TUAPEKA BUILDING SOCIETY.

Tuapeka Times, Volume I, Issue 11, 25 April 1868, Page 2

TUAPEKA BUILDING SOCIETY.

The first annual meeting of the shareholders of the Tuapeka Mutual Building and Investment Society, to receive tfifc Report of the Committee of Management, &c, was held on Friday evening last, the 17th instant. The President (H. Bastings, Esq.) opened the business by reading the following report for the past fifteen months :—: — In presenting the first report of the Financial statement of the Society, your Committee have much 'pleasure' in congratulating the share* holders upon the very satisfactory state of thii undertaking; and have no doubt that it Trill, within a reasonable term, be wound up in » moat satisfactory manner; In. drawing your attention to the Financial Statement of the past fifteen months, your Committee have to report that the total number of Shareholders at .present constituting- the So- - ciety is 102, representing a total of 502 shares, of which 56 have been borrowed ; the premiums on which have rea Used to the Society the sum of £1023 10s., being an average of £18 ss. 7d. per share ; while the total investment* amount to £3269 Is. Bd. To attain this end, your Committee found it necessary to apply to the Bank of New Zealand for an overdraft of £500, partly upon their personal security, and partly upon that of the Trustees; and for which overdraft, and the liberal terms upon which it was allowed, your Committee have to express its thanks, on behalf of the Society. Upon reference to the balance sheet, it will be found that the amount of assets over liabilities is £1186 Is. 2d., which, when divided by the number of shares in the Society (502), wiu show a net profit per share of £2- 7s. 3d, In conclusion, your Committee beg- leave to state that they have been particularly cautious in regard to the securities that have been offered for their acceptance. The Balance Sheet and Statement for the past fi/teen months, duly audited, are also attached hereto, and will, your Committee, trust, prove satisfactory. Hobace Bastings (On behalf of the Committee),. It was then moved by Mr. Morrison, and seconded by Mr, Henderson — "That the Report be received and adopted.,'* Carried. The- Financial Statement and Balance Sheet were then read and explained to the Shareholders. These being adopted, Mr. Donovan passed an eulogium upon the Directors, for- the satisfactory way in which the affairs of the Society had. been conducted from its commencement. The President then stated that the Committee was entitled to the approbation of the Shareholders, for- the s,tate^ ment brought up- The Society was one of the moat successful of any known to. him, even in the palmy days of Victoria, and he had every confidence in its going on satisfactorily. 4 The President then informed! the meeting that five of the Directors who held: office for the paafc fifteen months should, in accordance with the rules of the So-* ciety* retire, so that five others, may be. elected in their stead. The retiring directors were — Messrs, Marshall, Jefifery, Batfey, Arthur, and M'Nictte. The following shareholders were then; nominated for the five vacancies— Messrs, Bryaat, M'Nickle, Walker, Parker* W, G. Anderson^ Mears, H.ajrron, an.d. MorrU son t Proposed by Mr. Tolcher-, and seconded; by Mr. Wilson—" That the ballot be the mode of voting," Carried. The result of the voting was as follows — Bryant, 26; M'Nickle, 20 ; Walker, 21 j Parker, 19 ; Etendeßßom, 19 ; W. G. Anderson, 14 ; Mears, 15 ; Harrop, 10 j Morrison, 6. The first six named gentlemen were therefoj-e declared duly elected^ The resignation of Mr. G. B. Yause, as. Vice-President of the Society, was then handed in, as Mr. Vause had removed to a lather inconvenient distance from the town, he could not attend the meetings so regularly as would be necessary. Mr-. Mears., proposed, , and Mr. A, M'Nicol seconded — " T^iat Mr: Wm. M'Nickle be appointed Vice-Prenident, instead of Mr. G. B- Yaujse, resigned.** Carried. The meeting then closed.