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ASHBURTON PERMANENT BUILDING AND INVESTMENT SOCIETY.

The annual general meetlcg of the Ainbunon Permanent Building J»nd Investment Soolety was held at the Society's office yesterday afternoon. In the absence of the Chairman Mr J. Ward was voted to the ohair. KKrOBT AWD BALANCE SHIRT. The Director's report otated that after allowing interest at 7 per cent on capital and investment shares, the profit and lo«a aoooant showed a credit balance of £360 4? 7d. of trhich the Dlreotora proposed to pan £300 to the oredlt of the " Deprecl*. ttoo of Property " aoooant, and to osrry the balance forward. Daring the past year the Soolety's offices had been removed to the bollding la Taaored street, now atiiissd for that purpose, tot witloh it vm found well adapted. The report and balance, sheet were taken ai read. Mr Ward, In moving the adoption of the report and bulauoo oheat, detailed the work i of the past year at some length,' and oonj sldered the resulto were satisfactory. Mr T. fiallook , neconded the adoption of the report. Mr Reatell thought It would be well to dlsoass the Item of £360 4s 7d, tbe greater por lon of whloh it was proposed to pass the Depreciation of Property, apooaot. He thought it would ba rather hard on Investing shareholders, and that It would tend to pf event otheta becoming investing shareholders, IS this weie done. The Soolety might have been unfortunate in having had thrown on their hands properties that wonld not realise the value that had been set upon them, but h» thought a preferable oonrie to the Directors' proposal would be to divide the sum over two years tastead of passing It In a lamp. By tfils mean* they would bs abi* to al\ow Investing shareholder* about 1$ par oent additional. He moved In tLla direction. Mr W. Zander seconded Mr Bestell'i amendment Mr Bullook hoped the motion would be withdrawn beoanss the Director* had bestowed much careful consideration on this matter. The Society bad to provide for any less they might make on a leasehold property that had fallen into their hands. Other Societies had suffered losses through tonobing leaseholds. Mr Restell considered tbe Soolety wu in a quite good enough position to delay writing off tbe whole amount, It was In the Interest of Investing shareholders that he made his suggestion

Me Douglas maintained It would b« •■ ad ran tag e to pais the mm andirldod. ■■ Mr Bollock ikld that people woaldbe mote likely to Invest If they law that the 8oo!ety had provided against any probable lost. The bad policy of oarrylng forward dead properties had, he thoaght, beta demonstrated by the experience o£ other Institution*, SSJi Mr Bestell aiked if the sum of £300 would oover any probable loss. Mr Ballook »»td they ooald not tell nqtll the properties had betn realised. Dt Trevor, the Chairman of Direoton, who at lhia stage arrived, said that it waa to the interest of the Society and their f ature benefit that the/ should provide lot any loss which might arise. Mr Bestell withdrew his amendment, his chief object in bringing it forward having been to promote a diioaadon on the matter, SnVECTOBS. Messrs G. Jameson and W. St Q. Douglas were re-elected Directors of the Society* OOMH.IMBNTABY, Votes of thank« were passed to the Obairman and to the Direotors. Dr Trevor, in re'urning thanks, «aid that during the fourteen years the Society had been in existence its dividends had averaged between 9 and 10 per cent. Of late years the rates of Interests had been coming down, bat he waa confident they wonld be able to bring theirs up again. The Directors had bad, during the. past year, a very anxioan time, and they hoped the result of their tfEorts would be an increased business, arid of this there waa every prospect. They had lost . the services qt Mr J. Ward, and he (the Ohairman) wpuld take the present opportunity to acknowledge the many and valuable sorvioc b that had been rendered by that gentleman. Mr Ward was Bucceeded bv Mr Twenty man, who had performed bis dut ; es mott ably, bnt he, too, the Chairman regretted to pay, was oq the point oE leaving, The meeting then oonoluded.

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AG18890329.2.19

Bibliographic details

ASHBURTON PERMANENT BUILDING AND INVESTMENT SOCIETY., Ashburton Guardian, Volume VII, Issue 2097, 29 March 1889

Word Count
709

ASHBURTON PERMANENT BUILDING AND INVESTMENT SOCIETY. Ashburton Guardian, Volume VII, Issue 2097, 29 March 1889

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