GISBORNE PERMANENT LAND BUILDING & MUTUAL INVESTMENT SOCIETY.

Poverty Bay Standard, Volume XI, Issue 1338, 4 August 1883, Page 2

GISBORNE PERMANENT LAND BUILDING & MUTUAL INVESTMENT SOCIETY.

The annual meeting of the above Society was held at the office in Lowestreet last night for the purpose of receiving the directors’ report and statement of accounts ; to elect three directors and shareholders’ auditor, and to consider any other business of a general nature. There was a good attendance of members, viz., Messrs, J, Townley, 8. M. Wilson) W> Fryer, G. Flooke, J. Cresswelij J l . Cox, J. Pierce, Bushnell, J. Mogridge, G. Humphries, A. G. Croll, W. O’Ryan, E. P. Joyce, Read, G. R. Moore, Lawrence and Reynolds. Mr J. Townley was in th# chair, and opened the meeting by reading the advertisement convening the meeting. He then called on the Secretary, Mr F. J. Piesse, to read the minutes of tho last meeting, which vrere confirmed. The report and statement of accounts for the year were then read as follows NINTH ANNUAL REPORT FOR THE YEAR ENDED JULY 31st, 1883. Ik presenting the Ninth Annual Report, your director* have the extreme satisfaction of congratulating member* on the inoreaaing prosperity and usefulness of tho Society. After payment of all expenses of management, and making allowances for all outstanding accounts, the balance of nett profit proves to be sufficient to allow of'intereat at the rate of 12 per cent, being apportioned to all investors. The Waikanae property, which had been held by the Society for the last two years, has been disposed of on what must be considered advantageous terms. During the past year 131 new investing shares have been taken up, and 55 withdrawn, and eight borrowing shares have been redeemed, thus leaving 291 shares still held by members. Eight permanent shares were taken up last year, and two paid out, leaving 41 shares of this class still held, representing £2,050 thus invested in the capital stock of the Society. The annual meeting must elect three members in place of Messrs. Stevenson, Townley and Lawrence, who retire by effluxion of time. The shareholders must also elect their auditor at this meeting. For the directors, J. Townlxt, Chairman. NINTH ANNUAL STATEMENNT OF ACCOUNTS FOR THB YEAR ENDED JULY 28th, 1883.

I HAMCIS J. PIBSSB, Secretary. We hereby certify that we here carefully examined the books and other documenta Of the Gisborne Permanent Land, Building, Usd Mutual Investment Society, and find this statement to be a true and correct exposition "1 the Society’s affairs. » Jambs Browne ! F. Dpfavb / Auditors. Mr Lawren co moved, and Mr Fryer seconded, That the foregoing report bo adopted. Carried. The next business was to elect three directors. Mr M >ore proposed, and Mr Hutn'phreys seconded, Mr Townley. Mr Humphreys proposed, and Mr Bushnell seconded, Mr 8. M. Wilsoa. Mr Fryer proposed and Mr Moore Seconded, Mr Lawrence. Mr Pierce proposed Mr A. G. Croll. Mr Fryer proposed and Mr Cox seconded, Mr Moore. Mr Lawrence proposed and Mr i Moore seconded, “ That as Mr Town- ■ ley was a candidate, Mr Friar should ' take the chair.”—Carried. The election of the above candidates by ballot now took place, and resulted in Messrs Townley, Lawrence and Cox being declared directors for the next year. The election of a shareholders’ auditor was the next business, Proposed by Mr Mogridge and seconded by Mr S. M, Wilson, “ That Mr Cresfwell be auditor for the ensuing year.” C. Davis—proposed by W. Friar and seconded by F. Cox. J. 8. Browne, proposed by Mr Laurence, and seconded by E. P. Joyce. The election of the foregoing was then proceeded with and resulted as follows: J. Cresswell, 10; C. Davis, 4; J. Browne, 4, Mr J. Creswell was therefore duly elected shareholder’s auditor for the year. Mr Creswell said in the Auditor’s Report great credit was accorded to the Secretary, and therefore he would propose that his salary be raised to £lOO per year. For the last nine years he had worked for the Society in a satisfactory manner, and it was only right he should receive some com perisation. Mr 8. M. Wilson seconded the endorsing Mr Creswell’s ** Mr. Joyce thought as the Secretary I had previously stated it would be wise I to wait a little longer. He concurred With Mr. Cresswell, and should like to see the Society in that state that they could give him £2OO a year, but at present I think we are no’t far enough advanced to give even a £lOO. Mr. Moore said he should like to hear what some of the permanent shareholders had to say, as they wa.’e the moat interested. In reply to Mr Joyce, the Chairman stated that the last year had been a very prosperous one, and the Society was in a sounder position than it had been for the last three years. Mr Cox said with regard to the motion, that he should like to know the directors’ opinion on the matter, as they knew more about it than they did. The Chairman said the directors could answer for themselves, but the ’motion must be gone on with now. As far as he knew, the directors had / not considered the question at all. Mr Humphries said he wished to put, as an amendment, that the matter of the Secretary’s salary should be left to the directors. Mr Friar said he would second the amendment. Mr Lawrence said that this question should have been duly notified. Mr Cresswell said, in support of his proposition, that as the work has been increasing every year, that the secretary’s salary should be raised, as of a matter of course his duties were becoming more arduous. A great amount of difficulty here arose as to the voting for the amendment and proposition, and it was finally resolved to settle the matter by >- ballot, the result being against the - increase of salary, which still remains (as usual. This concluded the business of the meeting, which terminated with a vote of thanks to the Chairman.

Dr. Receipts. 1883. July 28. £ 8. de £ s. d. To balance in bank of New Zealand, July 29th, 1882 18i 17 10 ,, Subscription* received ... 1237 1 10 „ Permanent shares 40C 0 0 „ Entrance fees ... 1(1 7 6 „ Trsnsfer fees ... 1 10 0 a» M Fines on subsscriptions 22 0 10 ,, Interest 448 13 4 ,, Fines on interest 13 0 3 „ W ithdrawal fees 13 15 0 ,, Redemption fen 8 0 0 „ Conversion feee 12 0 0 „ Sale of rulee ... 0 8 0 536 3 11 £2363 3 7 Disbursements. Cb, 1883. July 28, £ s, d. £ 1. d. By Investment! 1531 6 1 ,, Shares paid out— Investing ... 387 1 7 PermaneSit... 100 0 0 487 1 7 „ Charges, ordinary— Advertising.. 10 0 3 Printing ... 1 b 0 Auditors 6 6 0 Sundry expeases 4 7 2 „ Secretary’s salary ... 80 0 0 „ Interest paid on permanent shares 183 1 3 ,, Balance Bank of New Zealand ... 77 7 8 £2383 3 7 BALANCE SHEET. Da. Liabilitibs. 1883. July 28. £ 1. d. To Shareholders* accounts 1739 8 10 N „ Permanent shares 2050 0 0 ,, Unsettled accounts ... 8 9 0 „ Interest payable to permanent shareholders 235 10 0 ,, Advances in suspense 325 0 0 ,, Profit and loss account 3 11 2 £4371 19 0 Assets. Cb. 1883. July 28. £ s. d. By investments on mortgage, balance outstanding 4282 1 9 ,, Balance Bank of New Zealand 79 7 3 £4361 9 0 PROFIT AND LOSS. Dr. 1883. July 28. £ . d. £ s. d. To charges, ordinary— Advertising.. 8 13 3 Sundry expenses 4 7 2 13 0 8 ,, Unsettled accounts — Printing report 1 0 Advertising ... 0 18 0 Auditors’ fees .. 6 0 — 8 9 0 ,, Waikanae property 50 15 5 ,, Management— Salary, Secre tary A Treasurer 80 0 0 ,, Balance profit carried forward 408 16 8 £561 1 6 ,, Amount of interest on perinauent shares at 12 per cent, per annum 235 10 0 ,, Amount of interest to investors, at 12 per cent per annum 169 15 6 ,, Balance to new account 3 1 2 * £408 16 8

1883. Cb, July 28. £ By balance old acs. d. £ 8. d. count ... 24 17 J b Entrance fees . 16 7 6 i, Transfer fees ... 1 j, Fines on sub10 0 scriptions ... 22 9 10 h Interest ... 448 h Fines on inter13 4 est ... 13 0 3 ,, Withdrawal fees 13 16 0 >, Redemption fees 8 0 0 ,, Conversion fees.. 12 0 0 ,, Hales of rules . 0 8 0 53G r> n £561 1 6 I, Balance nett profit brought down ,,, i.l 408 16 8 £408 16 8