BUILDING SOCIETY

Gisborne Times, Volume LXXXII, Issue 12531, 17 April 1935, Page 7

BUILDING SOCIETY

GISBORNE CO-OPERATIVE DISPOSAL OF £2200 At a general meeting of members of ihe Gisborne Co-operative Bi aiding Society held in the Masonic- Hall hint evening to dispose of three loans, there was an attendance ot' between 40 and dO. over which Mr C. H. Ambridge presided. In No. 4 issue, £IOOO was sold ns follows: £SOO -at £7 per £100; £4OO at- £B. The remaining £IOO is to go towards an. extra appropriation. In 'No. 0 issue the sale of £IOOO resulted in £3OO bringing £32 per £IOO, and £7OO being secured at £2l. In No. 7 issue £IOOO was disposed olf as follow: £2OO, at £3B per £100; £SOO at £3u, and £3OO at £32. ’ The . hninnan explained in detail the m-rangementp 'u connection with the new No. 8 issue, which is now open, and is to he started shortly. Several variations had been proposed. The shares would he sixpence a week, instead of one shilling, and it. was proposed to, have a ballot and two sales instead of a ballot and.' sale alternately as in the present issues, giving those who purchase loans the ■opoprtunity of entering ballot loans. Under the present scheme the purchaser of a loan has no opportunity of making that a free loan or equal to a ballot loan, whereas under the new No. 8 issue it is'proposed to> give members the opportunity of making them free loans by ballot. At the conclusion numerous questions were asked asd from the interest evinced the proposal met with general approval.