MASTERTON PERMANENT INVESTMENT SOCIETY.

Wairarapa Daily Times, Volume IX, Issue 2708, 23 September 1887, Page 3

MASTERTON PERMANENT INVESTMENT SOCIETY.

The'annual general meeting of tho ? shareholders in the above Sooiety was held last evoning (Thursday). There were twenty members present, MlJ. C. Boddington (chairman of Directors) presiding. •The balance sheet and report which •had been circulated among the shareMders, were taken as read. TWilie' Chairman in moving their adaption, said that the past years work-was of a gratifying nature, the 'directors being well satisfied with the : results. The large increase in the business had shown conclusively that tho directors were justified in entering upon' the progressive policy announced •last year, In comparing the, business of the past year they, would find that the subscriptions 6n fnvestment share had increased 20 per cent, the amount paid being'£ls3l as against £1275 of ■ the previous year, He thought there was still room for a greater increase, and that there were numbers who did liot appreciate the advantage of them. "During tho year new capital shares been issued to the extent of £HSO fixed deposits to the amount of had been received, thus enabling'the Society 'to increase , its advances,- which amounted for the year to £6983, against £4425 of the previous-year, an advance of 50 per cent.;' The profit ,and loss account fMwed the profits to be .up to the averfs and slightly above; last, yea'iy 18s Bd-sef share being ; added against 15s tHe> previous year;.: There had been "an : %'ereaso • of-' 126 Livestjfleht _ ShaiePJoHng' 'tlw year.; Ell loolurig- ov#ih'e' Government. returns of different Societies in New Zealand, he fptirid that Masterton'was credited with 127 shareholders, holding 419 had 120 holding 875 shares, j 'He thought tho business of the former was on a more reliable basis as .the

large shareholderf-might remain in a Society for. a time, and then withdraw •. iwliereas 'they could confidently expect the --smaller ones remain. The working expenses showed a -small during the past year, tailing ■ ffrto ..the copsideration the: business d<jne, but ; of tbip,; he explained, that - there. was. a fluctuation,' according to' tla'e requirements of the office. He read statistics showing the progress .of, the Society in its different brariohes.from its commencement, and , tgjj&d' a liigh compliment upon the Mager, Mr %. .Sellar, - through whose energy the Society had made auch'progress during the past year, and thought that they might expect a similar increase during the current t arm, He explained .that the Directors had under consideration the rejilistributionof profits "on a different basis, and 'they woiild, if necessary take, a vote oli the= shareholders upon the-.question^ Mr Grundy,,in seconding ike adoption of the report, expressed on behalf 4 -JfcLe shareholders generally. extifto pleftsuro at tho position of th»

j Society, the business done, and the gratifying state of things in general. Mr W. G. Beard called attention to. the impression among investment shareholders that the B. capital shares were making moro out of the Society than the investment shares,.the former, malting .15 per ' cent,- and the' others 'barely over 12 percent. He would also lilco to know if • tho directors. would, issue now. B. capital shares, .an the. report stated that they intended'to do so, during the coming year. ; ; ~ ..

The. , Chairman explained • that investment shares of three years standing were ..receiving 16 per cent, whereas the B capital shares were only- credited with 13 per cent, the fprrner were. allotted profits to the full amount, and the latter received two thirds, If tho proposed alteration were adopted in the distribution of profits it would place all on a more equitable footing. With regard to the. issuing, of. new shareß, -ho explained that it was not proposed to place a greater number than was nocessary to consolidate the position of the Society. If the capital shares had not. been issued, it would not have- altered the position of things as, far as the investment' shareholders were ooncerned. Mr Beard considered that if the new .shares had not beon issued a greater amount.of. profit would, have been realised. They were evidently going outsido the intention of the Society, which was for investment shareholders to reap benefits, whereas the capital shares were getting it. The Chairman pointed out that the majority of the investment shares were receiving 16 per cent, and the other 13 per cent. The Society had found it necessary to.provide forits increasing business by issuing new shares. They were merely following in tho footsteps or older societies, who had found the plan very successful.

Mr- Redman thought the issue of the shares prejudicial to theintersets of the Society, and argued that if they were going to introduce new features they should keep separate accounts so that the profit of oach could be distinct.

Mr Lowes pointed out that the Society required more capital to carry on their business, and that the shares had been issued to meet the demands of the borrowing community. Tho investment shareholders reaping the benefit of the increased capital, which added considerably' to the profits of the Society. Ho was not in favor of seperating two branches of the business as suggested by Mr Redman, as it .would cause extra. trouble and he could not see what good would result from it.

In answer to the Rev W.E.Paige, the Chairman stated that the amount of the new capital had moro than paid the interest allotted to it, and had added to tho Society's funds, • Mr Grundy said that the discussion pointed out that a more equitable division of profit was desirable. Mr Lowes remarked that if there was no profits earned, with the B. capital shares money, those shareholders did not receive, any. The Society were not bound to give them any fixed amount, Mr Beard contended that uuless separate amounts were kept they could not tell what the profits wore He quite agreed with the 'issuing of new shares providing the interest was paid pro rata, as he considered that thoso who had been m the Society longest should got most interest. The report and balance sheet was then adopted, Messrs W. Lowes and R. M, Galloway were re-elected directors. It was resolved that the Auditors fees be raised to five guineas each, and Messrs J. lorns and F. T. Redman were elected to that office.

■ It was resolved on the motion of the Rev. W. E. Paige, and seconded by Mr Grundy that the directors foes be increased from £36 to £54 a year; tho proposer pointing out that 'the increase of business, which now reached to about £IB,OOO a year, warranted the shareholders in recognising the great amount of thought and assiduity that devolved upon the directors in transacting the affairs of the' Society. ilr R, Brown tho retiring auditor informed the meeting that the securities held by the Society were all first class, and advocated that tho whole of the Investment shares should participate in tho profits instead of the new ones having to wait three years, as at present. .Votes of thanks were accorded the Chairman, Directors, Manager, and Auditors and the meeting adjourned.