Huddersfield Chronicle (02/Nov/1872) - Huddersfield Equitable Permanent Benefit Building Society

The following is a transcription of a historic newspaper article and may contain occasional errors. If the article was published prior to 1 June 1957, then the text is likely in the Public Domain.

Huddersfield Equitable Permanent Benefit Building Society.

The eighth annual meeting of the above society was held in Wellington Hall, Queen Street, Huddersfield, on Tuesday evening last. The chair was occupied by Mr. Councillor Joseph Hirst (the president of the society), who was supported by the following directors, Messrs. Vickernmn, Stuttard, Webb, Goodwin, and Radcliffe, and Mr. Sunderland, of Messrs. Craven and Sunderland, solicitors to the society.

The Chairman opened the proceedings by reading the notice convening the meeting, and then called upon the Secretary (Mr. Henry Kaye) to read the following report :—

"The directors, in presenting their eighth annual report, have much pleasure in stating that the society is in a sound, satisfactory, and progressive state. The business of the past year shows that undiminished confidence continues to be reposed in the society. The members, which numbered last year 608, are now 825. The shares have increased from 1,608 and 4-5ths to 1,935 and 4-5ths, showing an increase for the past year of 127 members, and 327 shares. The income from share subscriptions alone amounts to £14,259 10s. 8d., being an increase of £3,192 11s. 5d. over that of last year, and nearly seven times the amount received during the society's first year's operations. The withdrawals from this department during the year have been £4,388 7s. 6d. These withdrawals show that persons entering this society are not compelled to build, but may accumulate and withdraw their savings as convenient. The number of depositors at present is 191, bring an increase of 71 for the past year. In this department the sum of £5,533 9s. has been deposited, being £811 15s. 2d. more than the amount recorded last year. The withdrawals have been £4,351 16s. 7d. The total income for the year has been £20,062 6s. 5d., which is £4,041 19s. 4d. in excess of the preceding year's receipts. During the past year the directors have been enabled to lend the sum of £9,540. The amount owing to the society by its borrowing members to the close of the present year is £36,418 5s. 3d., showing an increase over the previous year of £4,685 17s. 3d. The amount of borrowers' arrears is £96 8s. As an evidence of the safe way in which the business has been conducted, it may be stated that although the sum of £36,418 5s. 31. is owing by borrowers, the directors hold securities to the extent of £75,750 as valued by the society's surveyors. Since the formation of the society in September, 1864, the receipts from all sources amount to £97,293 17s. 5d., and although advances have been made to the extent of £55,425 14s., not the slightest loss has been incurred. Meltham branch : Number of members, 87: number of shares, 127 4-5ths ; receipts for the year, £802 8s.

The Chairman, in moving the adoption of the report and balance-sheet, said it certainly was a source of satisfaction to him and his brother directors that they came before that meeting in such a good position. They would perceive that during the past year the receipts from share subscriptions alone amounted to £14,239 16s. 8d., being an increase of £3,191 11s. 5d. upon the previous year's receipts. In the deposit department the sum of £5,538 9s. has been received, which showed an increase of £811 15s. 2d. over last year. During the year the directors have been enabled to lend £9,540. This sum is not so large as the amount lent during the former year. The chairman considered this was owing to the fact of building material and labour having considerably advanced during the past year. He then pointed out the many advantages to be obtained by being connected with a well-established building society, and expressed a hope that each member would become the owner of his dwelling, and so carry out one special motto of the society, "Every man his own landlord."

The resolution was ably seconded by Mr. Hendry, and carried unanimously.

Mr. Mills proposed, and Mr. Robinson seconded, that Messrs. Stuttard, Webb, Goodwin, and Christie be elected directors, which was carried unanimously.

Mr. Platts proposed that Messrs. Thomas and Glaisyer be re-elected auditors for the ensuing year.

Mr. Calvert seconded the motion, which was carried. Mr. Sykes proposed that the best thanks of the meeting be tendered to the trustees, directors, and auditors for their valuable services during the past year, which was seconded by Mr. Liversedge, and carried by acclamation.

Mr. Hirst responded on behalf of the trustees (the Mayor, Wright Mellor, Esq., and Wm. Mallinson, Esq.), and Mr. Stuttard on behalf of the directors, he remarking that the society had been in operation eight years without losing one single penny. It was worked at a very low expense, and he had no doubt the solicitors would be glad to have an increase in their allowance for preparing the legal documents of the society.

Mr. Thomas returned thanks on behalf of the auditors, and observed that the books of the society were kept in admirable order, and reflected great credit on the secretary (Mr. Kaye). He also proposed, in complimentary terms, a vote of thanks to the chairman, and stated that Mr. Hirst had always taken a lively interest in its welfare, he having been president since the commencement, in 1864.

The motion was seconded by Mr. Sunderland, who testified to the energy and ability shown by the president, and as to the solicitors charges, he remarked that they were the lowest of any society in the neighbourhood.

The Chairman briefly returned thanks, which terminated the proceedings.