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ASHBURTON PERMANENT BUILDING AND INVESTMENT SOCIETY.

The adjourned annual general meeting of shareholders m this Sooiety was held at the Aroade Chambers yesterday afternoon. Dr J. E. Trevor. Chairman of Directors, presided. lIEPOnT. The Direotors' report was rea.l as follows : — In presenting the thirteenth annual report, the direotarß have pleasure m congratulating the shareholders upon the position of the Society. The Direotors, notwithstanding the continued depression m financial matters, have been ablo to allocate interest at the rate of 8 per cent, upon the " A " oupital Bhares, and after adding the same percentage to the " B " investment shares, the sum of £128 6s 5d will be oarried forward. There is also a sum of £814 Cs 4d to the oredit of the depreciation of property account, whioh is set ; apart to oovor any deficiency that may ooour Profit on " A " oapital shares will be payable on the adoption of this report. The retiring Direotors are Messrs T. Bullook and Hugo Friedlander, who have offered themselves for re-election. The Chairman, m moving the adoption of the report, expressed regret that tho meeting ljad not bsen called sooner, but the delay had beep occasioned through the Auditors requiring returna whioh had never been required till now. Tho Auditors' aotion was quite a proper one, and showed their oonepientiousness m the disoharge of their work, but as it had been necessary to go baok to the commencement of the Society's operations, the tirno for holding the meeting bad j boon delayed. With reference to tho state of the Society he had little to Bay ; it was oxtremely satisfactory. It was true that they did not deolare the old 10 or 12 per oent, but he waa of opinion that the people of Now Zealand must look upon those dividends as belonging to the past. They had, however, done as well as any commercial sooiety m Now Zealand, and they gave absolute and perfeot security to investors. Their little Sooioty was as firm as a rock, and as safe as the Bank of England. In tho. days of bif? dividends, he had prophesied that investors would have to bo satisfied with a less return, and so it had happened, He whb oonfident, however, that their dividends would not got lower than at present, and if thoy Sid not m the future deolare more than 8 por oent, he did not think it would bo loss" than that. ' •• Mr Harrison sooondo'd tho motion. Aftor a few questions had bean answerod by tho Chairman. Mr Iteatoll said that it appeared from the ' Chairman's statement that this year was tho first ocoaaion on whioh tho Auditors had askod for tho partioular returna alluded to. This waa not so ; they had been asked for previously. The system was adopted elsewhoi'o and he lookod on it as a most desirable one. Tho Chairman said it was time the returns had beou aakod for, but so little stress had been laid upon their necessity that the matter seemed to have escaped the memory of the irianagemont. He agroed as to tho desirableness of tho system and had no doubt tho Directors would see that it waß thoroughly oarriod out m the future. Mr Eostell desired to Bay a few wordß m reforonce to the appointment of Auditors'. At the last meeting he had been appointed ono of tho Auditors and he would havo beon most happy to abt as suoh. Last Maroh Mr Ward told him that ho might Want him any day, to whioh he replied that his services would be available any time other than Saturday and Monday, but he would prefer it if he were not required till after Easter. Mr Ward said that he could not wait till then, but Easter oarao and went, and he was not sent for. On a subsequent Thursday when ho wan Mvivy at Quinlivan's band gutter trial, Mr \\.r). called at bis (Mr Restell'e) office

and left word that it wou'd be ncoeEHaty ft*, him to audit the aooouniß on the following Saturday. It was impossible for him, as ie would be for any business man, to be m attendance that day, so he had no alternative but to resign his Auditorship. The Chairman was Borry that Mrßestell ahould have thought himself hardly dealt with. The Direotors valued hia services highly, and they were sorry that he was not ono of -the certifying Auditors. The oiroumstances were muoh fie Mr Restell had explained, and the Directors had eleoted another Auditor, not out of any disrespect to Mr Iteatell, but beoause they considered they were bound m the interests of the Sooiety to avoid delay. Mr Zander thought that Mr Reatell had been hardly dealt with. Ho had been surprised to nod that Mrßsstell was not one of the certifying Auditors, and he had never heard of any other appointment. The Chairman explained that the Directors made the appointment to save delay! and v they understood that Mr Restell was rot averse to the step. Mr Bestell raid that he had no desire to stand m the way. , , '■-. : * Mr Zander asked if the appointment held good for the ensuing year. The Chairman said that it did not, ' Referring to the work of auditing Mr Restell said that the Christohuroh Sooiety had a rule whereby the Auditors could come m at any time and inspeot the books. By this means the work of auditing afc the end of the year was lightened, and there vraß no delay. ' Dr Trevor said the rule waa a rery good one. Mr Ward, the Manager, said that snoh an arrangement was very desirable, and ha would like to see it m foroe here. . > The Chairman had no doubt the Direotora would take the matter into consideration. The report and balanoe-sheet were adopted. DIRECTORS. Messrß Hugo Friedlander and T. Ballook • wore re-elected Direotors. OOMPLIMENTiaV; On the motion oi Mr Restell, a vote ofj thanks waa passed to the Directors, and on the motion of Mr Harrison, seconded by the Chairman, a similar compliment was accorded the Manager, Mr J. Ward, who, m returning thanks, said the vote waß very gratifying to him. As the gentlemen who had moved the vote had said, a great deal of important work had been done during his connection with the Society, and he wished to say that no fault had been found with him till the present yoar, when he had not devoted bo muoh personal attention to the Sooiety as formerly, but had trustad to one m whom he had thought he could repose confidence. As he was going out of the Sooiety m a few weeks he was very glad of the vote of thanks which had been aooorded him. Members expressed their oomplete satisfaction with Mr Ward's wish, and the meeting adjourned with tha usual compliment to the chair. ' °

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/AG18880501.2.9

Bibliographic details
Ngā taipitopito pukapuka

Ashburton Guardian, Volume VII, Issue 1829, 1 May 1888, Page 2

Word count
Tapeke kupu
1,141

ASHBURTON PERMANENT BUILDING AND INVESTMENT SOCIETY. Ashburton Guardian, Volume VII, Issue 1829, 1 May 1888, Page 2

ASHBURTON PERMANENT BUILDING AND INVESTMENT SOCIETY. Ashburton Guardian, Volume VII, Issue 1829, 1 May 1888, Page 2

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