MANAWATU BUILDING AND INVESTMENT SOCIETY.

Manawatu Times, Volume III, Issue 52, 10 April 1878, Page 2

MANAWATU BUILDING AND INVESTMENT SOCIETY.

i The second Aunual. Meeting of the ! investment •■' taenibers of the above Society was held in the r Public Hall, Palraerstbn', oh Monday last at two 'p. in. Mt McNeil, Chairman of Directors ' presided/arid there r were also present, the fbllbwihg^irectbrs : Messrs Halcombe-(Vice-presideiit), iMcArthur, Sanson, Manson, and Linton, beside a number of investment members. ! ''':'■'-"" ; The Ohairmarij 'having read the vertisement convening the meeting, after whieb the minutes of last annual meeting being "confirmed, the- Secretary read the repoi?t<and balance-sheet. The^hairmah said that, itrwras perhkp^s necessary that jie should say a few words in explanation of a portion of the repoi"t just read, and that' was. in reference to having the Society registered under the new Act. By the step con- , templated it would not only give them; I more power to, borrow capital, but would free them from their somewhat awkward position. At present the directors' were - ; personally liable ! for the overdraft at the bank, as they were unable' .to .realise upon the assets'of'the society. iTBy being registered under the new Act they would be placed in the -ppsition of a Corporav .tioM,.aud: could legally mortgage the of jtlw^Societyvto meet their, liabiHtiesV Another matter to which,hewished to refer was, that last year the manager received a :sahiryfx>f £150, but ; this year arrangements were made by which the work ' was ' done for £"70, al T though in. the commencement there was certainly some* esutrasifinzthe; shape* of £12 for a new set of books, beside some extra clerical, assistance. <x . ,;_ : ■■ v ;• ' Mr^Halcpmbe moved' the adoptioij of the report, which he chaTacterised as a most satisfactory one. The only matter .forr^gre.t-:was that there 'was;not more money ib invest. However, with the increased powers bestowed by the new Act under which it was determined to registefithe Sbciety, he^tru^ted that would be remedied;- He sympathised, with the directors in the position in which were placed, J .for although he was sure the security was quite safe, it was not right; that the. Society should iax the directors by making them personally responsible. He had great pleasure in mpiring the adoptiqn of the report, ■' ■ - - The motion was seconded by Mr , Walker, imd carried, v- '■'[:■ (; ' i ':;'■ The phairman said that he had been ■ ,a- most ' cbnstant attendaht at the Society's meetings since{ its establish-.' ment, having never beeii absent but .once, and was proud to say that they had not one bad: or doubtful debt ; neither had they had -^e? slightest trouble with any of the mortgagees. He made these statements, as he thought it was but nghtnot only^Uieishareholders, but the public should know the healthy state of the BocietyV . : % BLBOTLON OF *i>I»BCTOKS. The Chairman then announced that in accordance with Clause 2, Eule 7, four electors had to retire, but were eligible for re-eiectidn. Thie retiring directors were Messrs. Mo Arthur, Manson, Dairy mple and Sanson. \ Mr "Walker wished to know if it were proposed to elect the directory singly or in globo. • The Chairman replied, that ; either course could be pursued, but he thought i it better to elect them singly. Mr Me A.rthur wished to know if being oiLthe directbry debarred the proposing of a 'candidate ; or whether the election should be in the hands of the shareholders alone., ;, . .'■' ■■'■:,",. -'_.... ■';.•• The Chairman said that any invest- ! ment member, whether he were director, or shareholder, or both, was perfectly competent to propose a candidate. Mr Linton proposed, and Mr Walker seconded, vhe re-election of Mr McArtlmr ; Mr Greig proposed, and : Mr Linton: seconded, the election of |jMrMaTison ; Mr McArthur proposed, and Mr Walker seconded, the election of Mr Sanson ; and Mr Halcombe proposed, and Mr Grreig seconded, the election pf MrDalrymple. > . There being no other candidates, all fodr were declared elected. ATOITOBB. ; Mr Sanson, asking for information, wished to know how many times the bobksjhad been audited duringvthe year ? ; Mr vWaldegrave- wished to explain that when Mr Po*f tall resigned, al- ■ though there was no actual audit, Mr i Greig had gone to a deal of labor in bverlbbking the bpoks, beside which there was of course, the audit by Messrs. 'Eeeling' and Greigi the report of which hacl^^been jiist read. The vChairmah said" that Mr Greig had really to go to almost an audit, a

new set of books had to be got, all which had to be done for the satisfation of the incoming manager, and the security of the shareholders. At that time, it was proposed to allovr corapensatioa for the extra work, but as it was found the rules would not allow of the matter being 'dealt with at the time, its consideration was deferred until the general meeting* Mr Sanson thought that as the. work had been fairly done, it was only right it should be paid for. The Society could notexpect that gentlemen would neglect their businesses without recompense. Ho would therefore move " That the auditors be allowed- the sum of* £5. 55."' Mr Waldegrave explained that Mr Greig did not make an actual audit, but he checked over the books and deeds with the registrar, beside Mr Greig was the only person employed. After hearing the explanation given by the Managing Director, , Mr Sanson would, with the cbnsent of the meeting, withdraw his resolution. Leave so to do having been granted, Mr Linton said that when the work was performed it had been distinctly understood that it should be compensated for ; and in fact a minute has been recorded to the effect that although the . Society had ;rtd, power to do : 'sb7theri, it should be dealt , with at the general meeting. ■ He -would move.— "Thit the auditors, - Messrs. Keeling and'; Greig receive £i 3i for their services in the last audit; and that in addit'on, Mr Greijj be allowed £3 3s for extra aerviceV rendered. . This was seconded and carried unani« raou Ty. ; . . j A Shareholder was about to propose the re-election of the auditors, when, Mr Waldegrave said that he was given to . understand that it was more than probable Mr Greig would-be, leaving the! district, and as Mir Keeling was intimately connected', with the keeping of the accounts of the Society,' and had expressed some delicacy in holding the; office, he thought it might be better to> elect some other gentlemen to the position!. ," Air Greig. endorsed the remarks of Mr Waldegrave with regard to his pro« bable removal. The . Chairman said he could thoroughly appreciate the .motives by which Mr Keeling was actuated, still he should rule if he wished to stand he was perfectly eligible.' Mr Me Arthur said that as he viewed the matter, he could not see that Mr i Keeling should have any feeling of deI licacy. He was not an officer of the Society, and was merely assisting Mr Waldegrave with the clerical work. It would be quite another thing if it were that gentlemen who had been proposed » Mr Waldegrave said that he would bequite pleased to see Mr Keeling retain the office, and his,,, remarks were onlymade as received from Mr Keeling him--1 self. Mr Keeling was then declared duly elected Auditor* ! Mr;McArthur, said he wished to proi pose, as an auditor Mr James, Beattie, of Feilding. He was a gentleman in every way fitted for the office. P Mr Haleomt*e, had very great pleasure'in seconding* the proposition. * <A» had been stated,- Mr Beattie was .admirably fitted for the position, 'having; had much experience in, the line. Carried unanimously. This concluded the business of themeeting .but .before closing, \ > » Mr ifaluombe said,,he wished to propose ac hearty, vote of thank* to- the Chairman. The work during the year had been most onerous, aad the meetings numerous, "and he was quite sure all would agree witli hint that if possible, the Chairmen was deserving of a double vote of thanks. Carried by acclamation. Mr" McNeil said, that he felt himself somewhat in ajfalse- position-in rising to reply. He agreed with Mr HalcomW that hearty thanks were due to the Chairman, but a* he had only occupied the chair on two. occasions he could not take the credit to himself, when it was. due to M-r Siielson. However, he was sure all the directors would admit that he had always worked for and studied the interests of the society, and what was more he would ahraya continue to do so. - The meeting- then adjourned..