INVESTMENT SOCIETY

Poverty Bay Herald, Volume LIV, Issue 16706, 25 July 1928, Page 5

INVESTMENT SOCIETY

48 YEARS AS DIRECTOR MR, 11. J. BUSHNELL’S RECORD Having completed 48 years’ service as a director in the Gisborne Permanent Investment Society, succeeding the tale Mr. John Townley as chairman. Mr. 11. J. Bushnet'l, at. "the board meeting yesterday, intimated that he would not again seek re-election at the forthcoming annual meeting. In making his inton lion known, the retiring director reviewed the past history of the society almost from its inception, and gave interesting reminiscences of its early days. The society was the only institution of its kind at. that time in existence. Mr. Bushnell explained, and oh "hallut. nights” (he rootn was packed with those who were desirous of landing ‘‘prize” tickets. State Advances and similar societies were not compeling as they were a,I present, and the demand for loans for building purposes was greatly in excess of lhe (limited income of the society. For some years extremely high rates of interest were distributed to the shareholders, 15, 12. and 10 per cent, prevailing. The society was the means of many young couples securing homes for themselves. and the retiring director related how n fortunate “draw” enabled him to procure his first home in the town.

In conclusion, Mr. Bushnell .stated that for close on half a. century he had paid his fortnightly subscription without fail, and no fine or arrears had ever been recorded against him. Me regretted greatly that he was leaving the hoard, and alluded to the good feeling which prevailed at their meetings. He would still maintain his connection as a contributor, and endeavor to promote the interests of the society. Every effort was made to induce Mr. Bushnell to reconsider his decision, and to accept nomination for the approaching two-year term, thus making it a jubilee celebration, but be was linn in declining a further period of office.

The chairman. Mr. 11. Robertson, and directors, expressed their appreciation of the valued services rendered by Mr. Bushnell during his long term of eon noelion will) lhe society, and trusted to have the benefit of his experience as an advisory member of lhe hoard.