THE GISBORNE PERMANENT BUILDING SOCIETY.

Poverty Bay Standard, Volume I, Issue 207, 12 August 1884, Page 2

THE GISBORNE PERMANENT BUILDING SOCIETY.

The annual meeting of the Gisborne Permanent Land» Building and Mutual Investment Society was held at the Society’s office, Lowe-street, last evening. Mr. J. Townley occupied the chair, and there was a good attendance of shareholders, including some ladies,

Previous to proceeding with the business of the annual meeting, a ballot took place for an allotment of £3OO. There were five applicants. The amount was allotted in two sums of £5O each and one of £2OO. The Chairman said for the first time since the starting of the society he had to address the ladies. He then read the advertisement calling the meeting. The Secretary read the minutes of the last annual meeting, and also the balance-sheet and Directors report for the year, which appeared in last Friday’s issue. Mr. Joyce proposed, and Mr. G. R. Moore seconded, “ That the minutes be confirmed,” which was carried unanimously. The Chairman was very pleased to move the adoption of the report. There was every reason to believe that faith in the society was an established fact from the number of investing shareholders having largely increased. Mrs. Meldrum asked if investments on leaseholds were as good as freehold, to which the Chairman replied that those leaseholds on which the society had lent money were quite as good, as the buildings on them were of more value than the amount of the society’s claim.

Mr. Creswell read the auditors’ report as follows

“ We hereby certify that we have carefully examined the books and vouchers, securities, and documents of the Gisborne Permanent Land Building and Mutual Investment Society, and find them to be correct in every particular. “ We must congratulate the society, and its able secretary, upon again paying to its shareholders the most satisfactory dividend of 11 per cent. It appears the society is making great progress, and we are pleased to note the steady increase of its business, inasmuch as last year the assets were £4,861, and this year amount to £5,081. “We would suggest that the Directors make some stringent rule whereby borrowers on leasehold properties should be heavily fined for omitting to pay their ground rent on the due date. “ The securities are all in order, with one or two trivial exceptions. “J. Cresswell) . ... „ "C. P. Davis /Auditors." Referring to the incomplete titles, the Chairman said it often happened that some time elapsed before the deeds were returned from Napier. There was no question about the validity of those mentioned in the report. The Secretary said he would in future ask theDirectois to strictly enforce the penalties provided for in rules 49 and 50. Mr. Joyce asked so what extent money had been lent on the properties of Messrs, Kenny and Fluke. Public reserves were no security unless the buildings exceeded in value the money lent. It was explained that the buildings repre* sented ample security, in fact, in one case the house was insured for more than the sum lent. The Chairman then read clauses 49 and 50* He said although they had not hitherto been put in force, it would be necessary to do so now, as the number of properties over which the society had control had so largely incaeased. The next business was the election of four directors in the place of Messrs. Moore, Friar, Humphries, and Cooper. A long discussion ensued on a point raised by Mr. Croft as to the qualification of a director. Ultimately the Secretary read out the names of those eligible for the office. An objection was then raised to the exercise of proxies which had not been handed in as provided by rule.

Mr. G. R. Moore (who held 29 proxies) thought the adherence to the rule would inflict a hardship on many shareholders as it had "not been strictly carried out hitherto. He did not know of the existence of the rule, or would have handed in his proxies earlier. The Chairman left the matter in the hands of the meeting. It was decided to admit the proxies and allow the election to go on as hitherto for that meeting. Mr. Croft would strongly object to such proxies being used at a future meeting.

Mrs. Meldrum—Would it not be better to dispense with proxies altogether ? Mr. File—lt would perhaps be better to dispense with the rules altogether. The following were elected directors for the ensuing year

E. P. Joyce, G. Humphries, Arthur Cooper, W. A. Friar. Messrs. Nasmith and Lawrence acted as scrutineers. Mr. J. Creswell was re-elected shareholders’ auditor without opposition. Mr. Joyce asked that the question of proxies be decided to-night. He presumed the resolution passed only applied to the present meeting. The Chairman—After this meeting I shall certainly decide that the rules be strictly adhered to. Were borrowing members allowed to take office on the directorate it would be competent to vote themselves a bonus equal to twenty per cent, and hand five per cent, over to the shareholders. Referring to the society’s solicitor (Mr. H. J. Finn) he could say that no gentleman who had previously held the office had given them the same satisfaction. He had hoard no complaints from shareholders and the charges were most moderate. Mr. Moore proposed a vote of thanks to the Chairman and Secretary. Seconded by Mr. Friar and carried.

Mr. Joyce moved that a memo, anent the discussion on proxies be recorded in the minutes for future guidance. The Chairman authorised the Secretary to take a note of the matter. The Secretary asked if the meeting could not increase his salary. The work had very much increased and a very large amount of money passed through his hands. Ten years ago the salary was fixed at £5O per annum, with an promise of a increase if the Directors made a favorable report. Mr. Mogridge moved—“ That the Secretary’s salary be increased to £lOO per annum.” Mr. Cresswell seconded the. motion. He had been through the books twice, and was satisfied that the increase was only a fair remuneration for the work to be done. Mr. Moore was very reluctant to speak, but looking at the dividend he did not think any increase justifiable. On behalf of those he represented, and by their instructions, he would be compelled to oppose the motion. Mr. Joyce—What percentage of the income is laid out in expenditure. The Secretary—£94 for handling over £2ooo—a little less than 5 per cent—not onefifth of the total profits. Mr. Bushell did not think investors placed their money in the society to pay exorbitant salaries. He thought the remuneration ample, but would propose a bonus of five guineas. A vote was taken by ballot. Two words, “ proposition ” and “ amendment ” were written on a slip and handed to each voter, The result was : For the proposition, 4; amendment, 6; both words marked out 6. The Chairman gave his casting vote in favor of the bonus. This concluded the business. At the Directors meeting held afterwards, Mr. C. P. Davis was re-elected Directors’ auditor, and the Directors’ honorarium was fixed at six guineas.