GISBORNE INVESTMENT SOCIETY.

Gisborne Times, Volume XIX, Issue 1545, 29 August 1905, Page 2

GISBORNE INVESTMENT SOCIETY.

THIRTY-FIRST ANNUAL REPORT. The thirty-first annual meeting of tho Gisborne Permanent Building and Mutual Investment Society was held at the office of Mr H. M. Porter last evening, Mr J. Townley presiding. Amongst those present were Messrs E. J. Chrisp, W. Ohrisp, J. W. Whitby, H. J. Buahneli, A. Townley, Evans (2),O’Meara, aud Mitchell. The report for the year was as follows :

The investments on fits! mortgage hold by the Society amount to £12,433 18s 2d, and are all of a very satisfactory character, There are no arrears in the books of the Society. Loans on shares represent £4,866 16s lid. The value of investing shares is £10,363 14s 7d, and permanent shares £IBOO. There are now on issue 36 permanent, 477 investing and 404 borrowing shares. The retiring directors are Messrs Townley, Evans and Whitby, who are eligible for re-election. A shareholders’ auditor will require to be appointed at the annual meeting, The statement of receipts and expenditure showed the former to be £7795 9s lid, the principal items including: Subsorip-, tions £1315 2s lOd, redemptions £2723 5s sd, interest £699 14s Bd, loans on shares repaid £ll7 9d, fixed deposits £2450, permanent shares £450. Including an overdraft on the 30th June, 1904, of £1095 3s 3d, the total expenditure amounted to £11,687 19s Id, leaving the Bank overdraft at the end of financial year £3891 9s 2d. The principal items of expenditure were: Loans on mortgage £2783 0s Id, loans on shares £l4Ol, investing shares withdrawn £985 1-ls 9d, matured shares £1416 5s Bd, permanent shares withdrawn £750, fixed deposits repaid £2759, profits 1904 (paid on permanent shares) £lO4, salary £lO4, audit fees. £l2 12s, directors’ fees £l3, stationery £B, petty cash £4, printing and advertising £4 9s 3d, guarantee premium £5 12s Gd, insurance- (Workers’ ■ Compensation Aots) £2 15s, bank charges 10s, interest on fixed deposits £95 0s 7d, interest on permanent shares £9lss, matured shares £l6 10s, bank account £lOl 14s. The profit and los3 account showed a credit balance of £592 2s 9d. Mr J. T. Evans proposed the adoption of the report, which after a brief discussion was carried. Referring to the permanent shares withdrawn, fixed deposits repaid, and matured shares, Mr E. J. Chrisp urged that the I Society should take steps to improve its financial position. They required more money, and it was for them to consider whether it would be advisable to borrow this at a low rate and lend it out. It would be to the interest of the Sooiety to make use of tho full oxtent of overdraft allowed by tho bank, more especially as they would be able (jo show a good margin of profit on the business taansacted. The Qhairman admitted that the Sooiety needed galvanising. They required more shareholders. Mr Bushnell said the Society had suffered severely through competition. The Chairman pointed out that a great I deal of oapital had been taken out of the I Society. The permanent shares had been reduced, and some of the old deposits bad been repaid. They had recently been compelled to refuse several applications for loans where first-olass security had been offered. It was deoldod that a meeting of the Society be held at an early date to consider the beat means of putting new life iniß the institution. The Chairman said the beat way to falvanise }he Society was to put fresh jrectors in. Ho was at the first meeting to form the Society, held at the old Albion Hotel 30 years ago, and he thought it time they had a change. Mr J. T. Evans was of the same opinion, He wished to retire in favor of someone else.

The meeting would not consent to Messrs Towoley and Evans retiring and these gentlemen, with Mr J. Whitby, wero re-eleoted to the directorate. Mr John Warren was re-eleoted shareholders’ anditor, and Mr W. Quigley directors’ auditor. At a meeting of the directors, Mr Johnj Townley was re-elected chairman,