Old news from Armidale and New England

Local news from newspaper archives

Armidale Building Society AGM

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Thursday 5 May 1887, The Maitland Mercury & Hunter River General Advertiser

The sixteenth annual meeting of the Armidale and New England Building Society was held at the Society’s office on Friday, Mr. John Moore in the chair. The minutes of last annual meeting were read and confirmed. The report and balance-sheet were read and adopted, and the retiring directors were re-elected without opposition. The business for the past year shows a steady improvement, and the profits for the year were the largest ever recorded. After carrying £943 2s 11d to credit of investing shareholders (being at the rate of 8 per cent, per annum) and paying all expenses, the profits on the year’s transactions amounted to £957 16s 10d. This, added to £308 13s 3d, brought forward from last year after a division of profits, gives £1265 10s 1d carried forward to credit of the current year’s account. The amount at fixed deposit with the Society (over £10,000) proves the confidence the public have in it, and the large profits show that the management is all that it should be. During the meeting, the Secretary stated that no loss had ever been sustained, in Armidale; one or two small losses had occurred in other towns removed from the supervision of the Board, but they did not amount to much altogether. A hearty vote of thanks was passed to the Board of Management and the Secretary for their labours, which have continued to contribute to such successful results, was carried amidst enthusiasm. This Society has been of great service to Armidale, and has enabled numbers of working men to secure homes of their own for themselves.

[The Building Society mentioned here does not appear to be related to the current Armidale Building Society. GS. ]

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Written by macalba

September 28, 2010 at 8:07 pm

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