DISPOSAL OF £4700

Gisborne Herald, Volume LXVII, Issue 20262, 1 June 1940, Page 11

DISPOSAL OF £4700

BUILDING SOCIETY MEETS GISBORNE CO-OPERATIVE CHAIRMAN DRAWS £IOOO A sum of £4700 ' was disposed of last evening at a meeting of the Gisborne Co-operative Building Society, and in one of the ballots for £IOOO in No. 5 issue, the lucky marble was drawn by the chairman, Mr. C. H. Ambridge. A further £IOOO in No. 5 issue was then offered for sale, the nrice being stated as at £5 per £IOO. There were no tenders and it was decided to have another ballot, Mrs. C. R. Webb being successful. It was announced that only 14 groups now remain to be disposed of in that issue. There was a sale of £IOOO in No. G issue, and two members, who each tendered £lO per £IOO, divided the amount between them. In No. 7 issue there was a ballot for £IOOO, Miss A. M. Irons taking £SOO and Messrs. T. and M. A. Hibbert. £3OO and £2OO respectively. A ballot for £7OO in No. 8 issue resulted in Mr. D. R. James being successful.

The chairman announced that a stage had been reached when dividends would be available shortly in No. 4 issue. He stressed the importance of members making themselves conversant with the rules of the society so as to avoid fines and penalties. A few had allowed themselves to fall into arrears, and it was possible that they might be deprived of their nroflts. The society, was making investigations in an attempt to mee* the position in a way that would be of advantage to members. Mr. Ambridge said that it was the desire of the directors to start a No. 9 issue and that -.applications for shares could be lodged at the office of the society or with any of the direc°He drew attention also to the fact that outside societies were canvassing in Gisborne. It should be known, he said, that the Gisborne society was one of the most successful of those operating in the Dominion.