MASTERTON PERMANENT INVESTMENT & BUILDING SOCIETY.

Wairarapa Daily Times, Volume XIII, Issue 4224, 21 September 1892, Page 2

MASTERTON PERMANENT INVESTMENT & BUILDING SOCIETY.

Annual Ming.

The annual meeting of the shareholders in the above Society was held last (Tuesday) ovoning in St Matthew'B schoolroom, Masterton. Pres-ent-Mr J. 0. Boddington (chairmau), A. B. Bunny, J, Macara, J. Payton, H. H. Smith, directors, and a small number of shareholders. The chairman' assumed that ihev would as usual, take the balanoe sheet as read. He noticed that the attendance of shareholders was limited, but this was partly attributable to unfavourable weather and partly that the balance sheet had been read by the shareholders and found to be fairly satisfactory. During the past yearfue directors had continued the cautious policy which had previously guided them. He then briefly referred to the profit and loss account disolosed in the balanoe sheet. A share of three years' standing was allotted a profit of lis 9d as compared with 12s 4d, the amount added by a neighbouring and somewhat older Society. They would have seen that some Now Zealand societies had, during the past year, been unable to d*clare any profits, so that tho position of the Wairarapa societies was by contrast, a very favourable one. He would next refer to the proposals of the Government for taxing Building Societies, From the petitions sent in showing that this tax was one levied mainly on tho poorer olasses, there was some hope of it being remitted. The largest amount that could be charged against the Masterton Society namely £135, could be fairly made a charge against the reserve fund. During the past year the Directors had to face difficulties caused by increased competition in the money market, and they were quite alivoto thenecessity of malting such modifications in their terms of doing business as would meet the altered conditions under whioh they had to work. This would entail certain alterations of the rules which were now under consideration and which would uta proper time be submitted to a sp.oiul meeting of the shareholders, One difficulty met with during the'past year uDder the existing rules was that no provision was made for filling a vacancy when an auditor resigned, Mr Keith having retired on his appointment as manager the directors on the advice of their solicitor appointed Mr Richard Brown to take his place but this action would require to bo confirmed by the meeting. His attention bad been drawn by a shareholder to the omission of a separate entry for arrears of fines and interest in the present balance sheet. The amount of such arrears this year | was £476 5s 4d as against £64912s 8d i for the previous year showing a de- , crease of aJI7B 7s 4d. He trusted in conclusion that members would cooperate with directors by explaining to their friends the advantages of investing in the Society or when they 1 required loans for building or other purposes of taking advantage of the , Society's easy terms of re-payment. He would move that the report and balance sheet be adopted, Mr A. E. Bunny seconded the , motion which was carried unanimously. | Mr W. 6, Beard wished to know in , what part of the balance sbpet the cr- , rears of fines and interest were in- • eluded.

The Chairman said they were inoludtd in the amount of "loans, the securities for which covered them, The point was one small importance, being simply a question of book-keep-ling;

The Rev W. E, Pa ! go inquired as to the amount written off for losses daring the past year. The Chairman rcplitd that it was covered by the sum of £l5O transferred from the Reserve Fund to the Loan Account.

The Rev W. E. Paige did not consider this sufficiently explicit, and expressed a hope that the item would be put in a form for the future which ■would l<e more easily comprehended, Mr Paytou said iliai as a matter of course any suggestion from shareholders at the annual meeting would receive careful consideration from the directors and he waß sure that the feeling of the directors whs in favour , of the fullest publicity (applause), The report and balance sheet were then unanimously adopted, and on the motion of the Rev. W.E, Paige the action of the directors in appointing Mr Richard Brownauditor being confirmed.

Messrs James Macara and J. Payton wero re-ekoted as directors and Messrs R, Brownand E. 5. Waddington re-appointed auditors. A vote of thanks to the directors for their services during the past year, moved by Mr Beard and suitably acknowledged by the Chairman, concluded the business,