MASTERTON P.I. AND BUILDING SOCIETY.

Wairarapa Daily Times, Volume XVI, Issue 5147, 4 October 1895, Page 2

MASTERTON P.I. AND BUILDING SOCIETY.

ANNUAL MEETING. Tho annual general meeting of the r aboye Society was held last evening. „. Mr J. C. Boddington, ChairmaW •' Directors, presiding. f* In moving the adoption of tho report and balance sheet, the Chairman said they would notice that the volume of business had largely increased as compared with that of tho preceding year. About £28,000 wa» now on loan, moitly in small amounts of under £2OO. Tho securities were very carefully selected, only about 50 per cent, of the applications for loans being granted. Profits had increased, but this time were not quite so large as previously, being 91 per cent, as against 10 per cent, last year, but f compared with other Societies this must be considered a very satisfactory result. The Reserve Fund amounted to about 4 per cent, on capital, and was very carefully invested. They had probably noticed expressions of opinion in the newspapers with regard tn \ the reserve being invested in' similar securities to their ordinary business, and it had been pointed out that it would be safer to investit in Government securities or (hjfr., tures. If this were done the rcSffn on the reserve would only amount to about 3 per cent., whereas under the present system it was much better. If invested at the lower rate, the ' position would not be such a good one as at present, if they believed what ho said that all securities were most carefully selected. Deposits could be taken up to two-thirds of their loan money, but they were well withinlimits,only about £B,OOO beinct held. The matter of" C " shares hai been discussed and it was now fully ' recognised that more of this class of share could bo advantageously issued. The difference between tho "C"shares and the "A" and"B" i n vestment sliares was that the former were permanent, but at the sai&o time provision was made for a repayment of a portion of them at any time it might be found desirable. The expenses of management had ~ been most carefully watched, and had not increased although their business was now much larger. Anagement expenses in 1892 to 17 per cent.; in 1893, to 15 per cent.; in 1894, to 14 J per cent.; and 1895 to 14j per cent. Competition in business was very keen and necessitated very careful management to keep in touch with clients, and it was not such a simple matter to do busi- > ness now as it was a few years ago, Ho would not detain them but move the adoption of the report now before them. Bofore concluding ho had one matter to mention, and that was that they fully recognised that the Socioty was very fortunato in having a very able and efficient manager in Mr J. 11. Koith. Mr J. lorns said he bad much \ pleasure in seconding the adoption of tho report. The motion was thon put and carried.

Messrs J. Macara and J, Payton were re-elected Directors of the Society, on the motion of Mr J. Wickens seconded by Mr J. Carpenter.

Mr Payton, in returning thanks, said both Mr Macara and himself had thought of retiring, hut it having been pointed out that the might suffer if they did so, theylHa consented to again come forward. Both Mr Macara and himself had been so long connected with the Society that they did not altogether wish to givo up an active part in its,' management. 4 Messrs W. B. Chennells and R. Brown were re-elected Auditors of the Society. Mr E, Feist proposed a voto of thanks to the Directors, the Chairman replying on their behalf, It was always satisfactory to receive the thanks of the members for their labors at the end of the year. felt by himself and tho othofl Directors that to lose Messrs Paytou and Macara's services after their long and active connection with the Society would be inadvisable, and ho was glad to see them again como forward. On the motion of Mr W. B. Chennells, a hearty vote of thanks was accorded to Mr J. B, Keith, who suitably replied, '^ The meeting then terminated, no other business coming forward, ''