MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

Wairarapa Daily Times, Volume VIII, Issue 2412, 29 September 1886, Page 2

MASTERTON PERMANENT INVESTMENT AND BUILDING SOCIETY.

The annual general meeting of members was held in the Temple Chambers last night, the Chairman, Mr J, C. Buddington presiding. There were about thirty members present. The Secretary read the advertisement calling the meeting. The report and balance sheet having been circulated among the members, it was resolved that they bo taken as read.

The Chairman said the members were no doubt satisfied by perusal of the balance sheet and report that it was tho most satisfactory one they had yet had presented to them. Since they had met last year there had been changes both in the management and offices. They had now a manager whose first duty was to tho Society, and tho consequenco was increased business, The working expenses had, as they would have ohservod, also increasod. In making changes the preliminary expenses would necessarily show an increase, but the working expenses would not bo so heavy during the current year. The £lO debentures (1 B" shares by the roport only showed that £SO had been taken up, but there had since it was published been £SOO more disposed of, and thero vcro promises from applicants to tho extant of £ISOO, as soon iib their money was at liberty. Applications for loans wero coming in very freely indeed, and they should require all the additional capital provided by debenture shares! On referring to the balance sheet they would find receipts from Investment shares amounted to £1274, That was an increase upon last year of 25 per cent. Such all increase as that did appear and he dared say it was satisfactory, but, if membors would try all they could to increaso the business by circulating amongst their friends the bonofita of the Society the increase would speedily double that of last year. He had for tho last three or four years brought that matter before the attention of members at eaoh annual meeting. His remarks on those occasions had been patiently listened to, but had not borne fruit. Only recently had he met with people who had since belonged to the Society, who were utterly ignorant of the advantages to be derived from becoming mombars of their institution. If all present made up their minds to oaoh introduce one now member before their next meeting they would materially help the Society and benefit themselves. Although the increase of business in the part year appeared so satisfactory it was not so much as it should havo boon considering the vast strides Mastorton had mado. They had loans on mortgage amounting to L 4425, and they had made a good start for tho current year, L2OOO having been granted since the balance sheet had been made'up. That, bethought, waß very good for about a month «r six weeks' work. It would thus be aeon that they would be able to employ a large amount of capital, and he hoped they would induce their friends to take up investment or fully paid up sharos. Thoyhad paid oIF matured shares L 1431. Of that sum LB6O was principal and L6OO interest and profit. He thought that showed to every ono very conclusively the large amount of profit there wsb on investment shares. The working expenses having' increased I during the past, year from special causes, and profits having to be divided amongst a larger number of shareholders would account for the smaller amount of ■profit added to each share. They [must not think because ' the profit appeared so much smaller they wero going to the bad at,all. He had referred to that point to anticipate any remark that might be made. Profits fluctuated but they might rest satisfied, shares would

run out us hitherto within the time anti* cipated by the rules,. He compared in detail last years business with former yeara and showed the Society was flourishing. He formally moved the adoption of the report and balance sheet.

Mr J. Vile seconded the motion which was carried unanimously. The following is the report of the Directors Your Directors have pleasure in presenting their balance-sheet for the past year recording a steady progress which will, 110 doubt, be considered satisfactory by shareholders. In the month of May last your late manager, Mr R. Brown, resigned his appointment, and your Directors wero called upon to make new arrangements for the conduct of the business of your Society. They considered the opportunity which was then presented a favorable 0110 for extending aud enlarging their operations, and decided to increase the Manager's salary, to lease a central and convenient oflice in Queen-street, and to augment the capital of the Society by Dobenture Shares. They also granted a bmiuß to their late manager, Mr R. 'Brown, who had served tho Society well and faithfully for a long period, and were fortunate enough to secure as his successor Mi' W, Sellar, who hiiß alroady proved him-' aelf to be a valuable officer. The full benefit securo! by the changes which your Director have effected, is hardly apparent in the balance sheet now ptesouted, as but a short time has elapsed since they were completed, but they have I so far been followed by a marked increase of business, showing conclusively that the progressive stop recently taken has been benoficial to the interests of your Society. The necessary expenses involved by tho changes referred to have caus«d the ccst of management for tho past year to bo hoavier than usual, but after defraying tho special charges which have been incurred, your Directors are enabled to declare a satisfactory profit on last year's transactions. Your Directors confidently expect to do a largo business during the ensuing year, as applications for loans are now coming in freely, and the new Debenture shaves are being taken up, placing tho Society in a position to pro- : vido for all eligible securities which may bii offered. Messrs Jas. Macara and J. Payton, the two retiring Directors, ollor themselves for re-olection. Mr H. Jtl. [ Smith has also been nominated for a seat ion the Directory.-J. 0. Bodpogtok, [ Chairman.

The minutes of two special meotings, which had been held for the purpose of making and 'confirming an alteration to tho rules since the l:iBt annual meeting wero then road and confirmed. Thp election of two Directors was thou proceeded with by ballot, Messrs J. lorns and W, T. Grundy bom appointed scrutineers. Tho result of the ballot was J. Payton 70, J. Macara 7fi, and H, R, Smith 15. The two former were declared duly elected. Mr Payton expressed hia thanks to the Chairman and members for again electing him to servo 011 the Board of Directors. It was a groat satisfaction' aftor working for thorn for throo years to have their confi-

dence in him expressed iu so handsome a manner, He believed both Mr Macara and himself had looked forward to reolection, as they, as far as lay in their power had beeninstrumontalin forwaidiug the interests of tho Society, At the saole time ho was glad to see another candidate in tho field It was a good thing to have a contested election, It was also a |j;ood thing to havo candidates in tho position of Air Smith coming forward for a seat on their Board. He would doall 110 could to forward the progress of tho Society during the uoit throo years. He had, during the past term, assisted to promote the development of the business of the Society 111 new directions, aud should continue to take a deep interest it its prosperity. (Cheers).

Mr Miuara thanked the inembors fov tho proud position in whioli they had placed him, and lie hoped to give them satisfaction in the next term as in the past. (Hoar, hear.) It was the only public thing in the management of which lie took an active part in Masterton. Ho never failed in attending the meetings of directors to soe that the funds were judiciously and well laid out. He, besides investing in the Society hinißolf, did hie best to induco others to do no, He again thanked them.

Nominations were then lakon for tho election of two auditors, Messrs-Joseph lorns and Richard Brown were propped and there being 110 opposition were duly declared elected.

Mr M. Ciisclberg proposed a vote of thanks to the Chairman and Directors for their past services. Mr T. Wagg seconded the motion which was carried unanimously. The Chairman returned thanks, and in doing so took occasion to remark that there was every prospect in tivelvo months time of showing an increased business, It was satisfactory to see such a largo meeting, The extra interest taken was duo to Mr H. H. Smith, to whom thoy ow cd their thanks for coming forward to contest tho olection. It had produced 54 proxies, and tlw attendance ot upwards of thirty members, and great interest had been displayed. The minutes of the meeting :vere read over and assented to, aud Hie mooting closed.