Volume XII, Issue 3939, 13 August 1881, Page 2

Thames Land, Building, and Investment Society.

The tenth annual meeting of the members of the above society was held last evening, Dr Kilgour in the chair.

The minutes of the last meeting were read by the secretary, Mr Hume, and also the following report and balance

sheet :—

TENTH ANNUAL EEPOIIT

Pre3etitpd at the annu il meeting of members

held on Friday, August, 12th, 1881

Ladies and GrfiNTLKJiEN, —Your Co ■nraittee, in presenting tin's report, ..ould point out to members that, the business has to some extent fallen off as compared with the previous year—the mortgages effected amounting to the sum of £5009 as against £6993. There has been less buying and selling of property than usual, and greater caution bus been required, but of the business done in the district the society has obtained a good proportion. Confidence in the Society baa been shown by the fact Mint the Committee have always had l.'iryor sums at command than they could »i?e (heir wuy to profitably use. With the opening up of the country and the advance of settlement, the Committee anticipafo an increase 1 demand for their assistance, and they look in this direction for a considerable enlargement of their sphere of usefulness. The heavy balances in hand during the year have reduced the umount available as dividend, bii'j it was considered advisable rather to keep a good r s rye, and be prepared for a demaid, than compel unwilling withdrawals, mid so force the capital in other directions. To encourage business the amounts chargeable as fines on arrears have been reduced. The Property Tax xbsorbed £42 3s 6i, but it is expected that Budding Societies in future will be exempted, as it is not in accordance with the spirit of the Act to tax the savings of those whose individual properties would still be under the amount entitling them to exemption. Seven and a half per cent, has been passed monthly to the credit of investing members, or £861 2s sd, during the year. The dividend proposed is two and a half per cent, more, or £234, which will leave a ba'ance to credit of profit and loss of £177 0j sd. One or two properties have recently fallen into the hands of the Society, on which, in realising, there may be a loss; but no amount has been written off for bad debts, a3 the balance to profit und loss will provide for this. Mr W. B. Souter, one of the Trustees, haviag removed to Cambridge, resigned his position, and this meeting must appoint a successor. The following gentlemen form the present Committee—Messrs M. J. Wilkes, J. Danby, F. C. Dean, John Bead, S. T. Whitehouse, Wm. McCullough, and J. McG-owan. Of these the last two retire by rotation, but are eligible for re-election. One of the main objects of such Societies being the cultivation oi saving and thrifty habits, the Committee would recommend I he institution to the attention of the working men of the Thames as a Bitfe opening for the use of their capital, while the facilities for withdrawal enable them to get at their money when butter things are in view. The dividend will be due a d payable at the Society's office od and after the 13th instant, and muy either ba drawn or placed to credit of investing members' account at their

option.—James Kiikjoub, James Renshaw (Trustees).

BALANCE BHEET FOR THE IEAR ENDING

31st july, 1881

Receipts): Bank of New Zealand, £449 '63 8d; subscription payments, £648 7s lOd; redemption, £8735 12s 7d ; interest, £76 10s 8d ; mortgage forms, £6 10s; Bale of outhouse, £6; entrance fees, fines, rents, ife^.j £237 13s 4i ; total, £10,160 Is Id.—Dis bursements : Advances on mortgages, £5009 Is lid ; dividends paid, £566 Is 2d ; interest to bank, 5s 4d; shares and interest withdrawn, £3602 18s 8d ; stationery, £4 16s; property tax, £49 3s 6d ; office rent, £52; general charges, £197 10s 7d ; Bank of New Zealand, £678 3s lid ; total, £10,160 Is Id

Balance-Sheet : Investing shar holders, £9571 12s; 7i per cent, interest credited shareholders, £861 2s sd; deposits, £60; suspense interest, account, £2719 16a 2d j accrued interest on deposits, £4 16s ; dividend account, £234; profit and loss account, £177 0s 5d ; small accounts, £1 53 8d ; total, £13,629 12s Bd. — Mortgage Accounts, £12,464 13s 4d ; office premises and fittings, £453 9s 5d ; iron safe and deed boxes, £25 ; stationery account, £8 6s; Bank of New Zealand, £678 3s lid ; total, £13,629 12s Bd.

Profit and Loss Account: Interest to shareholders, £861 2s 5d ; interest to bank, 5s 4d ; 2\ per cent, dividend, £234 ; accrued interest on deposits, £1 4s; property tax, £*9 3s 6d ; office rent, £52 ; general charges, £'97 10s 7d ; profit and lobs new account, £177 0s 5d ; total, £1572 6s 3d.—By balance, £126 19s lid; accrued interest, £1100; unpaid fine account, £31 2s 4d ; interest received, £56 10 8d s interest from bank, £20; rent, £52 ; entrance fees, fines, books, &c, &c, £185 13s 4d ; total £1572 63 3d.

Ass ts and Liabilities: Mortgage Accounts, £12,464 13s 4d; lees unaccrued interest, £2719 16s 2d ; office premises and fittings, £43 9ssd; stationery and mortgage forms, £8 6s; iron safe and deed boxes, £25 ; 13ank of New Zealand, £678 3s lid ; total, £10,909 16s 6d.—lnvesting shareholders, £10,432 14s 5d ; deposits, £60 ; dividend account, £234 ; accrued interest on deposits, £4 16 ; profit and loss account, £177 Ossd ; small accounts, £1 5s 8d ; total, £10,909 16s 6d.~Alex. Hume, Secretary.

We have examined the balance sheet, statement of assets and liabilities, statement of profit and loss, and compared t era with the bookß, vouchers, and Back book, and find the same correct —Hy. C. Qillespie, Eichaed Hudson, Auditors.—August 4th, 1881.

Report received and adopted. Mr Bead proposed, and Mr Poulgrain seconded, that Mr Peter Lamb be ap pointed trustee. Carried. Mr Kenshaw proposed that Mr McCullough be re-elected a member of the Committee. Carried.

Mr McCullough proposed, and Mr Gille-pie seconded, that Mr McGowan be re elected a member of the Committee. Carried.

Mr Bead proposed, and Mr McCullough seconded, that Mr Walton be elected a member of the Committee. Carried.

A loDg discussion took place upon the desirability of so altering the constitution of the Society as to allow of an extension of ihe business, and resulted in a resolution being passed allowing members to withdraw one-fourth of the sums at their credit to invest in the new Loan Society, without the usual deduction of 2|- per cent, being mada.

This concluded the business