PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Age, Volume XXX, Issue 8550, 8 October 1907, Page 5

PERMANENT INVESTMENT AND BUILDING SOCIETY.

ANNUAL MEETING.

The annual meeting of the shareholders of the Masterton Permanent Investment and Building Society was held yesterday afternoon. Mr J. C. Boddington, Chairman of Directors, presided, and there were about eleven shareholders present. The report and balance sheet, which have already been published, were taken as read. The Chairman, in moving the adoption of the balance-sheet and report, said that the past year had been the most satisfactory one experienced for some years. At the same time, the Directors would continue their conservative policy* and do a safe and sound business rather than an extensive one. The past five years had been "years of plenty," but still the Directors maintained a cautious policy. The speaker then gave a comparative return for the years ended August 31st, 1906 and August 31st, 1907, as follows: v 1906 1907 Number of "A" and "B" shareholders 120 110 Value of shares £11,629 £11,236' Number of "C" shareholders ' 38 39 Value of shares £IO,OOO £12,500 ' Borrowers 200 214 Loans £44,944 £51,250 | Depositors 80 93 Deposits £20,826 £23,336

Applications for loans 93 72 Amount applied for £22,900 £22,150 Advances made £12.948 £14,587 Deposits received £13,862 £29,795 Deposits withdrawn £13,311 £28,480 Reserve fund £1,477 £1,727 Percentage of profit 8£ 8| Continuing, the Chairman said that the business of the Society had nearly doubled during the past five years, the amount, of loans at the end of each year since 1902 being as follows:—1902, £27,631; 1903. £33,520, increase £5,829; 1904, £36,583, increase £3,063; 1905, £39,653, increase £3,070; 1906, £44,944, increape £5,291; 1907, £51,250, increase £6,306. During the year 250 "C" shares had been issued at a premium of £1 per share, the premium placed to the reserve found on these shares being £250. The investment in deposits had been very much larger than in any previous year, the sum of £29,795, exclusive of renewals, having been received and £28,840 withdrawn. In conclusion, he said the Directors fully appreciated the able manner in which the manager, Mr J. B. Keith, carried out his duties.

The motion was seconded by Mr W. Chamberlain, and carried unanimously. The retiring Directors, Messrs A. R. Bunny and Jas. Elliott, were declared re-elected, as there were no other nominations for the positions. Messrs W. B. Chennftfls and W. Sellar were re-elected auditors on the motion of Mr E. G. Eton. Mi' W. B. Chennells proposed a vote of thanks to the Chairman of Directors and Manager for their services during the past ye„ir. He considered they had to be congratulated on their success during the year. It was very pleasing to the shareholders to know that the Society was progressing, as it was sometimes a difficult matter for a building society to go ahead. The motion was seconded by Mr Eton and carried unanimously. Mr J. Payton mentioned the matter of a ntw building. The present one, he considered, was out of dnte and cramped, and. in his opinion, a new building was required. The Chairman said the Directors had already considered the matter, but were generally of the opinion that the present building was adequate for present requirements. Personally, he could not agree with the views expressed by Mr Payton. < After a brief discussion, the Chairman said that the Directors would look into the question and see what could be done. The meeting closed with, the confirmation of the minutes.