BUILDING SOCIETY

Gisborne Herald, Volume LXIX, Issue 20874, 28 August 1942, Page 6

BUILDING SOCIETY

GISBORNE PERMANENT Despite war conditions, the position of the Gisborne Permanent Building Society shows a further marked improvement, according to a stateinent made in the report of the directors to be submitted to the annual meeting on September 8. “The amount standing to the credit of shareholders has reached £10,367, as against £8067 at the end of last year, while advances on mortgage have increased from £8647 to £12,273, and advances on shares from £323 to £398,” the report states. “The big increase on advarices has been made possible by the increase in sharer holders’ credits and fixed deposits, and by the alteration in the bank balance from a credit of £SBO to an overdraft of £414. Over 150 new shares were taken up during the-year. It is not anticipated that so large an increase in advances will foe possible in the coming year, but your directors anticipate a further satisfactory developm“The net profit earned, £4lO, was slightly affected by the war damage insurance charges, but the amount represents over 4 per cent, and this has enabled the directors to allocate to shareholders profits at 3* per cent and to add a further £BO to the reserve fund, which now stands at £580”