MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Daily Times, Volume 4, Issue 1187, 23 September 1882, Page 2

MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

| The annual general meeting of the above I Society : vras.held last evening, when there | was. a much larger attendance of shareholders than oil any previous occasion. Mr J.- O. Boddington, chairman of Directors proslded. The following report with j and adopted The Directors have tho pleasure of submit-' I ting a.balance sheet of a very satisfactory! naturo. The Society is steadily advancing J the numbarof investing shareholders show irig a jnarked increase on previous years, bu [ mnckmoro might be done in this respect i" the shareholders would bring the advantages of joining the Society prominently under ihe j njtice,o{ jl(eir,friea(la,V As evidence of the fayor'with 'wliicli it is regarded, it is gratifying to find that a number of shares have during the year jftit closed.' The of-the Society under "The Building Societies Act, 1880,"

s now compute, ana the rules of the Society liaVo btwi entirely remodelled and extsndcd,,thus giving inoroheed benefits to shareholders; and enabling tl-e Society to eularge its bußihess. • After providing {or tho reservo fund, as set forth in the rules, tliebm of'£9t 5/7 d net profit has been divided'amorig (?no hundred and tweuty-one shares ofithrecjears' duration, making 15s 7d per share as against 9s (id in the previous year. Messrs J. Boddington and A. R. Bunny retiro.fmm, the ..Directory,, but are eligible for re-olectioa. Tho Chairman in moving the adoption of - the report,., congratulated he shareholders on' the' advance the Society was making &B shown by the advance on last year's'proceedings, They had had a number of applications for loans aiid a great increase of fixed deposits. He urged shareholder to bring the baluuce sheet under the nntice.of. their Wends and point out to them the fact lhat by' placing their money .in Savings Bank they; only received per cent, interest, while by investing in shares - of 5s per monili in this' Society they secured an interest nf between 18 and 14 per cent.; Messrs Boddington and' Bunny were then re-elec ; ed • direcliirs,, and Messrs Sellar and Mclntiwb auditors, 1 the fee for •lie latter to be two guineas, each for the future. A fee of lOj* eaolrpar* : niu'eting was voted to the directors, a nmtion to make the fee 21s being withdrawn "on I lie suggestion of the chairman,,, Voles of' tlianks 'were, passed to 'the manager (Mr R. Brow,n), to the directors, and to the cli.iirman. Mr Brown in acknowledging the voto to himself, said he felt sure the share* holders only'required to make the benefits of the Society more widely known lo double its business. The chairman in putting the vole of thanks to Mr Brown to tho moeting, expressed thepleasuvehe felt in doing bo, ' Mr Brown had taken a great interest in the Society, and his accounts had been plaaed before Hie auditors in a very satisfactory manner. In acknowledging the vote to the directors,, the chairman said tliey would be pleased to know that tho shareholders had confidence in tliein. • In acknowledging the compliment to himself, he said lie had taken a great deal of interest in the Society. About three years ago it had been proposed to amalgamate it with tho Greytoivn one; he was not a shareholder then, but on being consulted by «ome of tho directors, he hud strongly opposed the i roposal, and expressed an opinion that the Masterton Society could stand on its own, bo'tom, and '.ultimately reach the Bame pmpntions as the Greytown one His experience as adireotor for the past three veara had confirmed the view he then took, and the balance sheet showed the rapid stiides the Society was making in advance'. (Applause). The minutes having been read and confirmed the meeting adjourned."