The Sun.
London, England, 1859-07-07 00:00:00

THE ARMY.

Movements of troops for India have taken place
from Warley Barracks, Essex, during the last few
days. On Saturday a party of 200 Artillerymen
left, and yesterday a further draught took their
departure. They will be followed by others on
Saturday, and altogether no less. than 700 will be
embarked for India.

PERPETUAL INVESTMENT, LAND,
AND BUILDING SOCIETY.

The eighth annual meeting of this society was
held yesterday, evening, at Radley's Hotel, Black-
friars—John Gover, Esq., chairman of the board of

. _
directors, presided.
Mr. J. E. TRESIDDER, secretary, read the report,
from which we extract the following paragraphs as

explanatory of the position of the society-i--
" The directors have deemed it conducive to the
interests of the members to consolidate the existing
business rather than to extend it, and have there-
fore adopted plans having this object in view,
which, it is believed, will render the investments
made with the society both of a more permanent
and of a more profitable nature.
" The cash receipts for the year amount to
£133,547 ls. 7d., which sum, added to the receipts
of the seven previous years; makes an aggregate of

£674,324 11i. 7d. -
" One thousand five hundred and thirty-six new
shares have been issued, making the total number
issued since the commencement of the society 19,276.
" The sum of £33,223 12s. 11d., has been received
upon investment shares, and the amount now stand-
ing in the books to that account is £133,407 9s. 2d.
" The sum of £33,242 1 ls. 11d., with the ordinary
interest, has, upon application, been repaid to the
shareholders,

" The subscription share accounts have been
credited with the amount of interest provided for
in the tables, and several of those taken for 71 years
having expired, they have been paid off with the
accumulation of interest and profits ; the share-
holders, in many cases, re-investing the amount in
the purchase of new shares.
" The interest upon realised shares has either
been paid, or placed to the credit of the respective
accounts.

" The altered value of money during the past year
rendered it expedient to modify the rate of interest
upon realised shares and deposits, which has given
general satisfaction.
" The directors have, from the profits of the year's
business, paid off a tenth portion of the preliminary
expenses, leaving only £3BB ls. ld. to be paid by
instalments during the next four years. They have
also apportioned ten per cent. of the remaining
profits to the credit of the reserve fund, which
amount has been invested in Three per Cent.
Consols ; and they have added to the subscription
shares a bonus equal to 14 per cent. on shares upon
which twelve months' subscriptions or more have
been paid. This bonus, with the interest, has been
placed to the credit of the several accounts, a state-
ment of which can be obtained by any shareholder
upon application.
" The amount received in the deposit department
has been £22,003 14s. 5d., of which sum £11,976
7s. 7d. was in the savings' bank branch. The re-
ceipts in this department have doubled those of the
previous year.
"The amount of 'deposits withdrawn has been
£18,467 45.; the interest being paid half-yearly,
or carried to the credit of the respective accounts,
and interest allowed thereon.
" The sum of' £35,714 ss. ld. has been advanced
during the year, upon the mortgage of freehold,
copyhold, and leasehold property, making, with
former advances, £262,792 6s. Id.
" The sum of £1,922 ss. has been advanced to
shareholders during the year, upon the deposit of
their share certificates with a promissory note.
" From the balance-sheet it appeared that the
working expenses of the society during
the year
amounted to £3,013 7s. ld., and the balance at the
bankers £2,394 19s. 7d. The receipts for the year
amounted to £133,547 ls. 7d."
The CHAIRMAN, in moving the adoption of the
report, 'explained, at some length, the operations of
the society from its establishment, and congratu-
lated the shareholders on the satisfactory report of
the last year's transactions. He then proceeded to
notice the great benefits which the society had con-
ferred not only on the shareholders, but on the
public at large. Its merits were not to be measured
so much by the profits it yielded to the shareholders
themselves as by the social advantages which it
afforded to the thrifty, persevering, and industrious
tradesman' There were Many ways of investing
capital, but none afforded such manifest advantages
'as this society. For instance, they might lodge
their money in the Bank of England, or invest it
in the funds ; but the rate of interest in either case
would not be so remunerative as that given by the
society. He was happy to say that 337 persons
had, during the past year, made deposits in the
savings bank department, and all these had ac-
knowledged the great benefits they had received
from the society. There were, also, many persons
who had purchased houses and little properties,
who could not have done so without the aid of the
society. Moreover, such persons had the benefit of
the society's surveyors in valuing the property
without expense. How many had done themselves
mischief by purchasing property in building socie-
ties? This was not, however, to be imputed as a blame
to building societies, for no institution was without
defects. Every institution, however good, had been
abused; but that was no argument against its
use. This was one of the many benefit societies
which had been found .to work well for the middle
and lower classes, one which he believed would
confer advantages during life and enable the share-
holder, at the end of life, to leave something to his
relatives. The savings bank did much good, but
there was a difficulty in getting the money out
when it was wanted, the interest was small, and
there was not, as many erroneously supposed, any
Government security for the money deposited.
What he wished particularly to call the attention
of the meeting to was, that the directors had come
to the resolution to consolidate the existing busi-
ness rather than to extend it, and have therefore
adopted plans having this object in view, which,
it is believed, will render the investments made
with the society both of a more permanent and of
a more profitable nature. The society had a large
capital—they required no more•deposits—they did
not see the wisdom of receiving money at four per
cent. and lending it at three, and therefore he
thought the resolution of the directors was judi-
cious. (Hear, hear.) The chairman concluded by
moving the adoption of the report.
Mr. G. MARSHALL seconded the motion.
Mr. KNOX approved of the report, but could see
no advantage in restricting the operations of the
society. He thought that, by extending its business,
much gain would be derived, for the same staff might
do much more work.
The CHAIRMAN said there was no disposition to
shut out the public from the advantages of the
society, but there was a danger of getting more
money than they could profitably invest. At pre-
sent the society were obliged to put £15,000 in the
funds, because they had no better mode of dispos-
ing of it.
After some remarks from Mr. Doxsey and Mr.
Pratt, the motion was agreed to.
Mr. Francis Cuthbertson, Mr. H. R. Sylvester,
and Mr. John Thomson were re-elected directors,
and Mr. Thomas Miers as auditor.
On the motion of Mr. E. HATCH, seconded by Mr.
BENDY, it was then resolved, " That this meeting
having regard to the stability of the institution,
has heard with considerable satisfaction the various
plans proposed during the past year for the main-
tenance and consolidation of the society's business."
Votes of thanks were then passed to the chair-
man and board of directors, the secretary and audi-
tors, and the proceedings terminated,