WORKERS' MUTUAL BENEFIT BUILDING SOCIETY.

Wairarapa Age, Volume XXXI, Issue 3067, 11 December 1908, Page 5

WORKERS' MUTUAL BENEFIT BUILDING SOCIETY.

DIRECTORS' TENTH ANNUAL REPORT. FOR ANNUAL MEETING OF SHAREHOLDERS. A SUCCESSFUL YEAR. Following is the text of the tenth annual report of the Masterton Workers' Mutual Benefit Building Society:— The Directors of the Workers' Mutual Benefit Building Society of Masterton have much pleasure in submkting to the shareholders the tenth annual balance sheet.

As will be seen from perusal, the business of the Society has progressed satisfactorily during the past year. The Profit and Loss Account shows a credit balance of £726 lis lid, to which has to be added the amount of £1,656 19s, being the value of the shares bought back by the Society from shareholders withdrawing from the Society; this brings the actual value of the credit in the Profit and Loss Account to £2,383 10s lid, showing an accrued value of £5 6s on each share held by the Society.

The amount of arrears shown on the bala ice sheet appears large, the arrears now showing are mostly due on shares taken up during the last thrje or four years on the double payment system. Since the inception of the Society, over £17,000 has been lent out on mortgage, frte of interest, a fact which shows conclusively the benefits conferred by the Society on its shareholders.

Your Directors wish to remind you that there is still some unsold shares for disposal. It is of the utmost importance to the Society that these shares should be sold, and your Directors feel sure that if the shareholders will take this matter up and recommend the Society to their friends, these shares will soon tie -taken up. Taking into consideration that every person taking up shares now would notjhave to pay the full money value of the shares down on entrance, but by paying 2s per share per week they are entitled to participate in the appropriations equally with the original shareholders. The sum of £2,6] 1 10s has been advanced to shareholders during the present year, and £B6o' 14s has been repaid, leaving £10,817 15s on loan as at August 31st, 1908. Since that date the sum of £1,200 has been allocated.

Twelve meetings of the Directors have been heid, at which the attendance of the Directors was as follows:—R. Krahagen (Chairman) 11, T. S. Cresswell ,11, H. O. Fowles 11, A. H. Gardner 11, J. W. Gordon 10, J. Candy 9, J. Prentice 8, W. H. Cole 8, J. C. Ewington 5, E. E. Chamberlain 2. Mr Chamberlain retired from the Directorate on December 12th last, and Mr W. H. Cole was appointed in his place. Messrs Krahagen, Fowles and Ewington retire from the Board by effluxion of time.

Messrs Krahagen, Fowles and Ewington being eligible, have given due notice of their intention to offer themselves for election as Directors.

Any shareholder wishing to stand for the Directorate must give written notice to the Secretary two clear days before the date of the annual meeting. At the annual meeting the shareholders will also be asked to appoint an auditor for the ensuing year. Mr G. W. Sellar —the shareholders' auditor for the past year—offers himself again as a candidate for that office.

ROBERT KRAHAGEN, Chairman. The annual meeting takes place on Thursday next.