MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Age, Volume XXXII, Issue 10110, 4 October 1910, Page 5

MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

ANNUAL MEETING

The thirty-fourth annual meeting of the Masterton Permanent Investment and Building Society was le'.d j in Murray's Hall on Monday af tt_-r- ---, noon, about twenty shareholders being preent. The chair was occupied bv Mr J. C. Boddington, Chairman of Directors. | REPORT AND BALANCE-SHEET. In moving the adoption of the report and balance-sheet (already published in the Age), the chairman said the document had been in the hands of the shareholders for some weeks. He had no doubt they were all satisfied with the position. Th.> profits shown were larger than those in the previous year. The value of | a ten-year policy in the Society was I shown at £4B 3s l()d. The value of I a similar share in a kindred Society was shown at £46 9s 6d, so that they were nearly £2 better off. The chairman paid a tribute to the Manager (Mr J. B. Keith), whose valuable services to the Society continued to be appreciated by the Directois. He had pleasure in formallv moving^the adoption of the report. Mr E. G. Eton seconded the motion. In doing so hp said that the i position as disclosed by the balances I sheet appeared to be' satisfactory. At the same time he thought that ! the shareholders would have liked to have seen a little larger profit than 7 per cent. The Directors, no doubt, were pursuing a cautious policy.

The motion was then put and carried. ELECTION OF DIRECTORS. The election of three Directors to fill the vacancies caused by the retirement of Messrs A. r! Bunny and James Elliott, and the death of the late Mr Joseph Payton, was then proceeded with. The candidates were Messrs A. R. Bunny, James Elliott, W. B. Chennells, an?.! W. E. Chamberlain. Messrs F. C. Lewis and E. G. Eton were appointed scrutineers. Mr W. B. Chennells, one of the new candidates, stated that he thought it would bo a graceful act if the two retiring Directors, Messrs Bunny and Elliott, were elected without opposition. They had served the Society well for a number of years, and it would be a well-earned compliment if the meeting were, unanimous. He moved tnat Messrs Bunny and Elliott be re-elected. Mr E. G. Eton seconded the resolution, provided the other candidate was agreeable. Mr Chamberlain said he would have been agreeable had it not been that Messrs Bunny and Elliott had identified themselves with a circular issued by Mr Chennells. He thought this a strange attitude to adopt. He could not see that it was a compliment to the retiring Directors to re-elect them. If they had the confidence of. the shareholders, they were sure of re-election. He felt that he had 110 option but to demand a poll. The chairman stated that, the whole of the candidates, in these circumstances, would have to go to tne poll. The resolution of Mr Chennells was thereupon withdrawn. The ballot was then taken, and resulted as follows James Elliott, 135; A. R. Bunny, 131; W. B. Chen- 1 nells, 127; W. E. Chamberlain, 75. Messrs Elliott, Bunny and Chennells. returned ohanks for their election, and Mr Chamberlain expressed thanks to those who had recorded j their votes in his favour. Mi- Cham- I berlain said he deemed it a compli- I ment that his opponents had been j working so assiduously. He thought the methods of election should be I altered, and that they should pro- | ceed fln similar lines to the A. and l l'. Association. Certain shareholders had expressed the opinion that two years ago a larger sum should have been added to the reserve fund. AUDITORS. . I

Messrs W. Sellar and J. Milne were re-elected auditors of the Society. THANKS. On the motion of Mr E. (.!. Eton, seconded by Mr Murray-Jackson, a vote of thanks was passed to the Directors for their past services. The chairman, in acknowledging the vote, stated that the Society had a reserve fund of £'2127, which compared very favourably with that of other societies.

On the motion of Mr J. Macara, seconded by Mr J. Elliott, a hearty vote of thanks was passed to the manager (Mr J. B. Keith). A vote of thanks to the chairman terminated the proceedings.