BUILDING LOANS

Gisborne Herald, Volume LXVI, Issue 20053, 27 September 1939, Page 14

BUILDING LOANS

CO-OPERATIVE SOCIETY UNORTHODOX FINANCE SUCCESS OF OPERATION ANNUAL MEETING HELD A statement that the Gisborne Cooperative Building Society had achieved success ahd was unique among building societies in New Zealand, was made at tire annual meeting of members held in the Masonic Hali last night. It was also stated that much of the success was due to the unorthodox methods of finance adopted. There was an attendance of more than 30. When moving the adoption of' the report and balance sheet, already referred to in the Herald, the chairman, Mr. C. H. Ambridge referred to the healthy financial position the society was in. Reviewing the issues, he said that the whole of the money from the No. 4 issue would be paid out before the end of the year. There was an amount of £6877 in the No. 4 issue, which when finally wound up would be as successful as any of the fonpier ones. Credit balances to members were being paid as money accumulated. The No, 5 issue had met with some vicissitudes, but the profits accruing totalled £6092. Healthy Condition The whole of the issues were in a healthy condition, and the society had advanced nearly £500,000 during its operations, helping the construction of homes in Gisborne most materially. Quite a new venture was adopted with the No. 8 issue, Mr. Ambridge continued, payments being made on a 6d basis, and each members at some stage would have free money. He had not heard of any society so far adopting anything quite on those lines. It had not been decided yet whether the new No. 9 issue would be on the same system or on the old plan. It was hoped to have the new issue operating soon. The society was being rim on a very sound plan, and profits were on a basis of £6 £l2 a share. He did not know of any society in New Zealand that had been so 'successful in winding up its issues. The co-opera-tive society of Gisborne had done yeoman service. Members had been loyal in paying up their dues, but the directors were always willing to bear with necessitous cases. Mr. H. Miller, vice-chairman, seconding the motion to adopt the report and balance sheet, said that the society could be congratulated on the results. Each of the issues had ample asse + s. The success of the society was due to its unorthodox manner of finance. Proposed Society Building The chairman, explaining an auditor’s comment, said that from the start the society had small amounts of money temporarily invested before it was paid to the borrowers, and as a result had accumulated a capital that ■was worth-while. In future, the exact extent of the fund would be revealed, and he said that the main object was to obtain a site so that the society might be able to save rent by the erection of a building. Negotiations had' been undertaken already. The report and balance sheet were adopted without further comment. Messrs. Ambridge and J. A, Eaton, retiring directors, were re-elected unopposed, together with Mr. H. D. Chrisp, who filled the vacancy that had occurred by the retirement of Mr. A. T. Coleman. The chairman intimated that one of the past auditors, Mr. A. Blackburn, had been called up for service. Messrs. A. Blackburn and W. E. Chamberlain were reappointed - auditors, unopposed, the chairman explaining that Mr. C Blackburn would attend to his son’s duties while Mr. A. Blackburn was absent. A vote of thanks to the services rendered by Mr Coleman on the directorate was carried with acclamation. On the motion of Mr. T. Corson, a hearty vote of thanks was carried by acclamation to the chairman, whose activities, coupled with those of the former secretary, Mr. A. G. Beere, had been one of the main causes for the building up of the society. The motion was carried by acclamation. Ballots and Sales The chairman said that the secretary, Mr. W. M. Craig, had evolved a new process of ballot which had been adopted by the Auckland Terminating Building Society and which was a great saving In time. The system was one undertaken by numbered balls. The following ballots and sales were effected:— * Ballots No. 5 Issue.—No. 4 group, J. A. Robb, 10 shares, £1000; No. 1 group, H. J. Poole and I Tarr, 5 shares and £SOO each. No. 6 Issue.—No. 24 group, B. G. Dudfield, 5 shares, £500; E. R. Steggall, 2 shares, £200; Z. R Sandlant, 1 share, £IOO. Sales No. 6 Issue—£3oo at £l9; £4OO at £ls; £3OO at £ll. No. 7 Issue. —£1000 at £l7. No. 8 Issue.—£2oo at £35; £SOO at £35. A sale was to have been held in the No. 5 issue, but as there were no offers a ballot was substituted, H. J. Poole and I. Tan- being successful, as indicated above.