BUILDING LOANS

Poverty Bay Herald, Volume LXIV, Issue 19378, 16 July 1937, Page 2

BUILDING LOANS

CO-OPERATIVE EFFORT

£3OOO IX THREE ISSUES

YEAR CLOSES TO-MORROW

A total of £3OOO was disposed of by way Of sale and ballot at a meeting of the Gisborne Co-operative Building Society, held last evening in the Masonic Hall, when the chairman, Mr. C. H. Ambridge, informed members that the financial year would close tomorrow, and that preparations would be put in hand immediately for tne annual meeting in September. The first business of the meeting was the ofTer of £IOOO for sale in No. 4 issue. There are now only 19 members of this issue who have not yet had their loans, and consequently there is practically no market lor the sale of loans, each subscriber being certain of securing a free loan at a reasonably early date. The minimum bid was fixed at £5 per £IOO, and this resulted in no bids being received, the amount being then offered by ballot. Messrs. F. Tolerton and H. G. Witters were appointed scrutineers for the purpose of the ballot. The ballot resulted in £2OO being secured by A. E. Smith, £3OO by M. Porter, and the balance of £SOO by M. P., D. S., and M. A. Walker. In connection with this distribution, the chairman commented that he had expected to experience a little luck in the ballot, but that his grandchildren in Wellington appeared to be on better terms with fortune on this occasion, a good share of the loans having gone to them. The sum of £IOOO was balloted for in No. 5 issue, R. S. Ferguson drawing the good marble and taking the full amount offered. In No. 7 issue, a similar amount was balloted for, M. Fiatarone securing £SOO, E. R. Perry £2OO, and C. Kay £3OO.

In reference to the closing of the society's financial year to-morrow, the chairman stated that the results of the year's working had been fairly good", and that the secretary, Mr. A. G. Beere, would be preparing the balance-sheet for the annual meeting in September. The directors hoped to have another good "money programme" ready for the annual meeting.

Mr. Ambridge added that in No. 4 issue, a total of £BOOO has still to be raised to satisfy all members' claims, and that under present conditions the subscribers should not have to wait long for their loans.