GISBORNE BUILDING SOCIETY.

Poverty Bay Standard, Volume X, Issue 1124, 16 August 1882, Page 2

GISBORNE BUILDING SOCIETY.

The members of this Society held their Eighth Annual Meeting at their office, Gladstone Road, yesterday evening, Mr S, Stevenson occupied the chair. The usual preliminaries having been dis* posed of, the following report was fiub* mitted • “Eighth Annual Report of the Grs= BORNE LAND, BUILDING, and Mutual Investment Society, for the year Ended July 29, 188*2. ‘ ‘ In presenting the Eighth Annual Report, your Directors have again the pleasure of congratulating members upon the continued prosperity of the Society, “The past year has seen a diminution in the amount paid for shares withdrawn, and an increase in the aggregate of investments which must be considered as eminently satis= factory. “ The estimation in which the Society is held as a safe and profitable medium for investment is indicated by the increase in the number of permanent shares of £5O each, which have been subscribed for, There are now 35 of these shares held,

“ The available profits have again been sufficient to allow of interest at the rate of 10 per cent being divided among all investors,

“ During the past year 94 new Investing Shaves have been taken up, 53 withdrawn, 13 forfeited, and 10 borrowing shares have been redeemed, leaving 230 shares still held by members. ‘‘ Messrs. Berry, Friar, and Moore, are the retiring Directors. The Annual General Meeting must fill the three vacancies thus caused, and elect the Shareholders* Auditor. “For the Board of Directors. “J. TOWNLEY, “Chairman,” The accounts showed £1,95518s lid as having been received, the whole of which sum, less balance in Bank of £lB9 17s lOd, had been invested or otherwise applied to tho purposes of the Society. After paying all expenses, there stood to the credit of profit and loss account, £315 9s 7d. Interest on all investments had beee allocated at the rate of 10 per cent per annum, leaving a balance of £24 17s 7d to be carried forward. On the motion of Mr J. Lawrence, seconded by Mr G. R. Moore, the Report and Balance Sheet was unanimously adopted. Mr J. Townley, the Chairman of Directors, the retiring Directors, and Mr F. J. Piesse, the Secretary, received a vote of thanks for their efficient management of the Society’s affairs during the past year. It was resolved that an advance of £lO a year be made to the Secretary’s honorarium. Messrs. G. R. Moore, W. Friar, and H. J. Bushnell were elected Directors. As Shareholders’ Auditor Mr J. Browne was re-elected.

We learn that at the meeting of Directors held later in the evening, Mr F. Dufaur was also re-elected Directors’ Auditor.