GISBORNE BUILDING SOCIETY.

Gisborne Times, Volume XXVI, Issue 2266, 11 August 1908, Page 1

GISBORNE BUILDING SOCIETY.

ANNUAL MEETING ADJOURNED. Owing to tlio absence of many in Auckland at tho Fleet festivities, and also tho collator attraction of tho Everitt benefit concert, tho thirtyfourth annual general meeting of tho Gisborno Permanent Land, Building, and Mutual Investment Society, called for last night, lapsed. Jt has now been decided to hold the meeting on next Monday night, when tho following directors’ report for tlio year ending Juno 3Qth will he submitted:— “The investments on mortgage now amount to £11,909 17s, being an increase of £1333 16s 2d on the previous year. , All the securities hold are of a -thoroughly good character,, with substantial margins, and even if a fluctuation in value were to occur, there aroj.no loans current tlio security for which.could depreciate to an extent that would affect us. During the past two years our shareholders have required to draw V s against their capital bv loans on snares than, formerly, wliiefi Is" a matter of satisfaction. Your directors liavo made a distribution of profits on a 6 per cent basis, carrying forward £66 3s 3d, which they deem prudent. Tho retiring directors aro Messrs Clirisp and Townley, and there is an extraordinary vacancy to bo filled. A shareholders’ auditor will require to bo appointed at tho general meeting.—For the directors, J. Townley.” The receipts for the year amounted to £12,191 os sd, including balance brought forward £262 4s Bd, subscriptions £llßs 19s, redemptions £2SBO 10s, and interest £646 9s 3d. The expenditure amounted to £12,210 10s Bd, the principal items being:— Loans on shares £357 15s 9d, loans on mortgage £4251 14s Bd, matured shares paid out £259 8s lid, withdrawals £686 11s 2d, and fixed deposits repaid £6225. Tho balance-sheet is as follows: Liabilities, fixed deposits and accrued interest on same £5885 6s 6d, permanent shares and profits allotted on same £1378 0s 9d, investors £B2OB 4s 9d, profit and loss account £66 3s 4d, bank overdraft and accrued interest'on same £29 9s 3d; total, £15,567 3s 9d. Assets: Loans on mortgago £11,909 17s, loans on shares £3647 6s Del, furniture £lO, total, £15,567 3s 9d.