MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Age, Volume XXXI, Issue 3010, 6 October 1908, Page 5

MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

ANNUAL MEETING. The annual meeting of the Masterton Permantnt Investment and Building Society was held yesterday after£ooi, Mr J. C. Boddington (Chairman of Director-) presiding. About a' oozen mtrubers were present. The Chairman, in moving the adoption of the annual report and balance-sbret, made a few comments on the position of the Society. Mr Boddington said: "The Society has materially improved its position in the last three years, as the following statement will show: — 1008 ICCS s. d, £ s. d. Value of "A" shares 11 years year 3 old ... 51 9 3 4) il 9 Net profits divided 192-1. 19 8 1335 11 10 Per centage ... 8.89 7.31 Reserve Fund ... 1977 0 0 1098 0 0 The total loans stojd a. b lance dates as under: — 1905 £39,653 1906 £44,944 1907 £51,250 1908 £53,023 From the above it will be seen that the increase in business for the past year has been much smaller than for the immediately preceding years. The Directors have rtcogniaeu that the times were not opportune for a large expansion of business, and that it will be necessary to increase the permanent capital of the Society to enable it to progress on safe lines. A further issujg of fully paid-up shares is accordingly being offered. The Society is well within its legal limit of borrowing. Deposits and Bank Overdraft, August 31st, 1908, £26,804; authorised limit (two thirds; of £53,9u0), £35,930. The Society now ranks among the most important in the Dominion. Out of the 100 Societies registered, there were only one according to last published statistics, the aggregate advances of which exceeded £50,000. Number of A and B shareholders, 1908, 112; 1907, 110. Value of shares, 1908, £9,252; 1907, £11,236. Number of C shareholders, 1908, 41; 1907, 39. Value of share?, 1908, £15,000; 1907, £12,500. Number of borrowers, 1908, 204; 1907, 214. Amour.t of loans, 1908, £53,023; 1907, i 51,250. Number of depository, 1908, 86; 1907, 93. Deposits, 1908, £22,417; 1907, £23,336. Applications for loans, 1908, 61; 1907, 72. Amount applied for, 1908, £19,800: 1997, £22,100. Advances made (a trifle ovpr 50 per cent.), 190b, £10,662; 1907, £12,948. Deports withdrawn, 1908, £26,315; If 07, £28,480. Deposits receive.l, 19U8, £24,311; 1907, £29,795. Reserve fund, 1908, £1,977; 1907, £1,,727. Percentage of profit, 1908, 8.89; 1907, 8.76. These figures show that your Directors are continuing their cautious policy of the past, and the soundness of their business is illua-» trated. by the fact that nothing has been written off for years for bad debts, nor has it been necessary t<? n j«ke any appropriation in anticipation. Under circumstances, you may rest assured that the net profit of 8.89 per cent —almost 9 t>er cent —has been truly earned. In conclusion, I have again much pleasure ia voicing the Directors appreciation of the valuable services of Mr Keith as Manager of your Society—which I feel assured is fully endorsed by all the members. Mr E. G. Eton seconded the motion to adopt the report and balancesheet, stating in doing so that the Society was to be congratulated on the position disclosed. The motion was carried without discussion. , There being no opposition offered to the re-election of Messrs J. C. Boddington and F. C. Lewis on the directorate, both were duly declared returned. , The re-elected directors briefly returned thanks. Messrs W B. Chennells and W. Sellar were re-elected auditors. Mr E. G. Eton moved that the Manager (Mr J. B. Keith), be accorded a hearty vote of thanks for his services during the year. The mover thought the Society was greatly indebted to Mr Keith for the splendid financial results accruing during the past year. The motion was carried unanimously. Mr Keith made a suitable speech in reply.