MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Age, Volume XXXII, Issue 10439, 3 October 1911, Page 7

MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

ANNUAL MEETING OF SHAREHOLDERS.

Tire annual meeting of shareholders of the IMafiterfrota Permanent Inv&staniant jamd Building Society was held in the Society's office on Monday afternoon, nine shareholders being present. Thie chair was occupied by Mr J. C. Boddiington (Chairman of Directors.) REPORT AND BALANCE SHEET.

In moving tlie adoption, of the annual report., Mr Boddington stated thaJ the total amount of the Society's loans, as at August 31st last (£48,882) was larger than any previous Ibailaaioe date, with thie exception of .those of 1907 and 1908. During those years building operations were very active in Masterton, and there ( was consequently an extraordinary demand for money for building pur- j poses. Since tlijen, building lias been comparatively slack, and though there has 'been an improvement during the year 191U-11, money tor investment on mortgage has been unusually plentiful, and at has been a. difficult matter to find mortgage securities of a satisfactory nature at a remunerative rate of interest. Applications for loams liova amounted to £12,875, of which £8843 was granted, equal to 68.68 per cent. The directors had had to refuse deposits-. In i tlw.< circumstances it ought to be very satisfactory to shareholders, that the Society lias (been able, to increase its business and pay a dividend of 7£ pe-* cent: Tlie number of capital shareholders in 1910 was 42, and this ' year 41. Tho paid up share® amounted to £16,500 in each year, and the terminating shares to £9613 land £10,573 respectively. The number of borrowers an, 1910 was. 182, and in 1911 203. The total loans' amounted to £47,288 and £48,882 respectively. There were eighty-nine depositors this year, making amounting to £21,047, .against ninety-eight depositors test* year, whose deposits l amounted to £21,606. The total expense of .management this- year amounted to £565, and last year to £584. Tli© net profit® were* £1869 for this year, against £lBlB last year-, the percentage of profits being 7.28 and 7.32 respectively. Applications (for loans arniounting to £12.875 were, rnadei-during the, year. Of this (sum,, £8843 was granted.

Mr Elliott seconded the motion for the adoption, of the report.

Mr Eton, said the bailo-uce sheet seemed to be of a satisfactory nature. The. business appeared to. have (been well conducted. This was shown !by .tli© small attendaaio© a<t the meeting.

The motion was then put and carried

DLRECTOiRS

Messrs J. 0. Boddington and F. C. Lewis, toeing the only candidates, were declared re-elected as Directors of the Society. AUDITORS. Messrs' W. Stellar and J. Milne were re-elected Directors. .THE CHAIRMAN. Mi* Eton congratulated the Chairman aipon having been re-elected a Director. It must be satisfactory to him to know that, after so many years, lie still refrained the-.confidence' of the shareholders.

Mr ißoddangton acknowledged tlie compliment, .and paid a. tribute to the work Hone by the Manager (Mr J. B. Keith).

VOTING AT .ELECTIONS. Mr W. Chamberlain suggested that ir any tutiu-e amendment of the rules, provision 'should be made for the elotion. of Directors on the same onetliod as* is adopted by the- A. and P. Association. The present system of voting by proxy 'was- not .satisfactory, as it did not preserve the sieerecy of the ballot, and permitted of undue pressure.

The Chairman said the Directors had considered the matter, but lad thoaxght that the- expense would' be rather heavy unless the whole of the mfes ware! revised., Mr 'Elliott .stated that it had been decided to give effect to the suggeslon of Mr Chamberlain Avhen the rules were altered. Mir Wags* sMggffted.tbat Mr Chamberlain, give notice of motion in the matter. The Chairman asscred shareholders that the matter would receive attention.

The Secretary stated that the* cost of revising the rules would be about £lo. Mr Eton did not think any necessity hiad been shown, for the alteration of the rules'. The elections had been well conducted in. the .past. The matter was then allowed to drop. THANKS, On the motion of Mr Eton, ,a hearty vote of thank® was passed to the Manager (Mr Keith), .who acknowledged the compliment.