MUTUAL BENEFIT, BUILDING AND INVESTMENT SOCIETY OF CANTERBURY (PERMANENT).

Globe, Volume IV, Issue 437, 6 November 1875, Page 3

MUTUAL BENEFIT, BUILDING AND INVESTMENT SOCIETY OF CANTERBURY (PERMANENT).

The third annual meeting of shareholders was held last evening, in the Congregational schoolroom. There was a very small attendance. Mr J. P. Jameson was voted to the chair, and read the advertisement calling the meeting. The minutes and report of the last annual meeting were read and confirmed. The secretary then read the following annual report and financial statement; — “ Report for presentation to the third annual general meeting of shareholders, to beheld on Friday, sth November, 1875 “ The Directors, in presenting the third annual report of the Society's business, are happy to be able to record its steady progress. “ During the past year it was found expedient, in the interests of the Society, to make certain alterations in the rules and scale of repayments, which were passed at a general meeting of shareholders, held on the sth July, in accordance with Rule 47. “ The report now submitted brings the Society to the close of its third financial year, and therefore, pursuant to Rule 12, an allocation of three-fourths of the ascertained profits has to be made equitably over all the members of three years’ standing. The amount found to be due to shareholders of three years’ standing is 16s 8d per share, and the balance reserved to shareholders of two years’ standing, is 5s sd. “The directors are pleased to be able to state that no loss has been sustained, and they are also able to report the arrears to be inconsiderable^ “Annexed hereto will be found the financial account, the profit and loss account, and the balance-sheet of the society, duly audited, from which the shareholders will perceive the society is in a sound financial condition.

“ In the last annual report, it was intimated that it was found necessary to curtail the operations of the society, owing to the advance in the money market. The directors are now happy to state that they are again in a position to advance money to borrowers.

“ The directors who retire in accordance with the rules are Messrs Wilson, Duncan, an 1 Sawtell. “ The duly qualified shareholders, who have given the required notice that they are candidates for these vacancies, are Messrs W. Wilson, A. Duncan, H. Sawtell, Geo Booth. By order of the Board, W. Wilson, Chairman.”

The financial statement for the year showed receipts to have been £30,139 Us lOd, and disbursements £26,582 Os 3d, and balance due to bank at 13th October, 1874, £3557 Us 7d. The profit and loss account for the three years ending 13th October, 1875, amounted on the Dr side (inclusive of £lslß 2s balance of profit) to £2946 Os Bd, the Cr side being brougnt up by £962 8s 10.1; balance from last year, £lßl7 2s 4d interest

received, entrance and application fees, &c. The balance sheet to same date showed liabilities £21,244 10s 2d, and the assets, amount of loans on mortgage, less interest repaid, £21,220 5s 8d ; office furniture, &c, £24 4s 6d. After some remarks from the chairman on the satisfactory nature of the report and the sound Jcoadition of the society’s affairs, he mentioned that the Rev W. J. Habens had kindly made the calculations under which the profits had been allocated to the shareholders. He (the chairman) would beg to move the adoption of the report, but before it was seconded he would be happy to answer any questions. In reply to Mr T. B. Craig, The chairman said there were 1104 shareholders at 5s 5d and 1010 at 16s Bd, In reply to the same gentleman, The chairman said that borrowing shareholders of three years’ standing had the same amount apportioned to them as to investing members. Mr Craig disagreed with the allotment of the 5s 5d and 16s Bd, and considered the profits should be apportioned according to rule 31—equitably between the borrowers and the investors. At the request of the chairman, The Rev Mr Habens, who remarked he had no interest in the society, explained the principle on which he had allocated the the profits on the data forwarded to him by the directors, and had applied the profits in the same proportion as the interest had been applied. After a discussion of a conversational nature, Mr Booth seconded the adoption of the report. After some further remarks, at the sugguestion of Mr Habens the report was adopted, the whole of the words after the word “ equitably” in the third clause of the report j eferring to the distribution of members being excised, Mr Habens undertaking to readjust the profits as between borrower and investor. Mr Craig moved —“ That the actuary be requested to include in his adjustment a reserve of profit for all shareholders of one year’s standing.” Mr Carrick seconded the motion. Mr Cunningham did not think, however fair the resolution, that the meeting could pass it, as before doing so legally, rule 12 would have to be altered. It was ultimately resolved that the motion should be withdrawn, and this matter remitted to the directors for their reconsideration. A ballot then took place for the election of directors, at the close of which the chairman declared Messrs Duncan, Sawtell, and Booth, to be elected for the ensuing twelve months. Mr Garrick was re-elected shareholder’s auditor. On the motion of Mr Carrick, a vote of thanks was passed to the retiling directors. After a vote of thanks to the chairman, the meeting adjourned.