Balance Sheet and Report of the Standard Property Investment Society.
Printed at "Daily Times" Office Dunedin Princes-Street.
Standard Proper Investment Society.
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.
Thomas Dick, President.
Standard Property Investment Society,
(Established March, 1807.)
Registered under the "Building and Land Societies' Act, 1866."
- Thomas Dick Esquire
- George Turnbull, Esquire
- W. H. Reynolds, Esquire
- Thomas Dick, Esquire (President.)
- Messrs. J. F. Watson
- Thos. Birch
- W. H. Reynolds
- Messrs. Benjamin Bagley
- Daniel Campbell
- A. R. Livingston
- Union Bank of Australia.
Surveyor and Valuator—
- Mr. William Langlands.
- Henry Howorth, Esquire.
- Charles Reid.
Offices: Princes Street, Next Bank of Otago.
Entrance Fee, 2s. 6d. per Share; Transfer Fee, 6d. per Share.
The shares of this society will he of the ultimate value of £25, to be realised by Monthly Subscriptions of 4s. per Share, and interest thereon at the rate of ten per cent, per annum, to be accumulated till the Shares are fully realised (about seven years.)
- Economy in Management.
- Encouragement to Borrowers.
- Safe and Profitable Investment of Savings.
- Periodical Division of Profits.
The Rules will be found to have been carefully compiled on the bases of similar Societies in the Home country (so far as applicable to the colony.)
The mode of taking securities for Advances to Members, while effectually securing the Society against the possibility of loss, is such as to entail the least possible expense to Borrowers. And provision has been made to enable Investors to borrow money on security of Shares of not less than two years standing.
Discount at the rate of 5 per cent, per annum will be allowed on payments made in advance for periods of not less than six months. Any Shareholder withdrawing is entitled to receive the full amount of Subscriptions and Profits standing to his credit in the books of the Society, on payment of 5s. per Share withdrawal fee.page 6
Shares may be taken up at any time. Subscriptions to commence from date of entry; and the owners of realised Shares will be paid out in rotation, according to the dates of their respective entries.
This Society has now been established for the space of three years, during which time 2666 Shares have been taken up; and substantial securities for advances have been accepted to the extent of £19,892 10s.
Redemption Payments for a Loan of £100, Including Interest.
|Period of Loan.||Monthly.|
A commission of 1 per cent. is charged on Advanced.
Provision has been made for the establishment of Agencies in Country Districts.
21st March, 1870.