PERMANENT INVESTMENT AND LOAN ASSOCIATION.

Globe, Volume XXIII, Issue 2184, 24 February 1881, Page 3

PERMANENT INVESTMENT AND LOAN ASSOCIATION.

To the Editor of the (Uobe. Bib,— ln connection with the annual meeting of the Permanent Investment and Loan Association, held this evening, I send you for pnblication copy of b memorandum which I forwarded to the directors of the association last year, my object being to induce the Board to take steps to call a meeting of the shareholders, under the rules, to consider tho propriety of altering table A, so as to make matters equitable a# between paid-up and investment shares.

Yours, its., John Lewis.

Christchurch. February 23rd. Memo. —Concurrently with the introduction of capital shares, Table A should have been altered so as to give subscribing shareholders interest on their payments monthly, and compounded half-yearly, whan dividends are paid on capital shares. The effect of this not having been done has been a loss to subscribing shareholders of £466 Is 8d in 1878, and of £4-15 18a in 1879. The loss will of course continue to vary annually, according to the number of shares on the books. Clause 4 of rule 14, which debars subscribing shareholders from participating in profits for three years, should have been expunged at tho same time. Subscribing shareholders who joined when capital shares were created, have not yet participated in profits, although said capital shares have received two divisions, viz., 6s lOd for 1878, and 7s for 1879, per share. No ultimate gain to the subscribing shareholder compensates in any degree for his loss of tho last year’s intoreat through the whole period, and of profit, until his shares are of “ three years’ standing.” Capital shareholders got, pro rata, all the advantages of the institution in interest and profit from the date of putting in their money. (Signed) John Lewis. Christchurch, 14th May, 1880.