MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Daily Times, Volume 3, Issue 868, 8 September 1881, Page 2

MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

The annual meeting of the above Soeiety was held last eveniiis?, Mr J. 0. Boddingtou in the Chair,

The Chairman read the following report present! by tho Directors : The Directors have tho pleasure of submitting ii balance sheet which must.be regarded as very satisfactory, considering the keen competition in the money market and low rates of interest ruling during the past twelve months. It is gratifying to observe that tho Society is advancing in favor with investors, a greater number of shares having been taken up in the past yoar than in any other year since, the formation of the Society, It is also satisfactory to note that in face ef competition the advances made by tl|o Society in 1880-81 have been more than double that of any previous yoar. The Directors trust the shareholders will make their friends acquainted with the balance sheet as an inducement for them to take up shares. Messrs M. Oasoliwg and RM, Galloway retire from the Directory jn accordance with rule IV, and are eligible for re-elec-tion.

The balance sheet attached shewed receipts for the past year to havo been £3,128 lGs 81. Of this sum 148714s 8d was a balance brought forward from last year, A' 537 from fixed deposits, and 1938 9s, 8d from redemption payments. The expenditure included .£2,225 lent on mortgage, and £99 12s lOd, being tho total cost of the management expenses. The net profit 011 (lie years' transaction was £|B9 Us Id,

The Chairman, in moving the adoption of the report, said tljat' tljough the directors congratulated the shareholders on the result of the past year, they expeoted •to do better during tho ooming one, Comparing tho business of the past year with the preceding one, he pointed out that it had increased as regarded loans from £471 to 12223; as regar.led receipts for interest, from £.152 to ,£249; and payments in avrear had been induced from £lB7 to m, all of which facts went, to show that tho Society, as woll as tho town, y/as improving. He hoped' shareholders would 1 draw the attention of tiieh- friends to'the report,' with a view to enlist them in'exteiiding the business of the Society:

TI)o repprt was unanimously adopted, and Messrs. Casojbprg mi<] Galjqway were re-elected directors.'

A cordial vole of thanks was passed to the directors and officers of thp Society for tho efficient maimer in which they had discharged their duties during the, past year, which was acknowledged by Mr Boddington on behalf of the directors and Mr R. Brown on behalf of the officers.

The Chairman intimated that the directors proposed shortly to call the attention of. tho shareholders to some alterations in the rules of the Society, but that for this purpose a special meeting would be necessary. • ■' :'

The meeting (which was fairly well attended by shareholders) then adjourned.