BIG CASH TURNOVER

Poverty Bay Herald, Volume LX, Issue 18192, 13 September 1933, Page 11

BIG CASH TURNOVER

M)P. BUILDING SOCIETY i 32 LOANS TOTAL £17,600 AGGREGATE EXCEEDS ,£364,000 , Respite the difficulties which have sd many members of the Gisborne operative Building Society during the t few years, the institution continues show excellent progress, and in the r active issues under administration dial of £17,600 was granted in loans ing the past financial year. When is remembered that the loans made Uprise the actual collective subscripis of members in a particular issue, is obvious that the casli turnover of society is something to be remarked in these times The society, since inception, has issued an aggregate of re than £364,000 in loans to mems, of which more than half has been

i of interest. 'he annual report, prepared for the eral meeting to be held on Tuesday t, is as under: In spite of the prevailing conditions, s. gratifying to find that members are Sating themselves and the society by iir loyalty and efforts to meet obligais. The past year’s work compares orbly with previous years, but has hired a great deal of very careful Slderation.

No. 3 Issue. —This issue has now ched a stage of liquidation which enes arrangements to be made for a l cbrifclend of 15s per share, making otJCof £ll 15s. No. 1 issue paid

2 and'' No. 2 issue £ll 10s, thus the hit for No. 3 is better than might expected under present conditions. ‘No. 4 Issue.—£s6oo was granted in m and the total to date is £64,600. ‘No. 5 Issue.—Owing to this issue ring passed the 10-year period, withiwals have been heavy and the loss both capital and income on shares indrawn has delayed loans. It is asing to report that with one. excepU all applications to withdraw have w been met. .The sum of £2300 was hied, and the total granted is £44,000. ‘No. 6 Issue.—£s2KX) was granted, I the total granted is £26,000. ‘No. 7 Issue.—£4soo was advanced, 1 the total in this issue is £14,500. ‘No. 8 Issue. —Applications for this rid are now being received, and it is

aed to start in the near future. Mem--s are urged in their own interests to ist in carrying on what has proved be a very useful institution. —From the above it will be seen that a total of £17,600 has been dated in loans during the year, being TOO more than the total for the pre-

lus year. The withdrawals of shares No. 5 issue absorbed a further £1621, is had these withdrawals not taken ice, the total loans for the year would re been approximately £19,000. Dur- [ its life the society has now advanced $4,600. fDf this large amount over 90,000 has been granted by ballot and isequently free of interest to members. ‘Directors.—ln accordance with the ll|, Messrs. C. H. Ambridge, J. A. ,ton, and H. E. Bright retire, and vie been re-nominated. Auditors—The retiring auditors, sssrs. M. W. Craig and A. Blackburn, vie both been re-nominated.” In No. 4 issue receipts for the past ar totalled £7464, and £6BO was carid forward from the previous year, il principal receipts comprised subStions, £1579, and repayments of j and premiums, £3l6s;'the issue a jgyOQ on fixed deposit, and £7OO, in sh iphJ,he Post Office Savings Bank. i| for the year included ink, £5600, working expenses and other Urges including a proportion of salaries d wages, £l5B, transfer to fixed desiL of £I3OO, and the lodgment of 00 in the savings bank. The balance the profit and loss account is £7662. il balance sheet for this issue shows a following assets: Loans advanced d premiums, £72,652, less repayments date, £38,240, leaving £34,411 outuading; freehold property and sundry ijifors, £798, and cash in hand £576. ie liabilities comprise 666 shares at 10,145, which, allowing; for arrears and bscriptions paid in advance, represent 55,461; shares in trust and held Under li 61, which stand in the balance sheet JB2280; and freehold property, £365. The No. 5 issue shows subscriptions tailing £l6lO, loan and premium repayeots, £2327, and other receipts bringg the total to £4703, which/ includes >3l cash brought forward from last ar. The profit and loss account has a edit balance of £5773, the working fienses being shown at £157. The sits include £27,013. the balance of alts totalling £49,800; sundry debtors 3§B, and cash holdings of £IO4O, makg total assets of £28.322. Against Is total are shown £20,795, paid on 680 ares, the value of each share being 51 4s; shares held in trust and under ill 61, £1644, calls and interest £IOB, ta the balance from the profit and loss doont. In No. 6 issue, which consists of 915 lakes at £2O 16s each, the receipts for e year totalled £6IBO, of which £2021 presents subscriptions, and £1287 reijments of loans and premiums. The aft in this issue at the close of the lamcial year was £2IOO. Working ex»nscYare shown at £l5B, and a balance 191(73 is shown in the profit and loss «nmt. The loans advanced during i& currency of this issue have totalled 25,500, and' with premiums added the n*ffint repayable was £29,646, of which 7301 has been returned to the society, indry debtors represent £67. The abilities, apart from share capital, 10.381, include shares held in trust and ader rule 61, £673, calls and interest 75, and incomplete loans £SO. The No. 7 issue, the largest of all lose operated by the society in point of ie number of shares taken up, consists E 938 shares each having a value of 14 12s, the share capital being £12,670, irtion of which is paid in advance. The im of £626 was carried forward from st year in the cash account; subscripons for the year totalled £2476. relyments of loans and premiums £857, id other receipts brought the income p to £6030. The payments included mils £BSOO, and working expenses. 133- In the profit and loss account ie credit balance was £2682. The total ’ Joans advanced in this issue is now and with premiums added the mdont stands at £17,450, of which 2422 has been repaid to the society, ating £15,028 outstanding. Gash is|ts amount to £1026, the total assets eibg valued at £16.055. On the liabilies side, shares held in trust and under lie 61 stand at £619, and calls and in3ry creditors represent £B3, the relit balanqe being as shown above.