GISBORNE BUILDING SOCIETY.

Gisborne Times, Volume XXV, Issue 2157, 13 August 1907, Page 2

GISBORNE BUILDING SOCIETY.

ANNUAL REPORT

The annual general meeting ol the Gisborne Lund, Building and Investment Society, which was to have boon held Inst evening, lapsed lor want ot a quorum. At the appointed hour tlu Chairman (Mr. Town ley), tlie secretary (Mr. Porter), four directors and a couple of shareholders wore precoilt—three short of the required ten—and an adjournment for a fortnight wns decided upon. Tlie directors’ report for the year ended Juno 30th, states: — ' “in placing the Thirty-third Annual Statement of Accounts before the Shareholders, tlio Directors are assured that the result ot same will bo found satisfactory. Tlio Investments on Mortgage arc £1662 abovo the previous year, and are all of the very best class of security, and with substantial margins. It is a matter of congratulation that tor the past fiftoon yoars it lias not been necessary to take any harsh stope to secure our investments: neither has any loss boon made. The arrears m the Society’s books are nil. The Loans on Shares are some less than last year, which may bo taken as evidence of prosperity amongst our Shareholders. A number of Investing Shares have matured during tlio period and have been paid out, lessening tlio liability under this head. Permanent Shares have been reduced by £SOO, which is not a matter ot

The profits earned have been equal to 6{ per cent, net, enabling a distribution on a basis of 6 per cm' l :> which is our lending rate, the balance being carried forward; tins is after liaying the working expenses ot the Society. The profits distributed in 1905 were 5 per cent., and o a tier cent., in 1906. The retiring directors are Messis. Bushnell and Whitby, anil there are two vacancies caused by the rotirement of Messrs. Evans and Mitchell. A shareholders’ auditor will require to be appointed by the annual ineetTho balance-sheet shows: Liabilities: To fixed deposits £4B to, accrued interest on same £62 8s 9d, P© rnla ”‘ ent shares £I3OO, profits aborted to same £7B, investing .shares £8509 13s lOd, accrued bank interest i-o balance of profit and loss account £44 4s 5d ; total, £14,928 Is. Assets: By loans on mortgage £10,576 0s lOd, loans on shares £4089 15-5 6d, furniture £lO, balance in bank £252 4s 8d ; total, £14,928 Is.