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Poverty Bay Standard, Volume XI, Issue 1339, 7 August 1883, Page 2

The Ninth Annual Report of the Gisborne Permanent Land, Building, and Mutual Investment Society must be considered as eminently satisfactory to the shareholders and creditable to the directors and secretary. The dividend of twelve per cent, as against ten per cent, last year, shows the steady progress of the society. No Jess than 131 new investing shares have been taken up during the past year, as against 55 withdrawn, thus leaving an increase of 76 for the year. The number of shares now held by members is 291, exclusive of 41 permanent shares, representing £2,060, eight of which were taken up during the past year. The subscriptions for the twelve months amount to the solid sum of £1,237 Is lOd, whilst the entrance and transfer fees, fines on subscriptions and iuinterest, withdrawal, conversion, and redemption fees, together with sale of rules, amount to the large total of £536 3s lid. The grand total of receipts for the current year amounts to the hamdsome sum of £2,363 3s 7d. We cannot but notice the small cost for transacting this large amount of business—viz -.—Advertising and sundry expenses, £l3 0s sd; printing report, advertising, and auditors fees, £8 9s ; and management (Secretary and Treasurers’ salary) £BO ; total, £lOl 9s sd. In the face of these figures we cannot help expressing a doubt as the wisdom and expediency of the Society refusing an increase of salary to the Secretary, for it cannot reasonably be doubted but what a large amount of their success is mainly owing and due to his abilities and efforts. This refusal is all the more surprising on account of the generous attitude they assumed last year, when the Secretary was offered an increase of £3O, but declined to receive more than £lO “ until the position of the Society was further improved.” We think their present action is calculated to somewhat damp the ardour of the Society’s energetic Secretary.