CO-OPERATIVE BUILDING SOCIETY.

Gisborne Times, Volume XIX, Issue 1556, 12 September 1905, Page 2

CO-OPERATIVE BUILDING SOCIETY.

The annual meeting of the Gisborne Co-operative Building Society was.held last evening, the Chairman, Mr L. T. Symes, presiding. In moving the adoption of the report and balanoe sheet Mr Symes said; "I think the balanoe sheet an excellent one and oocnment from me is unnecessary. In our report we have gone fully into" all matters that you should know. The chief item is subscription in arrears. A good deal of this has oome in after the annual meeting and steps will be taken to get the balanoe. We want no dead heads in the Sooiety. At the same time we shall | always be glad to do our best to assist shareholders with loans. We have jn the past endeavored to give fair value for property, but have not deemed it wise to enoourage the creation of inflated values. We have in Gisborne at the present time a number of people who will come and tell you that their properties are worth three and four times as muoh as they really are. The Sooiety cannot lend on inflated values, and in refusing to do so they are conserving tho interests of shareholders as a whole. If a slump were to oome suburban properties would feel it most. The Sooiety are to be congratulated upon the business of the past year, and I have pleasure in moving the adoption of the report." Captain Chrisp seconded the resolution, heartily endorsing the Chairman’s remarks. He thought that in many cases property was too high in Giaborao, and he Sooiety should bear that in mind in ending money. He had looked over the terns of the balance sheet, and thought hey wonld bear comparison with other □eietiflft nmrlrfntr nnrinr nimllai- »nloo

I Mr Sievwright: Everything is going on j I so well that I do Dot think we need say I anything more about it. . I The Chairman: There were about 150 ' I shareholders at the last annual meeting. | I They must be well satisfied with affaire, ’{ or else more would have attended. We I shall have to get up some little excitement I for Dext meeting. j The report and balanoe.Bbeet were I adopted amidst applause. I The retiring direotors, Messrs T. Adair, I F. Harris, and L. T. Symes, were reJ elected, as also were Messrs J. Coleman i and L. Redward auditors. I On the motion of Captain Chrisp, J seconded by Mr W. Sievwright, a hearty vote of thanks was accorded to the directors for the excellent services rendered. A ballot for £3OO took plaoe, and was drawn by Mr L. Redward. £BOO was offered .for sale ny tender, £IOO being purchased at £2O, and the remaining £2OO at £22, ]