THE PROVIDENT INSTITUTE.

Southland Times, Volume III, Issue 7, 23 November 1863, Page 5 (Supplement)

THE PROVIDENT INSTITUTE.

(Ei-om the Age. November 10,) - A "meeting of depositors-it the Provident Institute, convened by requisition, was held last night in'St G-eorge's Hall. •"There were'betweeri fifty and sixty depositors present ; • and Mr J. Burtt occupied the chair. Mr Downey, " as one of the depositors who had- taken an active part in getting up the requisition for the meeting, Came forward and submitted a series of questions to Mr Langlands, the trade assignee, upon the last published plan bf distribution, filed on 2nd inst. Lt appeared Mr * Downey complained that the balance in hand was represented in the last plan at LB6 1 8s, While the previous plan showed a balance*. 0£L124 19s 4d, which was not accounted for in this balance sheet. He also compiained that the law costs were extravagant; that the ' expenditure'was Vaguely stated ; and that some, ot the items, such as 7L24 Is for cab hire, were " enormous ; also, that . two -s*.eam engines, entered as having cost 'L 2950, were put down as having realised only LIOOO, no mention being made of what loss there was upon -them. Several other matters of a like nature were also complained of, and it was alleged that Mr Langlands : was opposed : to the calling of the meeting. vMr Langlands, in explanation, reminded - the meeting that," at the last occasion on which the * depositors were 'called . together, he had said* that he would \ neither call another meeting, or answer ; a single letter which appealed in the papers, until the affairs of the institute had been Wound up. Upon looking at the requisition brought to him by Mr -Brown to convene a meeting, he found that the signatures were not in the handwritting ofthe parties represented assigning the document, and he Considered him- . self justified in refusing to act upon it. Had he been satisfied that the signanatures wi l"a genuine, he should have have had no objection to paying the expenses of the meeting. Mr Langlands then proceeded to explain at; bngth the items of account upon which misapprehension seemed to exist. He: said the engines were down in the books as nominally woith £2955, but they had realised only -£1000, which was entered ; in the first or second plan of distribution, Whatever loss there was included in the deficiency of £30,000. In answer to a variety of questions, Mr Langlands said he estimated the expenses of realising the estate at 7t per cent. £10,000 had been deposited in the bank at 4£ per cent., and the assignees could not be charged with allowing depositors' money to remain idle. There would be very ' little loss upon the mortgages in the ; estate; and, with regard to calling upon the shareholders to make good the deficit, he thought that a matter' strictly in. the. hands of the depositors them-, selves. He believed" the expense of prosecuting the late directors would be considerably, under £1000.' Mr Brown then moved — -" That a committee of two persons be appointed to investigate the affairs ofthe institute, and to assist-* the assignee in winding up. the estate ; and that the remuneration of the.coniY mittee for such services be one per cent., on dividends declared beyond ten shillings in the pound..'' Mr Ross seconded the motion. An amendment was moved by Mr T. Freeman, and- seconded by ; Mr Upton, to the effect "that the= appointment of a committee was unnecessary, as the matter ■ had already been amply discussed at a previous meeting, j Upon question being put to the; meetings the original motion was carried and Messrs Downey and Brown were elected to serve as a committee. The proceedings then terminated. " :