GISBORNE CO-OPERATIVE BUILDING SOCIETY.

Gisborne Times, Volume VI, Issue 203, 3 September 1901, Page 3

GISBORNE CO-OPERATIVE BUILDING SOCIETY.

SECOND ANNUAL MEETING. As excellent report was presented to the shareholders of the Co-operative Building Society at the second annual meeting, which took place last ovening in the rooms over Dairy tuple's. There was a large attendance, the Chairman of Directors, Mr L. T. Symes, presiding. The following report was submitted

“ It is with pleasure your directors place before you the annual statement of the Society’s operations, which continue to be satisfactory. Thejyear’s working has resulted in a profit of £4Bl 18s or over 10s 8d per share. The total profit for the [two years' working is equal to 17s 8d per share—a result that caunot,_be considered otherwise than most satisfactory. During the two years' working there have been granted to members loans totalling £4700. All repayments are being punctually made, and your directors have continued to exercise special care with regard to securities. The necessary steps have been taken to safeguard the Society’s interests against claims that may arise under the Workman’s Compensation for Accidents Act, 1900. Three directors will require to be elected. The following have been nominated, viz., Messrs. W. S. Lunn, W. J. T. Ranger, W. Morgan, and W. A. O’Meara. The three first-named are the directors who retire in accordance with the Society's rules, and are eligible for re-election. Two auditors have to be appointed by the meeting. Messrs D. C. Hawkins and G. K. Pasley, the retiring auditors, are eligible, and are the only members nominated for the position." The Chairman, in moving the adoption of the report, referred to the excellent results which had been achieved during the year, and congratulated members on the position of tho Society. Mr W. S. Lunn pointed out that the i profits earned were equal to about 15 per j cent per annum on the capital invested, j The report was adopted amidst applause. Four nominations were received for tho office of directors, three being required, and Messrs W. Morgan, W. S- Lunn, and \Y. J. Ranger were elected. Messrs D. C. Hawkins . and G. Iv. Pasley, the retiring auditors, were reelected. A ballot was taken for tho loan of £3OO, and number forty was drawn, representing the shares held' by Mr A. J. Cooper and Master Cooper. A sale of £3OO also took place, £IOO being purchased at a premium of £25 10s, and a second £IOO at £22. The third hundred was withdrawn,