MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Daily Times, Volume 6, Issue 1797, 25 September 1884, Page 2

MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

The eighth annual meeting of the above Society was held last evening at the office of the Society, There was a good attendance of members. Mr J. C. Boddington, chairman of the directors presided, The Secretary having read the notice convening the meeting the Chairman suggested that the report and balance sheet having been circulated be taken as read. It was gratifying, he said, to find that the present was the largest attendance at any meeting since the Society was inaugurated. They might fairly assume that members were taking a greater interest in its affairs. Their report that year was, in his opinion, the most encouraging one the Society had yet produced, though he was not yet satisfied that they were doing a business commensurate with the growing importance of Masterton, The subscription on investment shares showed an increase of 50 per cent during the past year. He felt sure that if members would only assist the directors in obtaining new shareholders the increase would be more marked during the coming year. They might be satisfied that as an investment their Society compared favorably with

any similar institution in tho colony.' They would observe that their fixed deposits were keeping up and this indicated the confidence that people outside of the' Sooiety had in; it. The interest received shoyvedan increase but fines he was pleased to' observe were very small. Large fines. though profitable did not indicate a satisfactory state of affairs in the community, Coming to the expenditure he referred ; to the small amount down for the shares withdrawn during the past year as a satisfactory item. The advances might have been in excess .of what they had been, but their Directors considered it prudent to reject many applications, which had been tendered to them, The present value of shares contrasted very favourable with table A. The ictual value of a share of eight years was £6 more than the. anticipated value; that meant that the £SO share would mature earlier than the date originally fixed in the rules. The sooiety was now doing a better business than it did on the early stages of its existence. In conclusion he again urged upon all to endeavour to obtain more members to join the society by influencing their friends to support it. He would move the adoption of the report and balance sheet. (Applause.) Mr J. Carpenter seconded the motion for the adoption of the report, and the resolution was put and carried unanimously.

The Chairman said the next business was the election: of two directors. Messrs Caselberg and Galloway were the retiring directors. Messrs Bish and Lowes had also been nominated, He had just received a letter from Mr Bish withdrawing from his candidature so that only three names would have to be balloted for,

Messrs Macara and Payton were then appointed as scrutineers.

The question of whether a married woman could vote was raised, and the Chairman ruled that she could not do do so under their nles. Mr Lowes did not consider that the reading of the by-law supported the Chairman's decision though he did not wish to oppose the ruling of the 'chair.

Mr Bish questioned whether directors could vote as they were debarred from doing so on any point in which they were personally interested.

The Chairman replied that the Directors could vote The objection raised by Mr Bisk only applied to questions connected with the management of the affairs of tbo Society. Proxy papers having been handed in a ballot was taken with the following resultW, Lowes, 41; lIM. Galloway, 26; M. Caselberg, 19. The Chairman declared Messrs Lowes • and Galloway duly elected (applause). Mr Lowes said he found himself in a very unexpected position in the one just declared. He was much obliged to all who had voted for him. The position he occupied on the poll increased his responsibility to serve the Society and do all he could to work up its interests (applause). Mr Galloway felt thankful for his position as second on the poll because he felt a great interest in the Society (Hear! hear!) He had been one of the founders of it, and had taken part in the hard struggle it had to go through during the first few years of its existence when its affairs were at a low ebb. It wad then that he joined as a director and worked without fee or reward. Now that they had got the Society into a very proud position, he felt a great interest in retaining his seat having been associated with the Society from its infancy. He returned his sincere thanks for the votes given to him (applause). Mr Caselberg returned thanks for the position in which he was placed—(a laugh)—which gave him more time to attend to his private business. Without being indifferent to election he had taken no step to secure his return. Ho had canvassed for no proxies. One thing members had lost sight of, and that was the necessity of having as their representatives men with large interests in the Society. He himself was the largest shareholder in the Society and with the largest money value attached to the shares which he held. Still he was glad they had other aspirants for the office, and that others were willing to take a turn at the pump at which he had worked bo long. As the largest shareholder in the society anything which would strengthen it would benefit himself, The society was started by men who were unlikely to make it prosper, so that for the first two years there was an actual loss, But they had now survived all these infantile troubles, They had now a manager who attended to their business, and a Chairman who was most assiduous (applause), and who was entitled to their thanks. He would move a vote of thanks to the Directors, and especially to the Chairman, for their past services.

Mr Bish seconded the motion. In coming forward as a candidate lie was not awaro that anyone else was likely to stand, and was glad to see Mr Lowes nominated, A little opposition was always healthy, and the interest taken in the present meeting was the outcome of Lis action in getting up a contest. The Chairman, on behalf of the directors, acknowledged the compliment paid to them, Such tokens of approbation were always gratifying, Referring to Mr Caselberg's speech he stated that they all owed a debt of gratitude to this member as his name had given the Society stability when it waß in a weak position, and he also had brought to bear on its affairs a good business capacity. He was sure all the directors recognised the assistance Mr Caselberg had given to the Society. He would himself continue to fulfil his duties to the best of his ability. (Applause). Mr Caselberg said he intended to include the manager, in the vote of thanks he had moved. The Chairman said he undeis'ood this. Mr R. Brown acknowledged the compliment. He thought their Society ought to take a first position in the Northern district. (Applause). The election of two auditors was then proceeded with, Mr Mcintosh proposed and Mr

Wickens seconded Messrs W, Sellar and J. lorns as auditors, Carried unanimously, Mr Sellar returned thanks for his re-election, (Applause). Mr lorns expressed his satisfaction at the confidence reposed in him, and hoped to be able to audit a satisfactory t sheet next year, (Hear. hear).. Mr E. Brown proposed a vote of thanks to Mr Mcintosh, the retiring auditor. The work of this officer had been-very arduous in the past. Mr J. Vile seconded the motion, which was carried unanimously, the Chairman confirming the remark made by Mr Brown. -Mr Mcintosh had-very ably discharged his!du'ties (applause,) Mr Mcintosh, said he was gratified to have retained the confidence of the Society for three years, and regretted thatother duties prevented hira fromdevoting further time to serving the Society. .I!

Mr J, "Vile, as an old Director, proposed a vote of thanks to Mr Caselberg who had in the past pushed on the Society to a large extent,: and it was a pity that they had lost his services, Mr Grundy seconded; the motion which was carried amidst applause, Mr Caselberg acknowledging briefly the compliment.

A vote of thanks to the chair was moved by Mr Caselberg and seconded by Mr Lowes, who, in. supporting it, said ho felt almost an interloper in taking the position which Mr Caselberg had so ably'filled for many years, and he would willingly consent to take the ballot over again if such a course would reverse the decision of tho poll just taken. The Chairman again reminded the members that where they wanted their assistance was in their getting their friends to take up new shares, Some people had said that ten yeais was a long time for shares to mature, but if it was too long shareholders could withdraw at any time, though by premature withdrawal they forfeited a certain amount of profit. There was no other investment where small saving would accumulate so rapidly as in a Building Society, . . The meeting then adjourned.