GREYTOWN

Wairarapa Times-Age, 6 July 1938, Page 9

GREYTOWN

INVESTMENT ASSOCIATION. (“Times-Age” Special.) The sixty-fifth annual meeting of shareholders of the Permanent Investment and Loan Association was held on Monday last at the head office of the Association in Greytown, there being a good attendance of members. Mr D. O. Loasby (chairman of directors) presided. Apologies for absence were received from Messrs J. Carne Bidwill and Donald Cameron (directors). The chairman welcomed the shareholders and expressed pleasure at seeing so many present. The year, he said, had been a difficult one, but the conditions existing had been met. The fact that the year had been a difficult one was due in a measure to cases in which relief had been sought by some of the mortgagors under the Rehabilitation Act. It was pleasing to note, however, that only a few accounts now remained to be dealt with by the Commission. “In preparation of the individual cases our solicitors had devoted much time and your Board appreciated their efforts bn behalf of the Association,” said the chairman. “The year’s result disclosed a sound and satisfactory position financially, enabling 5 per cent interest upon shareholders’ capital to be credited, plus a bonus on shares of three years’ duration and over. The enquiry for ■ shares continued to be very keen, applications far exceeding the number that can be allotted each He moved that the annual report and balance sheet be adopted. The motion was seconded by Mr H. G. Williams. Several members commented favourably upon the year’s operations as shown in the balance sheet. The motion was carried unanimously. Messrs W. A. Tate and Donald Cameron were re-elected directors, and Messrs M. Maxton and G. W. Sellar auditors. A resolution fixing the Auditors’ fees at £2l each was unanimously carried.

The meeting confirmed the following motion adopted by the Directors: — “That shareholders’ whose shares mature shall receive their share of the Reserve Fund.” Mr Tate, on behalf of Mr Cameron and himself, thanked the shareholders for their re-election to the directorate. Mr Maxton returned thanks for his appointment as auditor, and spoke similarly on behalf of Mr Sellar. Mr A. Gregor moved a vote of thanks to the directors, and in doing so said that he was sure the shareholders appreciated the valuable work performed by them during the year. Mr W. W. Tully, in seconding the motion, said that he considered the position to be in every respect most satisfactory. The motion was carried unanimously. Mr J. F. Thompson said that it afforded him much pleasure in moving a vote of thanks to the manager ■ (Mr Knell) and his assistant (Miss Duff). He was in a position to say that in the course of business he had met with unfailing courtesy and promptness from the limited staff. Mr Maxton also endorsed these remarks. Mr Richards seconded and the motion was carried. The chairman thanked the shareholders for their attendance and a vote of thanks to the chair terminated a successful meeting. YOUNG FARMERS’ CLUB. The members of the Greytown branch of the Young Farmers’ Club paid a visit to the W.F.C.A. factory at Masterton yesterday afternoon. Mr Sheppard gave a lecture on the values of the different grains for feeding purposes, and also explained the reasons for the mixing and blending and the necessity for quality. Great interest was shown in the two new grinding machines and their working was fully explained. Mr Ray Ingley expressed the thanks of the party to the W.F.C.A., and to Mr R. Hills for arranging the visit. PERSONAL. Mr G. S. Maloney, of the staff of the Greytown District High School, left for Christchurch last night to attend the Test hockey match between the English and New Zealand ladies. Mr Maloney is one of the selectors for the New Zealand team. SCHOOL CONTESTS. The Greytown and Featherston District High Schools played their interclub games at Featherston yesterday afternoon. The Grey town Rugby team deefated Featherston by 34 to nil. In the girls’ basketball, Featherston A 17 defeated Greytown A' 9, and Featherston B 12 defeated Grey town B nil.