PERMANENT LOAN ASSOCIATION.

Press, Volume LX, Issue 11504, 10 February 1903, Page 6

PERMANENT LOAN ASSOCIATION.

ANiNUAL MEETING.

The thMywseoond annual general meeting of shareholders in the Permanent Inv«etm«nfc amd Loan Association of Canterbury was fceld yesterday. The Hon. E. O. J. /Stevens, ohanman of directors, presided. There were ten members and shareholders preeerJt. The Erectors' report stated <<hat business litad increased during the year, the amount due on mortgage on December 31st being £148,09118s 9d, as compared with £140,317 11-9 3d ci *h© beginning of the year; but owing to the gradual reduction in the matt' gage rate ilhe aett' profits arising out of the ordinary operations showed no increase, being exactly th© sajn* ac last year. Furtiher special recoveries'»s» connection with property accounts amounted to £520 Is 2d, and thia iMas shown cc a separate item on the .profit and loss accounts. After , itihe usual 5 per cent, dividend, amouQtUqg to £5087 Is 2d, there remained a balanwe of £1198 10» 9d, of vrhkfo. £1000 had 'been added to the reserve fund, and £198 10s 9d hed been carried forward. The Hon. E. C. J. Stevens and Mr J. J. Thoinpeon weTe tlhe reitiring d'ireotioirg, and offered ■themselves lor re-eTetition. The Chairman, in moving the adoption of ithe report and 'balance-slieet, said tihe directors had, us Tisual, made a careful inweatffgatiion of all tlhe securities with the most eeHMaalory results, and they bod na& the. eligEt«t doubt .whatever that the business is as sound as it can possibly h& mode. Hβ called' attention to the fact that there liied; bees an appreciable increase on t)he -year's transaotdone in Hμ loan business to the extent of £8000, and of thaa £6000 was repayaWe. under -what is known a« the table loan eyetem—a good feature in the business of an Association of this kind. It would also be obrtioed tJhalb the property held by the Aasotntt>k>n hotJ been very much reduced A great change had taken, {place in tbkt account during the past few yean, and it, was now in a satisfactory position. In ad<li)tion he ipointed out that an ttppreciaible sum bad ibeen tranaferred io the reserve fund. ■ v ■ 'Mr J. D. Hall seconded tihe motion, Trfiich was agreed to. . " '. . The iHoo. E. C. J. Stevens and Mr J. J. Thompson, (being Ithe only pereone nominutei,, ivere ■re-elected , .directore. . ■. aitssrs F. E. end W. Ollivier were re-appointed auditore. . ... ~ .

A volte of thaidcs to the directoj» cloew} the meetting. - .''•"■.-- , -.' ■"■■.'■''. .''" ':'. ••"■''" .At a crpecial general meeting, held subsequently, St Trte agreed to add 5 per cent. and 5i per cerit..table* *o the rale*. :•