GISBORNE BUILDING SOCIETY.

Gisborne Times, Volume X, Issue 971, 18 August 1903, Page 2

GISBORNE BUILDING SOCIETY.

RATE OF INTEREST REDUCED.

The twenty-ninth annual meeting of the above was held last evening, there being present: Messrs J. T. Evans (in the chair), Ip. J. Chrisp, W. Chrisp, W. A. O’Meara, J. Whitby, Bushneil, A. Townloy, Somervell, Sinealo, and Mitchell. The following report was adopted : “ The business during the past year compares favorably with former similar periods, and the securities held by the Society are of a first-class nature, and there are no arrears. The profits earned have allowed of a distribution to shareholders on a 6 per cent, basis, leaving a small balance to carry forward. Tho present number of shares on issue is 1010, consisting of 42 permanent, 456 investing, and 5i2 borrowing shares. The retiring directors are Messrs Evans, Friar and Whitby, who are all eligible for re-election. A shareholders’ auditor will require to be appointed at the annual meeting.” The receipts and expenditure were as follows:

Receipts: Bank balance, £6Ol 3s 7d

subscriptions .£1390 6s, redemptions £3O2E 17s lOd, £4419 3s lOd; interest £694 Is,

entrance foes £4 3s, transfer fees ss, re-

demption fees £l3 10s, fines on subscriptions £l2 11s 6d, fines on interest £6 19s 3d, law costs 10s 6d, £732 0s 3d; loans on shares repaid £l5O, fixed deposits £2160, £2310 ; bank overdraft, £413 7s 7d ; total, £8475 15s 3d.

Expenditure: By loans on mortgage £2927 6s 6d, loans on shares £1069 Is 7d, £3996 8s Id ; investing shares withdrawn £569 0s Bd, investing shares matured LI2OO 9s 3d, permanent shares paid out Ll5O, fixed deposits repaid L 2145, profits 1902, paid on permanent shares L 134, L 4198 9s lid; salary LlO4, audit fees Ll2 12s, directors’ fees Ll 3, law costs LI 7s Bd, stationery Ll 3 15s 9d, petty cash L 4 9s 3d, printing and advertising L2 10s, guarantee premium L 5 12s 6d, insurance (Workers’ Compensation Act) L 5 10s, trustees’ honorarium L 6 6s, bank charges 10s, L 169 13s 2d; interest on fixed deposits L7sos 4d, interest on bank account L 36 3s 9d, LIU 4s Id; total, L 8475 15s 3d. Liabilities : Investing shares, £10,074 16s 2d ; permanent shares £2IOO, profits allotted same £125, total £2225 ; fixed deposits £llßs, accrued interest on same £l9 8s 6d, total £1204 8s 6d; balance profit and loss £8 14s 9d, bank overdraft £413 7s 7d, accrued interest on same £6 6s, total £419 13s 7d. Grand total, £13,932 13s. Assets : Loans on mortgage £10,789 3s lid, loans on shares £3114 19s Id, total £13,904 3s Od ; office furniture -£2l 10s, stationery £7, total £2B 10. Grand total, £13,932 13s. Profit and loss accounts at 30th June, 1903 : Stationery £6 15s 9d, printing and advertising £2 10s, directors’ fees £l3, audit £l2 12s, petty cash £4 3s 3d, salary £lO4, law costs 17s 2d, honorarium to Trustees £6 6s, guarantee premium L 5 12s 6d, insurance (Workers’ Compensation Acts) L 5 10s, bank charges 10s, balance L 669 158 6d, total L83112s 2d ; profits allotted permanent shares L 125, profits allotted investors L 536 0s ,9d, balance L 8 14s 9d, total L 669 15s *c Grand total, L 669 15s 6d. Balance, £ J,'• 0s lid terest L 728 2s 3d, entra. t e fees L 4 3s,

transfer fees ss, withdrawal fees LlB, redemption fees Ll 3 103, fines on subscriptions Ll 7 5s 9d, fines on interest"L7 53 3d. total LB3l 12s 2d ; balauce forward L 669 15s 6d. Grand total, L 669 15s 6d. The Chairman, in moving the adoption of the report, said the Society was to be congratulated on its sound financial position.

The election of directors resulted as follows: Messrs Evans and Whitby (reelected) and Mitchell; shareholders’ auditor, Mr J. Warren.

Mr Bushnell said that the business of the Society was declining in the amount lent out, and it behoved the Society to reduce the rate of interest. The keen competition that existed iq the money market made it necessary that this should be done.

The Chairman said he was sure the directors would consider the matter if left to them.

At a subsequent meeting of directors Mr J. Townley was re-elected chairman and Mr W. J. Quigley directors’ auditpr. It was decided to reduce the rate of interest from the end of the quarter from 6 to 5 per cent., all advances from date to be at the latter rate.

Few motorists realise the enormous speed of the electricity that is running through the induction coil on their machines. Daring the period it takes a motor cycle to travel 440 yards, the electric current has covered aa many miles.