BUILDING SOCIETY.

Gisborne Times, Volume XXIII, Issue 1845, 28 August 1906, Page 3

BUILDING SOCIETY.

The 32nd annual meeting of the shareholders in the Gisborne Permanent Land and Mutual Investment Society was held last night in the office of the Secretary (Mr JE. M. Porter;. The Chairman of Directors (Mr J. Townley) presided, and there were also present: Mrs Fraser and Miss Mcnzies, Messrs J T. Evans, G 0. Evans, A. S. Evans, A. Townlev, W. Mitchell, J. E. Whitby W. A. O’Meara, W. H Chrisp, E. J. Chrisp and others. The Chairman read the report as follows : 11 The 32nd year of the Society’s existence has closed, and the annual statement of accounts is now placed before the shareholders. During the year your Directors have deemed it best to wipe off

the indebtedness to the bank, before • entering upon any great amount of now Mlusincss, as the] rate of bank interest did not leave much margin for a profit to the Society ; this has been done, and a credit balance established at the bank, which, however, will be mostly absorbed by engagements now entered into. The resuit of last year’s working has enabled profits to he allotted on a 5£ per cent, as against 5 per cent, for the previous year. The retiring Directors arc Messrs Chrisp, Mitchell, and O’Meara, who qro eligible for re election. The meeting will

have to appoint a shareholders’ auditor.” The staitinent of accounts ihowcd that receipts fotal'ed J6915G 19, 9i, the chief items boiog redemptions £3899 12) 61, fixed deposits £2BOO, subsodp'iuns £ll7B Bs, interest £609 12s 10J, a d loans and shares rrp-iJ £6ol 7s 21. Tha expenditure showed a bunk overdraft of £391 9s 2d of last year, and a bank credit of £1356 173 21 helping to bring the t til on the expenditure side up to the £9156 19i 91. The profit and loss sccrunt showed that £5Ol 10J 6d went in profits io sharohelders on investing share l , and £9B in profits on permanent shores.

Oo tbo molin of Mr O'Mciva, seconded by Mr Chrisp, the report and balance sheet were adopted. On tbe motion of Mr Whitby, sioonded by Mrs Fraser, Messrs Cbrisp, Mitchell, and O’Meara, the retiring directors, wero re elVcted, 1 Qn' tbe motion of the chairman, seoonded by Mrs Fraser, Mr J. Warren was re-tleoted Bhaioholdcra’auditor. “I don’r think wo could do bet or,” said the chairman; "Nor do I,” added the lady seconding the motion. On the general business coming up, Mrs Fraser eaid that rho was tbo only shareholder in cno particular class, for which she only obtained 3| per cent., as egaiust 5> to the ordinary shareholders, which did not seem qube fuir. The Chairman explained how the

classes in shares had been arranged, and with Mr O’Meara thought they might wall convert the one share into an A Bbare. Mr O’Meara proposed that the B and C shares be abolished, nod that Mrs Fraser be given an A share fir hor C share, Mr Whitby seconded the motion, which was oarried unanimously, and the lady graoiously returned thanks. Tbo ’Chairman said that tbo year’s

Working must bo considered satisfactory. They bad not done a big year's business, I ihe need being tnoro capital. To enable them to rnako a considerable amount ol payments, they bad arranged with the bank, so that they had the privilege of drawing up to £4OOO. They bud cleared oil what tboy bad obtained from the bar.k, and this year statted with aorodit balance. Oi that they had ontsred into transactions requiring *6IOOO, so that the S.ciety as far as possible was a roal live society doiog good work. Wbat they now wanted was more oapitßl He suggested that they fright establish a system by which borrowers would double their repayments, At a shilling a week it took a long tim3 to repay £SO. Mr J. T, Evans : About 18 years. The Chairman said that by making tho amount 2i a week it would give a coneidarab'e increase of oapital. and borrowers would get rid of their debt all the sooner, They had to congratulate themselves on having euoh a satisfactory year, especially

ns they had bad to borrow such a largo amount Mr O'Meara: Wo havo mado no bad debts The Chairman : No ; thore are no arroata in the Srcloty at all. Mr O'Mean. thought it would bo a disadvantage to do anything in tho way of loading shaies. The Chairman : That is not intended. Mr O'Meara; If ought to lie an instnic tiou to the directors to try and get ponplo to increase their shares. Mr J. T. Evans said that in many

instances borrowo.'s would voluntarily aco: pt tho opportunity to frso theic pro portios in half too time under tho ordinary method, and that money would bo coming in and gouig out again. Ho thought it

might well bo loft to the directors. It was a proposal that might bo carried out with advantage to both lender aid borrower. Mr E. J. Obrisp : It would only apply to future transact! n- '? The Ola airman : Yes, Mr O'Mnua said that it could bo loft as a vo’untary matter for tboso having past transaction i.

Mr G. Evans gave a brief review of tho work of the Society nscomptred with past years, tho remarks leading up to a general discussion on the work of tho Sooiety.

Special votes of tbai kr woro accorded to tho Chairman ami Secretary, on tho motion of Mrs Eraser, ssoondod by Miss Mennies.

At a subsequent meeting of directors, Mr J Towniey was re-elooted Chairman, and Mr A. Graham directors’ auditor,