GISBORNE CO-OPERATIVE BUILDING SOCIETY.

Gisborne Times, Volume XXV, Issue 2177, 5 September 1907, Page 2

GISBORNE CO-OPERATIVE BUILDING SOCIETY.

ANNUAL MEETING. Tho eighth annual meeting of the Gisborne Co-operative Building Society was held at Towuley’s Hall last evening. The chairman of directors, Air. L. T. Synies, presided over a largo attendance. DIRECTORS’ REPORT. Tho annual report of the directors was in the following terms: “With pleasure your directors present herewith their report and bal-auco-slieet of the two issues tor the year ended 17th July, 1907. The total loans granted or in course of completion in both issues for the year amount to £8470, and the total ■to dato, including premiums, now amounts to £42,600. Of this large amount £18,300 has been granted by ballot, thus being free of interest. For tho past year the sales in No. 1 issue have averaged £22 13s per £IOO, and in No. 2 tho average is £35 Bs. These premiums are equal to 31 per cent, in No. 1 issue, and 51 per cent, in No. 2. The profit and loss account in both issues amounts to £6OIO 10s lOd, available at tho termination of each issue, which is equal to a profit of £5 18s 3d per share in No. 1 issue, and £1 18s rOd in No. 2. During the year No. 2 is.suo closed with a total of 713 shares taken up.” . ~ Tho Chairman, in moving the adoption of the report and balancesheet, referred to tho prosperity of the society. Dealing with the figures i 1 resellteil ] le pointed out that tho loans advanced during the year in No. 1 group amounted to £2OOO more than for the previous term. He suggested that the No. 1 group be extended to allow of five shares being held by members, instead of limiting the number to three as at present. Tho balance-sheet was unanimously ELECTION OF OFFICERS.

Tho ballot for four directors rosulted in the re-election of Messrs. C. H. Ambridge, Jas. Georgeson, W. Morgan, and A. Sawyer. The directors on tho board aro Messrs. L. T. Symes (chairman), F. Harris, HMiller, T. Adair, and H. J. Reed. Alessrs. John Coleman and L. Reed were ro-elected auditors. GENERAL. ■Air. Adair.gave notice of a motion to reopen the No. 2 issue, with a view to filling tlio group up to 1000 shares.

Following up the Chairman’s suggestion, Mr. Ambridge gave notice of motion to extend No. 1 group to allow members to liold five shares. Both notices will be dealt with at a special meeting to bo convened. Votes of thanks to the secretary (Mr. A. G. Beere) and auditors for their excellent work during the past ve ir concluded the annual meeting. APPROPRIATIONS. A general meeting was then held to deal with advances. A ballot for an appropriation of £3OO in No. 1 issue resulted in Air. At. P. Poole drawing £2OO, and Miss E. J. Shaw £IOO. An appropriation of £3OO in No. 1 issue was put up and sold, £IOO realising £22, and £2OO bringing £2l per £IOO. Sale of an appropriation of £SOO in No. 2 issue resulted: —£400 at £33 per £IOO, £IOO at £lB.