PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY.

Globe, Volume IX, Issue 1242, 28 February 1878, Page 2

PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY.

The seventh annual general meeting of the members of this Association was held last right, in the rooms of Mr Charles Clark, lierefoul street. On the motion of Mr Q-. Gould, seconded by Mr p‘. T. peacock, Mr J. ' &Uc,(( to the chair.' The manager of the Association, Lewis, then roafj the advertisement calling the meeting and the following BMfORT. The Directors have pleasure in submitting the seventh annual report of she Association, as it affords evidence of continued success. Tho usual statements of receipts and payments, with balance-sheet, are annexed, and a further statement showing tho value of each issue of shares as on the 31st December last. Tho Association during the year has been incorporated in terms of the provisions of thj

Building Societies’ Act, 1876, and the rules revised in accordance therewith. In consequence of the incorporation, the duties of the trustees have ceased. The thanks of the shareholders are due to Mr Goo. Hart and Mr Geo. Gould for the important services they have rendered. The Directors believing that the time had arrived when the business of the Association required the whole of the time and the undivided attention of its manager, have arranged with Mr Lewis to retire from the management on the Ist March nest. Mr Lewis has been the manager from the commencement of the Association, and the Directors do not think ho should bo allowed to retire from the active management without some slight recognition of his services; they therefore propose to cancel and return the last hills for =£2so given by Mr Lewis on account of Mr Herdson’s defalcations. Mr P. E. Wright has been appointed to succeed Mr Lewis a« manager, and will enter on his duties on Ist March.

The Directors are negotiating for suitable offices in a central posithn in the city. The Directors have pleasure in reporting that .£1256 17s 4d has been recovered from Herdsou’a estate.

Mr J. M. Hey wood was elected by the Directors, in March last, to the seat on the Board vacated by MrW. H. Lane, on leaving for London, and now offers himself for election. Mr Robert Wilkin and Mr C. W. Turner are the Directors retiring by rotation. The latter offers himself for re-election, and Mr Leonard Harper is the only candidate for the other vacant seat.

Circulars have been issued, setting forth the conditions on which the present investment shares may be converted into paid-up shares, in terms of the rules passed at the special general meeting on 28bh December last. By order of the Board, J. R. Hill, Chairman.

Christchurch, Feb. 19th, 1878. The financial account showed a total of receipts, £137,868 3s Id. The value of shares on the 31st December, 1877, ranged from £29 18s 7d (Ist issue,lst January, 1871) to £1 10s (14th issue, Ist July, 1877). The balance sheet showed a profit for the year of £6128 3s lid.

The minutes of the last special meeting were then read and confirmed, Mr E. C. J. Stevens asked if the item £14,400, which appeared as an asset in the balance-sheet, was a re-Ueposit, and if so, whether it was to be taken as an indication that the demand for the money of the association had fallen off.

The Chairman replied that it was a redeposit, but was hardly to be taken as an indication that the money of the association ■was no longer in demand. The fact was that a largo amount of money had been offered to the directors, and they thought it wise to accept the money until investments should flow in more freely. They were content to do this so long as no loss was suffered thereby. He might say that applications for a large amount of the money referred to had been received, approved of, and sanctioned, but the money would not be required till the month of inarch. Until that time arrived it was thought better to re-deposit the money at interest than to allow it to lie idle, especially as the Association was paying interest tor it. Mr Stevens was perfectly satisfied with the exnlanatipn, and inoyed that the report of the directors, the financial account, and the tajance-sheet be adopted. Mr Q-. Gould seconded the adoption of the report, &c. He thought the shareholders were deeply indebted to the manager for the very satisfactory report, which showed a profit including bonus, of 12 i per cent. The motion was unanimously agreed to. The Chairman said it was no doubt in the knowledge of most of those present that MiLewis was about to retire from the post of manager. It had been found that the large amount of work was almost too much for that gentleman and his staff. The directors had therefore agreed with Mr Lewis to relieve him by appointing permanent officers. They would have noticed in the report that the directors proposed, with the sanction of the shareholders, that £250 should bo given to Mr Lewis as a retiring allowance. The report had been adopted, bub he thought it would be well if the vote were brought specially before the meeting. Mr Hobbs moved that the recommendation of the directors to grant Mr Lewis £230 should be carried out. They could not but acknowledge that Mr Lewis had conducted the business of the association with satisfaction to the directors and shareholders, and with credit to Juihself. As yne of the shareholders, he' (Mr Hobbs) was pleased to notice that, although during the term of office of Mr Lewis so serious a defalcation had taken place, so much as £1256 had been recovered.

Mr 0. E. Blakiston moved a vote of thanks to Mr Lewis. As ono of the original promoters of the association, he could boar testimony to the fact that it owed its birth in 1870 to MrLewis.who had made great personal sacrifices for it. By making their shares irredeemable, and thus inspiring the public with confUer.ee, Mr Lewis deserved their thanks. That gentleman had studied the English Act, interviewed the Minister whose duty it was to bring their Bill before the Assembly—in short, to him it was due that they were under their present constitution. Mr Stevens, as another of the original shareholders, seconded the vote of thanks. Uo wished to give his personal testimony bo the great obligation they were under to Mr Lewis for their constitution.

The Chairman put the two resolutions in one, to the effect “ That the association grant Mr Lewis an honorarium of £250 as a retiring allowance, and with it record their sense of the energy and zeal with which Mr Lewis had conducted the affairs of the association from its beginning.” The motion was unanimously agreed to.

Mr Lewis thanked tho shareholders for tho vote of £250, and as cordially for the vote of thanks. As a matter of sentiment he must, say that he felt a little regret at retiring from office. The first person he laid spoken to as to establishing of the association was Mr H. L. Williams, who had heartily taken the matter up. He (Mr Lewis) had worked cordially for its success ever since, and was happy to be able to say that, with the exception of what had already been alluded to they had fiever lost a farthing by any security, and he did not see any probability of a loss. A few months previously ho had felt himself compelled to communicate with the directors as to tho accumulation of work, which he could not carry out without a considerable increase of remuneration, his expenses equalling the amount he was receiving. The directors, after considering tho matter, came to the conclusion that jt would be better lo : jr'ajie'a gepafpip instjtunqn. They nad been good enough to give him £250 for the extra work of last year, and to submit to the meeting the further sum which had just been voted. He could assure them that he would still take a warm interest in the welfare of tho Association, which he wished a? prosperous a career in the future as it had enjoyed in the past

Tho Chairman said the next business was tho election of directors. There were only three nominations for three vacancies, and therefore he declared Messrs J. M. Heywood, C. W, Turner and L. Harper duly elected. He took tho opportunity of expressing his regret at the loss of Mr Wilkin’s services. No one bestowed more time or took more trouble for the benefit of tho Association than that gentleman. He moved a vote of thanks to him.

Mr Hobbs seconded the motion, which was unanimously agreed to. Mr Lewis made some remarks upon the inadcouacy of the honorarium lormcily gi.'en r; tip cdrecvQiv Tip aifra now on the rules was quite little crcugh. Tho Chairman was sorry the matter had been mentioned. The directors had no knowledge of Mr Lewis’s intention to do so.

Air Lewis had mentioned it because some people seemed to fancy that the directors ought to work for nothing, as if for a beneyoIpeft institnt'jon. ” i " Air Cowllshaw moved, and Mr W. E. Alitphclj seconded, ft vote of thanks to the directors for their services during the past year. Agreed to. Mr Stevens thought it would bo an omission if they did not pass a vote or thanks to the retiring trustees, vGio had done their work in a very efficient manner, and without remuneration.

The motion was duly seconded and agreed to. The meeting terminated with a vote of thanks to the chair man,