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Report.

The Directors are much pleased in meeting the Shareholders, and being able again to congratulate them on the steady and satisfactory progress made by the Society, as evidenced by the annexed Balance Sheet.

Since the last Annual Meeting 771 fresh Shares have been issued. There has been advanced on mortgages, £11,211 15s.; by way of loans on security of Shares, £637; and refunded to with drawers and investing Members on becoming borrowers, £1213 1s. 11d.

After discounting accruing repayments, crediting investors with interest at the rate of 10 per cent., and providing for contingent liabilities, there remains a net profit, to be carried to credit of contingent fund, of £1319 10s. The amount to credit of this fund is now £1835 16s.

The sound position of the Society has enabled the Directors to obtain money on debentures, at the rate of 8 per cent, per annum. By this means a profit of 2 per cent, per annum has accrued to the Society on the money so borrowed, which accounts in some measure for the large surplus profit made this year.

It is also noteworthy that the entire expense of management (£244 4s.) has been covered by the commissions on loans, fines, entry money, &c., without any charge to the ordinary profits.

Great care has been exercised by your Directors in the selection of securities, and they feel confident that no loss need be apprehended through insufficient security. They have been greatly aided in their duties by the care and attention exercised by the Secretary; and considering the increase of work entailed on that officer in consequence of the increase of Members, they recommend that an advance be made in his salary.

Messrs. Bagley and Campbell are the two retiring Directors for the present year. Retiring Members are eligible for re-election.