GISBORNE LAND AND BUILDING SOCIETY.

Poverty Bay Standard, Volume III, Issue 298, 14 August 1875, Page 2

GISBORNE LAND AND BUILDING SOCIETY.

The first annual meeting of this Society was held in the Court-house on Wednesday evening last. Mr. Buchanan was voted to the chair, when the following report was read, and adopted : — In submitting the first Annual Statement of the affairs of the Society, your Directors have much pleasure in being able to place before you so fair a sheet, as heavy expenses connected with starting the Society together with other things, have in a great measure prevented your Directors from returning so large a dividend as they might otherwise have done. The shares taken up during the year amount to 273, of which 18 have been forfeited, leaving 255 existing. In all £915 has been advanced on 9 properties, which by repayments is reduced to £863 15s. An advance of £l5O has been arranged with one of the members, who, although no money has been as yet paid him, is virtually a borrower. In order to meet as far as possible the demaud for money your Directors

deemed it advisable to borrow £5OO, which they procured from the Bank of New Zealand, by the Trustees giving a Promissory note for that sum which has been discounted at 8 per cent., and is renewable when due. This sum appears in the Balance Sheet as an overdraft from the Bank, and stands at present as £335 0s 3d. The net amount of profits is, as shown by the annexed statement, £lB 4s 3d, which your Directors have distributed as followslnterest to Investing Members at 10 per cent, on the sum as invested, and a bonus of 10 percent., to Investors and Borrowers alike, the Balance remaining of £3 8s 9d is carried on to nextaccount. The retiring Directors are Messrs. Townley and Boylan, who were elected to fill the places of Messrs. Porter and Mot-gan, who resigned during the past year, and Mr. Buchanan, all of whom are eligible for re-election. J. Buchanan, ■Chairman. Messrs. Townley, Boylan, and Stevenson, were elected Directors. Mr. Piesse was elected Auditor in the room of Mr. Bryant. A motion to the effect that Auction be substituted for Tender, in Rule 42; , was lost. No other business of importance was entertained.