Huddersfield Daily Chronicle (31/Oct/1882) - 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 18th annual meeting in connexion with the above society was held in Wellington Hall, Queen Street, Huddersfield, on Saturday evening. The chair was occupied by the president, Mr. Frederick Crosland, who was supported by Mr. Councillor C. Vickerman, vice-president; Messrs. J. H. Stuttard, J. E Webb, W. Radcliffe, and G. Slater, directors; Mr. Sunderland, of Messrs. Graven and Sunderland, solicitors; and Mr. J. S. Kirk, of Messrs. John Kirk and Sons, surveyors.

The Chairman, after having read the notice convening the meeting, called upon the secretary, Mr. Henry Kaye, to read the report, which shows that the society was never in a healthier position, and from which we extract the following items :—

The business done, though not quite so large as last year, has nevertheless been of a sound and satisfactory character, as will be found on reference to the balance-sheet. The total receipts from all sources amount to £53,938 16s. The statement of the share account shows an increase of 83 members and 351 4-5th shares. The number of members on the books at present time is 2,083, holding 5,738 shares, which with 587 depositors makes a total of 2,670 open accounts. The amount received in share department has been £45,047 8s. 6d The withdrawals by investing members have been £15,585 17s. 1d., an excess only of £640 18s. 1d. over the amount recorded last year. Total due to shareholders, £91,554 9s. 1d. In the deposit department the receipts for the year are £8,256 14s. 8d., the withdrawals £15,895 3s. 11d. Owing to the heavy balance at the bankers and the continued cheap rate of money, the directors in January last reduced the interest allowed on deposits from 3¼ to 3 per cent. Total deposits with the society £39,977 8s. 9d. During the year the sum of £21,241 has been advanced to 91 borrowers. The directors are pleased to be able to state that the society has suffered no loss in any of its investments, and although the large sum of £299,299 1s. 10d. has been advanced there is only two borrowers' property in their hands. The directors have more than ordinary pleasure in recommending for the ninth time the annual bonus of 10 per cent on the interest for the past year, borrowers sharing equally with investors. The sum of £3,286 I8s. has been already appropriated in bonuses. The society has now removed to ground floor premises, 37, John William Street, which are easier of access and otherwise more suitable to the requirements of the society.

Mr. Crosland, in moving the adoption of the report and cash account, remarked that although the receipts for the year had not been so great as in the previous year, the profits were £1,236 2s. 6d., more by £154 1s. 10d. than the amount received last year, and there also had been an increase of 88 members and 351 4-5th shares. He went on to observe that another good feature in the society was the large amount due to investing members, £91,554 0s. 1d., being more than double the amount due to depositors. The chairman observed that the society had suffered no loss in any of its investments, and after referring to several other points in the balance-sheet, expressed his entire confidence in the stability of the society, and recommended it to the active and continued support of the members. After having alluded to his recent illness and the able manner in which his poet had been filled by the vice-president, Mr. Crosland concluded his observations by moving the adoption of the report and accounts, and that a bonus be declared of 10 per cent on the interest for the past year, in which borrowers share equally with investors.

Mr. Robinson, in seconding this motion, urged very strongly upon the members to induce their children to join the society, and also to become their own landlords in order that the balance at the bankers may be made more productive.

The report was duly adopted.

Mr. Clay moved the re-election of the following directors :— Messrs. Stuttard, Webb, Goodwin, and Radcliffe, which was seconded by Mr. Eastwood, and carried unanimously.

On the motion of Mr. Calvert, seconded by Mr. Armitage, Messrs. J. W. Sykes and J. Bate were appointed auditors for the enduing year.

Mr. Lawton, in a few appropriate remarks, proposed that the best thanks of the meeting be tendered to the trustees and directors for their valuable service during the past year, and that a present of 20 guineas be made to them to spend as they thought fit.

Mr. Beaumont very ably seconded this resolution, and paid a high compliment to the directors, not only for the efficient manner in which they had conducted the affairs of the society during its 18 years existence (seeing no loss had been incurred), but also for their having secured such eligible premises in which to carry on the business.

Mr. Donkersley also supported this resolution, which, on being put to the meeting, was carried with applause.

Messrs. Stuttard, Webb, Radcliffe, and Slater returned thanks on behalf of the directors in very suitable terms, and Mr. Vickerman, in a short pithy speech, returned thanks on behalf of the trustees.

Mr. Sunderland, in very complimentary terms, proposed a vote of thanks to the Chairman, and said bow pleased they all were to see Mr. Crosland restored to something like his former health.

This was seconded in a neat little speech by Mr. Kirk, who also complimented Mr. Vickerman upon 4ha able manner he had attended to the business of the Society during Mr. Crosland's illness.

On this resolution being pat to the meeting it was carried with acclamation.

The Chairman, in acknowledging the vote of thanks called the members special attention to the very small amount as entered in the balance-sheet for working expenses and promised that so long as he was connected with the Society he would continue to do his best to further its interests in every possible way.

After a similar compliment had been paid to the secretary, the proceedings terminated