Manawatn Permanent Equltable Building and Investment Society.

Manawatu Standard, Volume IX, Issue 11, 17 April 1885, Page 3

Manawatn Permanent Equltable Building and Investment Society.

The ninth annual meeting of investors wasjieldin the Town Hall, this afternoon. Present : Messrs Waldegrave, Linton, Podevin, Jno. and Fred Wowlem, Palmerson, McNeil, Keeling, Phillips and Walker. The chairman (Mr D. H. Macarthur) opened the proceedings by reading the advertisement convening the meeting. The minutes of last annual meeting ■were read and confirmed, i The Chairman next proposed that the report and balance sheet be taken as read. i report. I The Directors have once more the pleasure, m presenting the Ninth Annual -Report and Balance-sheet, to congratulate the shareholders upon the continued success of the Society. 1 The first issue of shares, as anticipated, matured at the close of the past year, and the sum of jjoO per share is credited to the holders m that series. During the current year ■the second (and probably the third) ssries will likewise be completed and paid off. The net profit realised for the year is £2068. A sum ot ,£1492 has alxeady been credited to shareholders as interest at the rate of £7 per centum, m j accordance with the rules, and your Directors recommended that a bonus of £5 per cent, m addition, upon the value of a share at the beginning of the past financial year, be declared, absorbing a further sum of iG34. The value of investment shares capitalised and withdrawn during the year amounts to £958, and the advances on mortgage for the same period to j£5948. The transactions under the latter head do not aggregate to the total of the previous year, but your i Directors are satisfied that so much care I has been exercised m each case that they can confidently affirm that the investments are of a first-class character, and afford a large margin for any possible reduction m value. It will be necessary to appoint four Directors and two Auditors. Two of the retiring Directors, Messrs H. McNeil and J. Walegrave, offer themselves for re-election. Mr J. Lintou and Mr J. R. Blair are candidates for the remaining two vacancies. Messrs Beattie and Keeling have intimated their intention of again seeking office as Auditors. Carried unanimously, also that the same he adopted, seconded by Mr F. Mowlem. The seconder wished to know what the item of £12 for caretaker* wages referred to, and was informed the liability was incurred m connection with the opening of a branch at Feilding and would not be incurred further. Messrs McNeil, Waldegrave, and Blair were re-elected directojs, Mr Linton was also elected. Messrs Beattie and Keeling were elected auditors. The Chairman stated he was pleased to see the continued prosperity of the' society and that the shareholders were reaping benefically from the investment of their money and that they placed implicit confidence m the management of the directory. Mr Waldegrave, the manager, stated that since the new issue of shares he had had more applications than he could snpply. ■••■'•■ Mr Linton returned thanks for his election on. the direetoryjhe was pleased to be connected with a society which wafa making such rapid progress, and he was sure that with the general advancement of the district the resources of the Society would be sought by the public. He did not think the manager need have any fears as to alloting further shares. Mr Podovin proposed a vote of thanks to the chairman. Carried unanimously. Mr Linton proposed a hearty vote of thank& to the manager. He spoke of the successful results attending the management of the Society m Mr Waldegrnve's hands. He had every confidence m him and believed that a good deal of the successful results were attributable td his efficient and painstaking management of the affairs of the society. The meeting then terminated.