The Express.
London, England, 1862-07-03 00:00:00

PERPETUAL INVESTMENT, LAND, AND
BUILDING SOCIETY.

The eleventh annual meeting of the members of
this sogiety was held yesterday *venlig, at the Lanka
Coffsiehouse ; Mr. Jose (loon in the chair.
The following is the report of the directors, which was
read by the iiitearratte (Mr. Tresidder)
"The directors at the termination of this the eleventh
year of the society's existence, have much satisfaction in
reportinfjpite shareholders that the business has yielded
much profit during the pa a d than in any previous
year, andthey have been much gratified by the satisfactory
testimony which is continued to be borne both by investors
and borrowers to the priociples of the society. The total
receipts of the year amount, to 107,8921. lea. Bd., which
sum, added to the cash received during the first
' ten years, makes an aggregate of 1,022,9051. 94. 4d.
1,220 new sham have been issued daring the year, making
a total of 23,313 humid since May, 1851. The sum of
27,7911. ltis. 7d. has been received upon investment shares,
of which amount 14,2401. were for realised or paid•up
shares. The sum of 30.6471. 15e. 2d., with interest, has
been repaid to shareholders, including the payment off of
such subscription shares as reached their completion during
the year, the owners of which received in addition to
interest the accumulations of profit appropriated to them.
The uncompleted subscription shares have bad placed to
their credit the proportion of interest due thereon, as pre
vided for in the society's tables. The holders of maimed
shares have either been paid interest at the rate of 44 per
cent., or an equivalent amount hes bean placed to
their credit and interest allowed thereon. The
total amount now under investment with the society
upon ethane is 120,5654 l 3 sd. principal. and
14,4941. 9e. &l. for accumulations of interest and prcfita.
Conformably to the liociety's rule, the directors have caused
the usual valuation to be made of theldfaire of the society,
the results of which will be found in the general balaece
sheet. The directors have from the profits of the year's
business added 2901. to the moral fund, so incireemag it to
1,0711.125. 3d. and which amount is invested in Douse The
directors have apportioned amongst the holders of sub-
caption shares the sum of 2,0541. 14e. 7d., being equivalent
to • bonus of five per cent. upon shame on which twelve
months subscriptions or more have been paid. This boons
has been carried to the credit of the respective accounts,
which for the past year will be equal to raising the interest
on subscriptions shares of 121 years to 91 per cent., and
on subeaiption sherd gin and 10 years, to 9 per cent.
The sum of 15,0411. 12e. sd. has heal placed on deposit
with the society, interest being paid thereon half-yearly,
after the rate of 4 per cent. per annum, and the sum of
16,5831. A. 2d. has been withdrawn, leaving
43 balance on this account of 26,8191. 17s. 11d.
The sum of 29,4581. lie. fid. has base deuced during the
year upon the mortgage of freehold, copyhold, and lease
bold properties ; and the sum of 2,9041. 10s. her been lent
to shareholders upon the security of their shares, making
the advances of the year 32,3631. Is. lid. The toted sum
advanced during the eleven years is 373,9961. 5.. 6d. The
balance now due upon mortgagee is 146,9871. 17.. 9d.,
whilst the interest received on deacons during the year baa
amounted to 10,8511. 12s. M. The deeds and other secu-
rities have been examined by the auditoes, and reported
upon by them in their certificate appended to the takes*
sheet. The gradual but steady incase of the divisible
profits proves how remunerative an investment the subscrip.
Ken shares of the society are to the holders of them, all of
whom will, from the details of this report, doubles' feel an
augmented interest in the continued prosperity of the
institution."

The Cusiamstr, in moving that the foregoing report be
adopted, drew attention to the fact that there were no
fewer than 4,000 building societies registered in the United
Kingdom and it was gratifying to find that their own
society stallat the head of the list. It had now issued
23,313 shares, it had • host of members subscribing from
2.. to 101. per month, amounting in all to 100,00 W. per
annum. Its members included men of all professions and
callings, all banded together in a common brotherhood for
their mutual advantage. Since its formation it had dealt
with 1,001:1,0001„ and to show the extent of its financial
operations, he might mention that in • single year it drew
upon its banker 2,560 cheques. It. Modems requires for
its management 16 ledgers, and 35 other books of account,
and was transacted by a secretary and a staff of nine clerks.
Its mortgage deeds, 1,246 in number, occupied an immense
space in the strong room. Two gentlemen weekly audited
its accounts, which were every month aguin audited, and a
third time subjected to that process at the end of each year.
If they took a map of London and for ten miles round
St. Paul's, and dotted the properties on which they had ad•
vaned money, they would be surprised to see
with what an immense portion of that area
they had dealt. Inter alia, they had moss
on chapels, music-halls, market-places, andtown-belle.
To avoid litigation the deed of settlement provided
that all their dispute.. should be referred to (arbitrators,
but so harmoniously had their business proceeded that they
had never once had occasion to refer asingle dispute to them.
He attributed the success of the society to the great effort.
which had been made to plant it upon • broad basis, the
care which had been taken in watching the signs of the
times so as to adapt it to the wants of the public, its
dealing justly both by borrowers and investors, end the
constant and unremitting exertions of the directors and
their invaluable secretary. Looking to the dividends and
bonuses they bad paid, and the statements in the report
with respect to the value of the twelve-and-a.
half years subscription shares, it was enough
to make • man proud of having been a promoter of such •
society. But if they bad had great successes they should
remember that they had also great responsibilities, and a
blunder on their part might send the society down in public
estimation. It therefore became them one and all to
exercise the same watchfulness and care which had raised
the society to its present position, for there must be no
going back. They should keep the proud position in which
they at present stood, and hand it down to their suoceinors
unimpaired.

The motion, haring been seconded, wu unanimously
adopted.
The retiring directors and auditors were then re-electcd,
and the thanks of the meeting voted to the directors, the
secretary, the auditors, and other officers, and the proceed.
top terminated in the usual manner.