Gisborne Building Society.

Gisborne Standard and Cook County Gazette, Volume II, Issue 179, 7 August 1888, Page 3

Gisborne Building Society.

Tm annual meeting of the above was held last night, there being a large attendance (Mr Townley in the chair). The report and balance.sheet were read The report showed— The continued prosperity of the Society has enabled the Directors to declare a dividend at the rate of 11 per cent, for the year. During the year 192 new shares were taken up, and fresh advances to the extent of £1963, of which £235 are in suspense awaiting completion of securities, have been made. The Directors recommend the meeting to consider the advisability of reducing the rata of interest charged to borrowing members from 10 to 9 per cent., also to reduce the redemption fees from £1 to 5s per share. There are now 688 ordinary shares besides 89 permanent shares held by members. Messrs Friar, Bushnell, and Dunlop are the Directors who retire. Messrs Usher and Moore also resign, so that the meeting will have to eleot five members to the Board. Mr Finn proposed that Messrs Friar, Bushnell and Dunlop be re-elected, highly complimenting them for their work during the year. Mr G. R. Moore seconded. Mr Finn nominated Messrs T. Morgan and Buit to fill the vacancies. Mr Moore seconded, and the gentleman named were elected. Mr H. McKay was re-elected shareholders auditor. Mr Somervell moved that the Secretary receive the usual bonus. On the recommendation of Mr Dunlop the Secretary was granted a bonus of ten guineas, t ha Chairman remarking that he thought it was well deserved. The meeting terminated with the usual e ompliment to the Chairman and officers, which was proposed by Mr E. Chrisp.