PERMANENT INVESTMENT AND LOAN ASSOCIATION.

Globe, Volume XX, Issue 1556, 13 February 1879, Page 3

PERMANENT INVESTMENT AND LOAN ASSOCIATION.

The eighth annual ercueral meeting of investing shareholders in the above association was held yesterday, at 7.30 p m , in Mr Charles Clark’s auction room, Hereford street, Mr J. R. Hill in the chair.

Tho manager, MrF. E. Wright, read the advertisement calling the meeting The minutes of the last annual meeting having being read and confirmed, on the suggestion of Mr C. W. Turner the following report of the directors was taken as read :

Report tor presentation to the shareholders at the eighth annual general meeting, to ho held on Wednesday, tho 1-th day of February, 1870. The directors, in submitting their eighth annual report, have pleasure in congratulating the shareholders upon tho satisfactory position of tho society’s affairs. Notwithstanding the increased expenditure incidental to a re-organisation of the society’s management, which has now been placed on an independent footing, the directors are in a position to lay before tho shareholders a very satisfactory report. After paying tiro holders of capital shares, and crediting the investment shares with 7 per cent., there still rema ins at tho credit of profit and loss the snm of £5019 15 3 Of this sum tho rules require £1251 18s 9d to be carried to reserve fund ... 1251 18 9 Leaving £3761 16 G To bo paid to holders of capital and credited to investment shares. The allocation of this profit will, with the 7 per cent, previously paid, give to holders of capital shares tho handsome dividend of 10} per cent, for the year; and the accompanying table will show tko value of tho several issues of investment shares. A bonus of 6s lOd per share will he payable to holders of capital shares ou and after sth March. It is gratifying to observe that 2181 now investment shares have been subscribed for during the yoar 1878. Mr J. B. Tlill and the Hon. J. T. Peacock are the directors who retire by rotation, they are eligible for re-election, and are tho only shareholders who have given notice of their being candidates for the position. By order of the hoard, J. R. Hill, Chairman, Christchurch, February 4th, 1879. The Chairman said in moving the adoption of of the report, it was unnecessary to use many words. The figures spoke for thems Ives. 1 lie stability of the association was proved by tbeir large deposits on the one band and the amount of money loaned out ou the other, and they frilly enjoyed the confidence of the public, which was likely to continue so long as they were able to show such a satisfactory state of thi gs. Tho adoption of the report was seconded by Mr T. W. Hall, and ca-ried unanimou-ly. The next business was the election of two directors, in the place of Messrs Hill and Peacock, who retired by rotation.

On the motion of Mr J• Thompson, seconded by Mr J. Anderson, those gentlemen wore reelected unanimously. The Chairman stated for the information of the shareholders that the present number of investment shares amounted to 3975. During the past year 2184 new shares had been taken up, and the total capital of the company, =£loo,ooo, was now fully subscribed and paid up. This terminated the business of the meeting, which then adjourned.