Thames Land, Building, and Investment Society.

Thames Star, Volume XV, Issue 4860, 7 August 1884, Page 2

Thames Land, Building, and Investment Society.

The thirteenth annual meeting of the above Society was h&ld in the office, Albert street; last nighfc. There was a fair attendance of "shareholders, and Mr J. Kenshaw was voted to the chair.

The trustees' report called attention to a slight falling off in the value of» mortgages effected as compared with the past year. They had not considered it advisable to push business too much in the present quiet state of affairs, itr the^'district, but what had been done provided for the payment of a dividend or 2f per cent, in addition to the usual :7% per cent, interest added monthly to investors' accounts, carrying a balance of £135 13s lOd to profit and loss account. The only losses during the year had beeii on leasehold properties, and business in this line was being discouraged, with the object of confining operations more exclusively to freeholds. The depreciation of property at Te Aroha had caused some anxiety, but the trustees had reason to hope that returningjprosperity to the district as a whole would speedily again warrant an extension of the society's operations. The balance sheet showed, the total receipts to have been £6708 11s, and expenditure £6095 9s sd, leaving £613 Is. 7d now lying in the bank-. During the year £115 18s Id had been written off'as bad debts.

Mr Hume, the Secretary, in reply to a question, stated that £1500, in twelve loans, was due from Te Aroha.

On the motion of Mr Nodder, seconded by Mr Donovan, the report and balancesheet were adopted, and Messrs McGowan and Patterson were, elected to fill the vacancies on the Managing Committee. "

Mr McGowan expressed the opinion fhat the payment of an equivalent to a ten per cent, dividend showed a very satisfactory state, of affairs, and proved that things were not so dull on the Thames as most people thought. c The Secretary said that a demand for freehold property had set in, and affairs on the whole-were improving.

After passing a vote of thanks to the Chairman the meeting rose.