ACCOUNTANCY.

Dominion, Volume 1, Issue 286, 27 August 1908, Page 8

ACCOUNTANCY.

ANNUAL MEETING OF THE INSTITUTE. The annual meeting of the Incorporated Institute of Accountants of Now Zealand was held in the Chamber of Commerce yesterday, Mr. 11. C. Towslcy presiding. Thero was a largo attendance of members. THE ANNUAL REPORT. The secretary (Mr. C. D. Morpeth) read tho anuual report of the council of tho institute as follows:— The regular examination was held in October last and was, as conducted ill conjunction with the_ Victorian Institute. The New Zealand Institute sent up ICL candidates, of whom fi.yo passed as fellows and 23 as associates. Tho membership of the at tho beginning of the year was 248, consisting of 13C fellows, 81 associates, and 31 students. Thero were removed by death one fellow (Mr. W. H. Gundry) and one associate, R. M'K. Picken, and by resignation four students. One fellow was admitted ad cundem from tho Chartered Institute of England and Wales. Of tho fivo successful examinees' as fellows, two are not yet of full ago for admission as fellows, whilo in the caso or the 23 associates two are not : of ago and olio is' already on tho register; tho additions therefore to the list are threo fellows and .20 associates by examination. Two of these now fellows wero previously associates and one of the new associates was a student; consequently the number on the register at the end of tho year was 263, consisting of 139 fellows, 98 associates, and 26 students. The death of Mr. W. H. Gundry in October, last removed one of the most prominent members. The .'late Mr. Gundry was for four years president of the institute, and had been, a member of the council for tho last ten years. : A resolution expressing its deep sense of' loss was passed and conveyed in a letter of condolence to the widow.

Legislation to establish a corporate body consisting of qualified accountants and to make provision for tho training and examination of members of the profession and generally to promote tho efficient' practice of accountancy in Now Zealand has been passed.' In accordance' with tho promise given by tho Premier, tho Government brought down a Bill early this session, and that Bill has now become law. The Act is of a far-reaching character, and provides in the,widest possible sense for the- registration of all who at the present Jtiino are earning their livelihood as accountants; but after March 31, 1909, no person shall bo registered as an accountant who has not passed a recognised examination or holds a diploma in a recognised institute outsido- New Zealand. Though the Act will not confer, any immediate benefit upon thoso accountants .who havo established businesses and connections, it ensures that, as the years go by, only those who are qualified to do so will bo ablo to practice as .public accountants. The thanks of tho profession are duo to tho Premier and Attorney-General, who had chargo of tho Bill in the two Houses, tho Commissioner of Taxes, and also to tho committee representing tho institute and the -New Zealand Accountants and Auditors' Association; to whoso arduous and persistent efforts success is largely due.

Tho annual statement of -accounts shows that the institute has £450 on fixed deposit, against which there is an overdraft of £41 35., Bd. The expenditure has again been greater than tho income, but this is duo ■chiefly to the cost of somewhat expensive circulars and of a most successful and useful function held in August, 1907. Notwithstanding this expense, the excess is almost .oxactly the same as it was last year. Tho outstanding subscriptions aro again within moderate bounds—excluding students, only £7 7s. being uncollected.

Tho prize essay competition for 1907 resulted in tho first prize of £5 ss. being awarded to Mr. F. D. Sargent (Wellington) for his essay on "Bankruptcy Act Amendment"; tho second prize, £3 35., was awarded to Mr. R. H. Naglo for his essay on' "Partnership and Companies." , . Tho President (Mr. Tewsley), in moving the adoption of tho annual report and balance-sheet, said that the most important event of the -year had been tho introduction and successful passage through both Houses of. tho Legislature of the Now Zealand Society of Accountants Bill, which, having now passed its. final- stages,' would receive tho Governor's signature at 5 o'clock that afternoon. (Applause.) He wished to express tho very great indebtedness of the institute to tho Premier, (Sir J. G. Ward) and other members of the Legislature for their, readinoss to assist the institute, in tho consummation of its desire to obtain such legislation as would not only protect tho interests of practising accountants but thoso of tho public. He would also add his acknowledgment of tho graceful courtesy of tho Premier in assisting the progress of the Bill,, so that it might bo finally passed and the fact recorded at their annual meeting. 'They were now in possession of protective legislation of a better type than was to bo found for accountants in any other portion of tho Empire. The New Zealand Society of , Accountants Act was a clear, equitable, and workable measure. (Applause.) Tho result would .eventually secure the amalgamation of tho interests and aspirations of two kindred bodies—the Institute of Accountants and tho Society of Auditors and Accountants. The President then referred to the excellent work which had been dono by the Accountant Students'. Society. This, institution, lie considered, should bo encouraged by tho institute, and kept alive. (Hear, hear.) Mr. James Brown seconded tho motion, which was carried.

On tho motion of Mr. Brown, a vote of thanks was passed to the president for bis address,-which will bp printed and circulatcd among tho members of tho instituto. _ At this stage Mr. Jack raised the question of tho amalgamation of the' Instituto of Accountants and the Society of Auditors and Accountants, referred to by tho ■ president. Ho suggested that where any amalgamation of interests was involved opportunity should be given to all members of tho institute of fully considering the issues at . stake. The instituto was a distinct entity as a corporate body, and tho loss of its identity was a constitutional matter, to bo seriously. considered. Tho President replied that tho law, as expressed by tho Act which had now been passed, only recognised thoso who registered in terms of its provisions. Ho took it that no member of either body would be foolish enough to underestimate tho importance of so doing. This very process of registration would- inevitably bring about an amalgamation of tho kindred bodies. ELECTION OF OFFICERS. 1 , The following' wero elected representative members of tho council of the instituto:—, Auckland: Mr. A. B. Roborton; Wellington: Mr. J. S. Barton; Christchurch: Mr. A. C. M'Kellar; Dunedin:. Mr., James Farquharson; Group E (country districts): Mr. "W. A. Ryan. Mr. H. D. Vickery was .appointed auditor;

A voto of thanks for past services on tho oouncil was, on tho motion of Mr. Matthews, passed to Mr. John Scott, who briefly replied. On tho motion of Mr. D. T. Stuart, a message of felicitation was sent to Mr. Win. Brown, of Duncdin, an old and valued lmembor of tho institute, who was prevented by infirmity from being present. . MEETING OF THE COUNCIL. At a meeting of tho council, held afterwards, Mr. H. C. Towsloy was re-eleeted president of tho institute, Mr. James Brown (Dunedin) was elected vice-president, Mr. C. P. Powles treasurer, and Mr. C. D. Morpeth general secretary. Mr. A. B. Iloberton (Auckland brought up tho question of amending tho Bankruptcy Act. Ho said that tho matter had teen dealt with by tho 'Auckland Chamber of Commerce and other bodies, but no action had been taken. Tho Auckland peoplo desired the setting up of a Government Commission to inquiro into tho matter and suggest amendments. Tho speaker asked that a petition should bo sent to Parliament for this purpose. Ho suggested that a number of useful provisions in tho Victorian Act should bo incorporated. The president promised tho sympathy and help of the institute. I A conforenco was afterwards hold botween representatives of tho councils of the various institutes and associations of accountants and auditore in New Zealand.