MASTERTON PERMANENT INVESTMENT & BUILDING SOCIETY.

Wairarapa Age, Volume XXXII, Issue 9612, 5 October 1909, Page 6

MASTERTON PERMANENT INVESTMENT & BUILDING SOCIETY.

ANNUAL MEETING. The annual meeting of the Masterton Permanent Investment and Building Society was held yesterday afternoon. Mr J. C. Boddington (Chairman of Directors) presiding. The chairman, in moving the adoption of the annual report and balance sheet, said:—"The factor that has chiefly influenced the Society's business during the past year has been the scarcity of money. Not only has it Deen necessary to increase the rate of interest on deposits by I per cent., but there has been unusual difficulty in obtaining deposits, and it has been necessary for time to time--in view of such difficulty to keep money idle from time to time in order to meet engagements and to provide for possible withdrawal. 0 . The permanent capital of the Society has been increased during the [year by £1,500 by the issue of 150 fully paid up shares of £lO at a premium of £1 per 3hare, and now stands at £16,500. The terminating share capital at the close of the financial year was £9,000, from which his now to be deducted £2,432 for shares matured. While the Society's profits suffered on account of the higher rate paid for deposits, there was little corresponding gain from tha higher rate of interest obtainable for advances, aa the total loans for the year only amounted to £1,700. Your Directors having considered it advisable to restrict business, so as to be fully prepared, as far as possible, for all eventualities caused by the depression. The decrease in the profit for the year 7.71 per cent., for 1908 9, as against 8.89 per cent, for 1907 B,is accounted for by :—l. The higher rate of interest paid for deposits, 2. The necessity for keeping money idle from time to time. 3. The large proportion of shareholders" capital employed as compared with borrowed capital The total borrowed capital employed at 31st August, 1908 was:—Deposits £22,418; Bank overdraft, £4,386; total £26,804. At3lst August last it was:—Deposits £23,112; Less Bank credit balance £2,7a1; total £20,391. The stringency in the money market is no longer so pronounced as it was, and deposits are now offering more freely. Altogether present conditions point to the probability of better profits for the ensuing year. The ausiness of the Society ia a thoroughly sound one, having always aeen conducted on conservative ines. I conclusion I can only repeat vhat I have po* often said, and what you are all well aware of, ;hat the Society is very fortunate n having the services of so able md safe a manager as Mr Keith." Mi E. G. Eton seconded the of the report and balance iheet, stating in doing so that the society was to be congratulated on , he position disclosed.

f The motion was carried without discussion. The retiring Directors, Messrs Joseph Pajton and Jaa. Macara, were re elected unopposed. Mr Payton, in returning thanks on behalf of the newly elected directors, said it was a pleasure to be associated #ith a Society which they knew to be perfectly safe, and which for a generation past had never paid less than seven per cent. On the motion of Mr Eton, seconded by Mr J. Carpenter, Messrs W. B. Chennells and W. Sellar were reelected auditors. Mr Eton moved a hearty vote of thanks to the Directors for the able manner in which the affairs of the institution had been conducted during the year. The motion was carried unanimously. Mr J. C. Boddington, in acknowledging the vote of thanks said that the directors always took the greatest interest m the Society. One thing they prided themselves on was their cautious management, aa the result of the past year's working showed At the same time he thought the thanks of the shareholders were due to their manager (Mr Keith), who always had tha welfare of the institution at heart. On the motion of Mr Carpenter, seconded by Mr Eton, a hearty vote of thanks was accorded to Mr Keith and his staff. Mr Keith, in responding, said that after seventeen years service with the Society he was pleased to be able to state with confidence that the Society was in a stronger position now than it had ever been before.