£455,000 ON LOAN

Gisborne Herald, Volume LXVI, Issue 20043, 15 September 1939, Page 10

£455,000 ON LOAN

YEAR’S TOTAL £19,650 BUILDING SOCIETY RECORD NO. -I ISSUE WINDING UP The £19,1550 provided to shareholders 'by way of building loans during the financial year 1938-39 brought the aggregate loan record of the Gisborne Co-operative Building Society to £13.5,250. The directors, .in their annual report, offer the iigitres without comment, beyond an expression of satisfaction with the report as a whole.

Reviewing the society’s finances, the report stales that No. 4 issue has reached the winding-up stage, and credit balances of shareholders are being paid as repayments accumulate. The sum of £4500 was granted in this issue during the year, and £2421 remains to be paid to shareholders, l’n No, 5 issue, £4500 was loaned during the year .and 21 groups remain to receive appropriations. Loans in No. G issue for the year totalled £2775, and 38 groups are still to receive appropriations; while in No. 7 issue, £5925 was granted in loans, and 45 groups have to receive their appropriations. In the No. 3 issue, floated on a six-penny-share basis, £1950 was made, available for distribution in loans, and a No. 9 issue is being prepared, the directors being ready to start operations as soon as sufficient shares have been taken up. Directors who retire by rotation are Messrs. C. H. Ambridge, J. A. Eaton, and A. Trevor Coleman. The lastnamed does not intend to seek reelection. Messrs. Ambridge and Eaton have been re-nominated, and Mr. H. D. Chrisp has been nominated to fill the. vacancy.

Messrs. A. Blackburn and W. E. Chamberlain have been nominated as auditors for the year. The report records the directors’ appreciation of the long and faithful service of Mr. A. G. Beere. who retired from the post of secretary during the year and was replaced by Mr. M. W. Craig.

The annual meeting will be held on September 2G.