WELLINGTON. [From the Advertiser, Feb. 20.)

Colonist, Volume IV, Issue 350, 26 February 1861, Page 4

WELLINGTON. [From the Advertiser, Feb. 20.)

BEPORT OF THE COMMITTEE OF THE LAND ON DEFERRED PAYMENTS SOCIETY. In presenting the second annual balance sheet of receipts and expenditure, the Committee take the opportunity to lay before tho society a complete statement of its affairs and workings during these two years of its existence. It will be borne in mind that the society was iramed with a view to give the utmost possible facility ta borrowers of small means at the lowest rate of interest—preserving them, at the same time, in their position as investors, and thus giving to all an equal interest in tho success of the undertaking. In addition, the borrower has the option of paying off the whole amount borrowed in such sums, and at such times as may suit his convenience—an advantage not to be obtaiued by any other means, or through any other society of a similar kind. ! The total number of shares on the books of the society at the close of the second year amounted £1,279, held by 570 persons, aver* aging nearly 2\ shares per member. Advances have been made on 193| shares to 109 persons, at a cost of £9,287 10s., whioh, together with £350 still due, makes a total of £9,637 10s. The securities consist of 4,509| acres of country land, held by 36 persons—462 acres of ditto, with houses and various improvements thereon, held by 9 peraons; town acres; and '"portion^ of town acres, with houses and improvements on each freehold, held by 58 persons: and six leasehold properties. One member has entirely paid off his mortgage, amounting to £150, and two others have reduced the amounts by £62 10s. From this statement it will be seen that the promises held forth by the society have been amply redeemed, more than one-fifth of the members being recipients of its funds. Another feature of the -society consists in a provision made in its rule 3by which certain portions of its income, arising from fines, &c, and a small commission on each advance, is set aside to meet current expenses and to provide against contingencies; this fund has been productive, not only covering the preliminary and current expenses, but leaving a very considerable, balance. By means of this fund the regular permanant income of the society has been relieved from the expenses of management, and its funds devoted exclusively to' advances on loan. '.:.'' "■.:•■■;■ -■>■-^- ''■■■■- \ During the two years the society has received for subscriptions £7,231 12s. ;—entrance fees (portion of) ,7s. 6d. ;—interests on advanoes, 4910 17s. 7d.;—balance of management, and contingent fund, £255 173, Id. ;—deposits. £1,122 7a. 6. j total, £9, 540 Is. Bd. During the same period payments have been made for and on aocount of 192| shares, £9,287103. ;— interests on deposit*, £26 13s. 7d. to the Union Bank, £4 6s. 7. premiums advanced, £37 7s, 9d. -—balance in the bank to the credit of the society; £184 Bs. 9d.;! —total, £9,540 Is, Bd. The assets consist of'; security for advances, £9,637 10a.;—subscriptions, interest, and premiums iof insurance in arrear, £608 15s. 3d. ;-4>alance at the bank,! £184 §3. 9d. ;—total assets, £10,430;95v: j The! liabilities consist of £1,279 ahar^ at £Q caoh,j £7,674;— subscriptions in advance, £3 jr-^due' oh advances, i£3so;—deposits and. interests,; '£'1,189 Bs; 3d.;—management and contingent fund, £255 17s. Id,;— total! liabilities, £9,4.7% \ 55,-4d.;~which sum deducted from the assets leaves a balance of profit to the society' on its workings, during two years, of nearly 15s. 'per share, equal to upwards of 11 percent, compound interest.. ■• .■■■, •;. '■• ;■ ■ ■<y:-.^'< .-•■■■. n■■■::■<■■■_

The management and contingent fund/ 1 after deducting all preliminary and current expenses for the two years, amounting to i-380 2s. 4d., has the following assets:—Balance due in general account, £256 17s. Id. ;—fines, &c, in arrear, £178 10s. 6d ;^total, .£434 7s. 7o\— equal to 6s. 9d. per share—makiog together a profit of £1 Is. 9d. per share on every ' M paid. . ;: : ■ :

Thus much has. been shown in proof that the calculations upon which the society were based were perfectly reliable, -every prediction having been more than realised; in faot, the number of shares upon which advances have been made exceed the calculations by upwards of twenty, partly attributable to the assistance afforded by the deposit account enabling the society to work up every shilling of its income. Considering the position of tho society in regard to the profit already made, the committee recommend that the entrance fee on all new shares created from this date be raised to 21s. pershare.

The committee inform the members that all property which the society holds as security has been, wherever practicable, insured against loss from fire. Also, acting under the advice of their solicitor, no advances will in future be made on-leasehold property. • , ' , . Mr. J. Yub, who was elected manager of th& society on the 11 th April last, continued to, act Jri that capacity until the 18th October,, when £c intimated bis wish to resign. Since; that period Mr. J. Taiue has been; at the request' of the committee, the acting manager. To both these gentlemen the thanks -of thiel society are due. Durings the-whole ofthe period[since 1 Janf, 1 I860; the "actual work of the manager has been performed' by Mr. F. Allen!- The committee; consider that the present.is the' proper time'-t^ plljup the office of manager permanently, 'aud< they have accordiugly ; duly notified the same in the newspapers, and appointed this evening for the election. ;: , ; - r Ip conclusion, tbe committee congratulate the society iipop its successful pperatious, and; upon the amount of material benefit it baa conferred upon a considerable number of persons; i jind/judging from the statement of its working^ they confidently anticipate that the termination will be considerably within the period calculated at its commencement ' ; ••■■■'■ ' ■ '- '■■' " ■; L, Levy, \; '. Cb airman. \\ 14th February, 1861.

The, Charge of Pibacy.—The oharge of piracy against the crew of the ship John Bunyan, which was investigated on Monday and yesterday at the: Resident Magistrates' Court, and which precludes our usual leading article, can* not, we understand, as against some of the crew, be sustained. The charge against the captain, Joseph Allan, of witful murder will be investigated this afternoon. Pending the proceedings in the Supreme Court, we refrain from com*' tnenting on this painful case. The Elections.—lt will be seen by the Electoral Notice in another column, that the nomination of candidates for the Sujterintendency ofthis Proviuoe, is appointed to take place at the Eesideot Magistrates' Courts od, Saturday week, the 2aiMftrqb t audtUatthQ polling if

necessary, will come off on the following Thursday.: \Ve have not heard of any candidate being as yet in the field, but presume that Drys Featheiston intends to come forward. The general impression, so far as we can gather, appears to be that he would not have the shadow •of a chance against a really available oandidate for the office, but where that individual is to be found is the question. Dr. Featherston, at the last election, was returned by the votes of Wangaaui and the Wairarapa, and both these districts are now dead against him. Under these circucumstances his re-election would not by any means be so certain as bis hangers-on pretend to believe. If, therefore, no opposition is offered, it will be owing to the want of a candidate, and not to the oiroumstance that Dr.. Featheraton'a chances were such as to render any opposition hopelesj.—The elections for the Provincial Council will immediately follow those for the Superintendency, but as the Council, by the arbitrary conduct of Dr. Featherston, has been rendered altogether powerless, we do not see what good cotiid be gained by offering any opposition to his" nominees. As he will not work with a majority opposed to his views, we might just as well let him nominate the members himself, as to go through the farce of electing them, or, if it were practicable, we could, under the circumstances, dispense with the Council altogether.—Mr. Fox and Captain Harrison have been elected for Wanganui and Rangitiki.

Colonial Secretary's Qffiqe, Auckland, , 2nd February, 1861. Sir—•Referring to your Hbrior's letter' No % 12, dated the 13th ultimo, I have to inform you that his Excellency the Governor has been pleased, to dissolve the Provincial Council or the Province of Wellington, and I enclose a copy of the \-New Zealand Gazette of this day, containing a proclamation to that effect. ■•;*■■ •>' ■.w'W*"*^-1'"-

Writs for the; election of a Superintendent and members of the Provincial Council.of the Province of Wellington have been transmitted by this mail.

■ : .-■■■ -•■,-•.■;.• ■-■:'•■• IhaVe,::&c.i "■"■"'-r.'■'.■""'" ■■•■■"'.' Henrt John Tancred, In the absence of Mr. Stafford. His honor the Superintendent or the : ■.. 1 Fioviiice"'6£We^ngto|i."'",...'r:.-.,',..':