PERMANENT INVESTMENT AND LOAN ASSOCIATION.

Globe, Volume XXII, Issue 1864, 13 February 1880, Page 3

PERMANENT INVESTMENT AND LOAN ASSOCIATION.

The annual general meeting of the shareholders of the Permanent Investment and Loan Association was held at Mr Charles Clark’s rooms last evening. Mr J. R. Hill, the chairman of the board of directors, occupied the chair. The Chairmen said he had to ask the indulgence of the shareholders present for the absence of the manager, Mr H. R. Webb, who had sustained a family bereavement. Under these circumstances he felt sure they would excuse the absence of Mr Webb.

The advertisement convening the meeting having been read, and the minutes of the last annual general meeting, which were confirmed, Mr C. W. Turner moved—“ That the report and balance-sheet as printed be taken as read.”

Mr R. Wilkin seconded the motion, which wis carried. The report and balance-sheet were as

follows : In presenting their ninth annual report the directors congratulate the shareholders on the continued success of tho association, notwithstanding the depressed state of business generally during the greater part of the year. The whole of the capital shares have been subscribed for, making the paid-up capital £IOO,OOO. The holders of capital shares have received interest at the rate of 7 per cent., and the investment shares have been credited with the same rate, after which there remains to the credit of profit and loss, £6590 10s lid ; from which amount one-fourth must be deducted and carried to reserve fund, in accordance with the rules, £1647 12s 9d ; which leaves £4942 18s 2d to be paid to capital shareholders and credited to investment shares, viz., £3500 to capital shareholders ; £1437 Is 2d to investment shares; £5 17s indivisible balance carried forward ; total, £4942 18s 2d. The profit to be allocated, together with tho 7 per cent, already paid, shows a dividend of 101 per cent, per annum, and the table appended will show the value of investment shares according to their issue, a bonus of 7s per share will thus be payable to capital shareholders on and aUer the Ist March.

The amount to the credit of reserve fund is £2903 11s 6d. Messrs C. W. Turner and C. R. Blakiston, the directors who retire by rotation, are eligible for re-election, and are the only shareholders who have given the required notice of their being candidates. By order of the Board, J. R. Hill, Chairman. Christchurch, Feb. 6th, 1880. Receipts.—To balance at Bank, 31st December, 1878, £2788 19s ; subscriptions, £12,250 15s; interest, £19,568 19s 7d; redemption money, £50,485 6s lid ; entrance fees, £l2O 5s 6d; working expenses fees, £545 12a ; fines, £753 12s 3d; transfer fees, £ll 13a6d; fire insurance premiums, £172 15s; special deposits, £69,639 7a 4d ; deposits on account of capital shares, £15,780. Total, £172,117 6s Id.

Disbursements.—By Investment shares withdrawn, J 37715 18s lid; interest, .£3823 5s Id ; entrance fees, £8 6s; working expenses fees, JGB 17s: fire insurance premiums, .£lßl ISs ; special deposits, .£58,690 16s 3d ; loans on mortgages and shares, J 882,550 0a 8d ; office furniture, .£2 16s ; profit on capital shares to 31st December, 1878, -52655 Is lOd; dividend on capital shares to 31st December, 1879, .£7OOO ; expenses of management, £ISBO 8s 3d; balance at the Bank of New South Wales, less outstanding cheques, .£7899 18s Id. Total, .£172,117 6s Id. The Chairman said that the figures in the balance sheet spoke for themselves. He thought that 101 per cent, was a very good dividend. [Hear, hear.] Beyond this the shareholders would be gratified to learn that there was not a bad or doubtful debt on their books. The item £1175 Is 7d for arrears of payments might look large, but he might explain that those who were in arrear would pay in the course of the next month. He begged to move the adoption of the report and balance sheet. Mr Cowlishaw seconded the motion.

Mr E. Wilkin said he desired to say a few words laudatory of the directors for the zeal they had displayed in conducting the affairs of the Association. He had taken part in the formation of the Association, and he had much pleasure in bearing his testimony to the way in which the original idea of the promoters had been carried out. He thought that the closeness of the supervision given by the directors to the business of the association was proved by the fact that during the whole time the association had been in operation they had not lost anything by their securities. [Hear, hear.] He had therefore much pleasure in testifying to the work done by the directors in the management of the association.

The Chairman said the next business was the election of two directors in the room of Messrs O. R Blakiston and O. W. Turner, who retired by rotation, and who were the only ones who had given the requisite notice. Messrs Blakiston and O. W. Turner were then re-elected as directors for the ensuing year. Mr J. J. Thomson moved —“ That a cordial vote of thanks be given to the directors for their services during the past year.” Mr W. R. Mitchell seconded the motion, which was agreed to unanimously. Mr C. W. Turner, on behalf of the directors, thanked the shareholders for this expression of their confidence, and also took occasion, on behalf of Mr Blakiston and himself, to thank them for re-electing them. As far as Mr Blakiston was concerned he richly deserved it, as he had never been absent from a meeting of the directors. A vote of thanks to the chair concluded the business.