Building Society.

Gisborne Standard and Cook County Gazette, Volume IV, Issue 491, 9 August 1890, Page 3

Building Society.

The sixteenth annual general meeting of the shareholders of the Gisborne Building Society was held on Thursday evening, at the Company’s office. There was not a large attendance, the shareholders evidently being well satisfied with the condition of affairs. Mr Townley, Chairman of Directors. occupied the chair. The report and balance sheet were read. The report, in noting the dividend of nine per cent., stated that the amount of advances upon mortgage was below the average, extreme caution having been exercised in selecting securities, but members had availed themselves to a larger extent than usual of the privilege of borrowing upon their shares. There are 871 coutribu ting and borrowing shares, and 95 permanet shares, being an increase on the previous year. The balance sheet showed a net profit of .£834 Is 3d. The Chairman said it had not been a v ery profitable year—[Mr Butt: Hasn’t it I] — but it had been a safe one. Mr Butt: People who can make 9 per cent, these times do very well. The Chairman, continuing, said this was the lowest dividend they had yet made. The mortgage business was less than usual, but had been conducted on a very sound footing. [Voice : Hear, hear.; He moved the adoption of the report. Mr Butt seconded, paying a high compliment to the directors for the careful way in which they bad conducted the business, and repeating that 9 per cent, was very good m these times. The motion was carried unanimously, Mr Batt proposed that Messrs Friar and Bushnell be re-elected Directors, together with Mr Whitby. Mr Butt said he had resigned his position purely through private business requiring his time, and in no way had he lessened his interest in the Society’s affairs. Mr T. Morgan seconded the motion, and the three gentlemen named were unanimously elected. Mr McKay was rc-elected shareholders’ auditor. Mr Butt proposed, and Mr Dunlop seconded, that the secretary and auditors be granted the same amount of bonus as in the previous year (£2O and £4 4s). —Mr Dunlop seconded.—Mr Whitby thought the first amount was too large, and he would propose as an amendment that it be £lo.—Mr Mc’Connell eeoonded.— The Chairman and Mr Bushnell also spoke in favor of the amendment, and Mr E Cbrisp in support of the motion.—On being submitted to the meeting the amendment was carried. The general meeting resolved into a special one, when the Chairman proposed that Captain Chrisp and Mr Coleman be elected trustees.—Mr Butt seconded the motion, which was unanimously carried. Votes of thanks to the Chairman and officers were accorded, and the shareholders’ meeting terminated.