GISBORNE BUILDING SOCIETY.

Gisborne Times, Volume XXVII, Issue 2588, 24 August 1909, Page 4

GISBORNE BUILDING SOCIETY.

ANNUAL MEETING

mu© thirty-fifth annual meeting of the Gisborne Permanent Land, Building and Mutual Investment Society was held at Mr. H. M. Porter’s office last evening, when the chairman, Mr. J. Townley, presided over a large attendance of members. The directors presented the following, report for the year ended 30th June “The result of tho Society’s operations during the past year has been very satisfactory, as is evidenced by the statement of accounts herein, ihe lunds of the Society invested on mortgage now amount to £13,3 oo ->-s sa and the securities held are of undoubted character; and, in spite of thestringency of the money market, there are no arrears on our books, which in itself speaks well for the class of business done. Your directors have oxerci&ed cojxsidsrsibl© caution during tho pash year in making advances, deeming it prudent to be somewhat conservative whilst values are to a certain extent unsettled, and have been justified by results. A distribution of profits have been made on a 7 per cent basis which, considering our advances are made at 6 per cent, evidences careful management. The retiring directors are Messrs. Busbnell, McConnell, and O’Meara, who are eligible tor reelection. A shareholders’ auditor will be required to be appointed by the meeting.—-For the directors, J. Townlev, Chairman.” The statement of accounts showed that the receipts tor the year amounted to £14,437 18s, including tho following items: Subscriptions £ll3B 2s, redemptions £3429 12s Bd, loans on shares repaid, £377, interest £/3S 12s 3d, fixed deposits £8740, 2s 4d. The expenditure amounted to £l4,Ub/ 3s Bd, the principal items being, loans on shares £751 16s 4d, loans on mortgage £3BOO, withdrawals £605 16s Id, fixed deposits repaid £8435 4s, interest £236 Is. The balance sheet was as follows: —Liabilities: Fixed deposits £Oll7 2s 4d, accrued interest on same £9l os, permanent shares £I3OO, profits allotted on same £9l, investors £S9o/ 19s 3d accrued interest bank overdraft -.12 18s directors’ fees £l3, profit and loss £5 14s 7d; total £16,588 19s 2d. Assets: Loans on mortgage £12,283 4s 4d, loans on shares £3924 19s 6d, furniture £lO, bank balauce £3.70 15s 4d; total £16,588 19s 2d. . , . „ „ The Chairman, in a brief address, congratulated the members on the sound financial position of the Society. The vear had been one of financial stringency in commercial circles, but the Society had not felt the depression in any way, and a bonus on a 7 per cent basis was payable. The Society, however, needed more subscribing members who would become borrowing members. „ . Mr. J. Townley was re-elected enairman, Messrs Busbnell, McConnell, and O’Meara as directors, and Air. J. Warren as auditor.