ANNUAL MEETING

Wairarapa Age, Volume XXXI, Issue 10716, 8 October 1912, Page 6

ANNUAL MEETING

AIASTISUTOX L'EKMAXKNT IXYESUUKXT .AM) HUU,i)i:SG SOC'ifiTi'. Tiie anmial meeting of shareholders of the Jvlasterbon Permanent investment "iiiul Building Society was he!:l ' in the oliiees yesiorday afternoon. There was a fair attendance, over which the managing director (Mr J. j C. Boddington) presided. j Tlie annual report and balance- ' sheet were ro.id. in moving the adoption, the chairman .said:— "The amount invested in mortgage securities (£."> 1,480) is the largest sinoe the establishment of' the Society at any balance date, with the single exception of 1908 (at which time building operations had been abnormally active) when the amount was £<53,023. Building operations have not been vi'.ry active, in. .Mastcrt-on during iho past year, and the demand for money cy, the. class of security required by the Society has been limited. On the other hand, money has ; not been offering bn deposit >.(v freely as in the past. The banks raised their rate of interest on deposits during the year by £ per cent, and the current rate of interest for mort-

gage securities is now quite 1. per cent higher than it was a year ago. As hir as it is possible to judge, it is not likely that there will-.bo any reduction in present rntss for .sonic time to come. The business of the Society is in a sound and satisfactory state, and the prospects are that the dividend for next year should be at least as go>d as this year's." Mr Boddington also spoke in appreciatory terms of the work done bv the ■manager (Mr J. \i, Keith), whose .business acumen and eautinn had been of invaluable service to the diree!tors. Mr E. G. Eton, in seconding the motion, paid a tribute to the directors and manager l')r their past services. The moticn was carrjpd unanimously. Tiiere being no other candidates, the retiring directors (Messrs .lames Macara and W. I>. C'hennolls) were declared re-elected, u. On the motion of Xw J. Carpenter, seconded by Mr McKeny.ie, the retiring auditors (Messrs J.-Milne and ! \Y. Cellar) wi'rc re-elected. I On the motion of Mr F/t'-n. hearty i votes of thanks were passed to the directors and manager, which were suitably acknowledged.