REPORT OF THE COMMITTEE OF ENT BUILDING SOCIETY OF OTAGO.

Tuapeka Times, Volume VII, Issue 337, 11 March 1874, Page 3

REPORT OF THE COMMITTEE OF ENT BUILDING SOCIETY OF OTAGO.

PRESENTED AT THE TENTH ANNUAL MEETING

OP THE SOCIETY, 'FEBRUARY 27th, 1874.

Thfi past year.. has been characterised by increased activity in building, and in the demand for money for reproductive purposes; and in spite of increased competition," your Committee are able to report that a good remunerative business haß been done by this Society. During the year the rates for advances have necessarily been lowered, in consequence of the publication of Tables by several other Societies based on a seven and a half per cent, rate of interest. To meet this competition your Committee have adopted a new Table (a copy-ot -winch is appended to this Report), at a mean of the reduced rates charged elsewhere. On the other hand they have been able to obtain money on debenture at very favorable rates, and a large number of Class A Shares have been issued at a premium of 3 per cent, per annum. Your Committee has thus been enabled to continue the operalions of the Society at reduced rates without any diminution of profit to Shareholders. In fact, the Bonus on Shares iv the PermanentSeries for the past year is much larger than that declared at the last Annual Balance, whilst the other Series have equally participated in the success of the Society. First Series. — Payments of subscriptions and redemptions in this Scries ceased with the November meeting of the Society last year, and the securities for recent investments were realized, and the full sum of £60 per share paid to shareholders during the current month. There remains ou an adjustment of the affairs of the Series, a sum of £141 9s 6d. being surplus of profits. This will, after paying the expenses of winding-up, return 12s. 6d. per share to the holders of the shares lately realized. Your Committee believe that the realisation of this scries, which has been greatly advanced by the recent changes in the constitution of the Society, will compare favorably with that of any terminating society which has existed in Dunedin. ,

Second Series. — The funds of this series have, during the past year, been wholly invested through the medium of the permanent series, no shareholder having sought an advance. The number of shares has been reduced by withdrawals and by the foreclosure of a mortgage to 204. These shares are in a great number of hands, being held chiefly by shareholders in the country in small lots. This circumstance has induced the Committee to take no further steps to induce shareholders to exchange them for those of class B ; and, except for convenience in keeping the accounts of the Society, there does not appear to be any valid reason for further urging this course on the holders of these shares. The amount at the credit of the Profit and Loss Account of this scr^s is now £533 15s. lid., equ«il to £2 12s. Id. per share.

Permanrnt Series. — During the past year investments on mortgage have boen made to the amount of £9380, and £107 2s. has been advanced on security of paid-up shares. After paying 9 per cent, interest to holders of class A shares of the early issue, and crediting the holders of shares in class B with profits in accordance with the Society's tables, there remains a surplus profit of £260 7s. 3d. In compliance with the rules, one-half of this will be placed to the credit of a reserve called the guarantee fund, and the remainder will be apportioned to the payment of a bonus of 1J per cent, to the shareholders. Thus the profits of the year yield interest at the rate of 12 per cent, per annum on the moneys of shareholders invested in the Society, and 10£ per cent is actually divided; shareholders being further entitled to their proportion of the future divisions of the Reserve Fund.

Holloway's Pills. — Good Digeston. — Holloway's Pills are universally acknowledged to be the safest, speediest, and best corrective for indigestion ; loss of appetite acidity, flatulence, and nausea are but few of the incoveniences which are remedied with ease by these purifying Pills. They strike at the root of all abdominal ailments, they excite in the stomach a propor secretion of gastric juice, and regulate the action of the liver thereby promoting a copious supply of pure, wholesome bile without which there can be co good digestion. These Pills remove all distention and oi struction, and from their harmless composition are peculiarly well adapted for delicate persons and young children ; whilst casting out impurities they strengthen the system and give muscular tone.

There are it is thought, about 8000 girls employed in America in the manufacture of paper collars, one-fourth of which are under fifteen years of age. The youngest children bend the collars and perform many other simple details of the work. The swiftness and skill attained by some of the older girls in counting and putting up the collars is truly astonishing. One whom I saw at work counts and boxes 20,000 in a day of ten hours. Another whose business it is to paste lining on the button-holes of the collars, three on each, line 5000 as a day's work. The making of paper boxes employes at least 10,000 children — • ' Paper Makers Journal. " A man should not be measured by his possessions of gifts, but by the use he makes of them. Some people say that dark -haired women marry first. We differ ; it's the light-head-ed ones. • " The custom of throwing rice after a bride is Chinese." The custom of throwing the poker or bootjack after her is one of the Christian observances of civilised communities.