BUILDING SOCIETY.

Poverty Bay Herald, Volume L, Issue 16579, 7 November 1924, Page 3

BUILDING SOCIETY.

THE JUBILEE YEAR

The annual report- of the Gisborne. Permanent, Land, Building and Mutual Investment Boeiety which is to be presented at the meeting .this evening, shows that the Society has had a very successful year.

The. report states Tho year .1924 marks the Jubilee of the Society, and dating that- period many homes have been made and successful starts in business obtained through the aid of the Society. The accounts for the. year ended June 30, 1924, are now placed! before the shareholders.

Profits have been allocated on a basis, of 6 per cent-., leaving a balance of £B9 10s carried forward in reserve. As there is,, every appearance that the unsettled conditions of the last few years will soon belong to the past, your directors trustthat-, while , still pursuing a careful policy, it- will he-safe to entertain increasing business in the near future, and thus enlarge the scope of the Society. All the securities held at pre : sent, show an undoubted surplus in values above- the indebtedness against them, and there are no arrears outstanding. The retiring directors are Messrs G. T. Bull. H. J. Bushncll and It. Robertson, all of whom are eligible for re-election. Tho shareholders’ auditor, Mr. W. Hamilton Irvine, retires, but it eligible for reelection.

The balance-sheet- discloses the following position : Liabilities—fixed deposits, £716 3s lOd; accrued: interest, £ll9 5s 5(1; permanent shares, £300; profits allotted, £18; investing shares, £19,099 7s lCd ; profit and loss account, £B9 10s; Bank of Xew Zealand, £2O -13 s sd. Assets —Ipans on mort gage, £10,413 7s; loans on shares. £9931 O.s 2d; furniture, £10; sundry debtors, £8 13s 4d.