GISBORNE BUILDING SOCIETY

Gisborne Times, Volume XXXVI, Issue 3438, 16 September 1913, Page 3

GISBORNE BUILDING SOCIETY

ANNUAL GENERAL MEETING

V ■ A PROSPEROUS YEAR’S RECORD

The annual general meeting of the Gisborne Co-operative Building Society was held at Redstone’s Buildings last night, and. was attended by about 60 members. Mr W. Morgan (Chairman) occupied the chair. . The annual reports showed the position of the Society to he as follows: No. 1 Issue.—Loans amounting to £3500 were drawn by ballot and £'3500

were sold. The premiums on sales show an increase of over 50 per cent. on the previous year, and the profit now amounts to £lO 3s id per share available at termination. The average premium was £ls 14s per £IOO. No, 2 Issue. —£1700 was drawn by ballot and £ISOO sold at an average premium of £26 15s per £IOO. The profit per share is £7 7s 5d available at termination. No. 3 Issue.—£l3oo was drawn by ballot and £IOOO Sold during the year, the average rate of premium being £44 10. s per £IOO. The , profit is £1 3s>lod per share available I at termination.' 32 new shares wentaken up during the year and there are still 141 available. As the three years allowed by the rules for taking shares expires in February, 1014, when the share list will close, members and intending members are urged to apply for the remaining shares so as to complete the issue before that date. Loans.—From the above it will 0? seen that a-total of £6500 was obtained by members free of interest and £SBOO was purchased making a total of £12,300 granted or in course of completion for the year. The total loans and premiums to date amount to £105,162. Directors.—Messrs C. H. Ambridge, A. T. Coleman and A. Sawyer retire by effuxion of time, and Messrs Ambridge and Coleman have been re-nominated. Auditors. —Messrs L. Redward and C. G. Piesse, the retiring Auditors, have both been nominated. The report was adopted, on the motion of the Chairman. The Chairman submitted a comprehensive report, which traversed tne operations of the Society for the year, and showed that the Society was ;n a most flourishing position. . The balance-sheet, which showed the Society to he in a sound position, was taken as read, on the motion of Air Spence, seconded by Mr H. Mi Her. Messrs C. IT. Ambridge and A. T. Coleman were re-elected directors. Messrs, L. Redward and C. G. Piesse were re-elected auditors. After the business of the annual meeting had been disposed of. a ballot of £3OO in No. 1 issue was drawn by Miss MeQuirk. and £IOO in No. 1 issue was drawn by Air R. Hill. A sale of £4OO in No. 2 issue brought £lB per £IOO, while £IOO in the same issue brought £ls. _