PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY.

Lyttelton Times, Volume XLVII, Issue 4984, 8 February 1877, Page 3

PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY.

The sixth annual general meeting of investment shareholders in the above Association, was held at half-past seven last evening, in the' rooms of Mr Charles Clark, Hereford street, for the purpose of electing directors, and any other general business that might be brought forward. There was a fair attendance of shareholders, and the chair was occupied by Mr Charles Turner. The Chairman explained the object of the meeting, and said that the advertisement (which he read) contained an error. It was stated in that advertisement that the directors would bring forward the annual report, and this no doubt had misled some of the shareholders. The mistake had arisen through the advertisement of a previous year having been forwarded for'insertion. The directors were not prepared to bring forward a report at this meeting, but they would do so shortly, as he would explain to them. They had simply met that evening to comply with one of the rules of the Association, and to ask the meeting to adjourn until March 14. It was probably known to some of them that the confidential clerk, in whose hands most of the departmental work of the office had been placed, had left them, and that he had been found to have been a defaulter. This, however, was not discovered until the end of the year, and it was at once resolved by the directors to make a thorough and minute examination of the books and the affairs of the Association. The result proved that they were a loser by the defalcations of Herdson. In 1876 Mr Lewis had applied for leave of absence for . 12 . months, and daring his absence- the directors had appointed Herdson to take his place, taking a guarantee from the Alliance Insurance Company. On his return, Mr Lewis resumed his position, and at once took charge again. They had had a thorough examination of the books, and the accounts were now completed but not audited. He would therefore ask them to proceed with' the election of two directors, and afterwards adjourn until March 14, when the directors would be prepared with their report and balance-sheet, ' The directors would then be prepared to bring up a very satisfactory report. The affairs of the Society had gone on well, with the one exception of Herdson’s defalcations. The entire amount of these was under £650, and the Alliance Company, who had become his guarantee, had been asked for that amount under that guarantee. Two gentlemen retired by rotation from the directorship, and there were two candidates to fill their places, one of the gentlemen seeking reelection, He would therefore ask them to proceed with the election. On the motion of Mr Cooper, seconded by Mr Booth, Messrs C, R. Biokidon and the Hon J. T. Peacock were elected directors, the retiring directors being Messrs W, Reeves and Blakiston. One of the shareholders remarked that he was glad the defalcations wore only £650. A good many false reports had been spread on the subject, and pnly that very day ho had heard that the amount was £2OOO. The Chairman said the exact amount was £647 4s. The Rot Archdeacon Wilson said as ho had to leave the Province before March 14—the day on which it was proposed to call the meeting—he would like to have seen the report of the directors before that time. Mr G. B. Hill remarked it would be impossible to have the report until the auditing had been completed. The examination of the books had been a very minute one, the directors being determined to get to the bottom of the whole matter. The Board thought the meeting would appreciate the reasons which led them to ask for the adjournment of the meeting. He assured them that a satisfactory statement would be brought forward by the directors, who would bo quite willing to afford Mr Wilson every information in their power if be left before the meeting took place. Archdeacon Wilson said he had also heard some rumours about an alteration in the constitution of the Board. The Chairman said that private persons—-

not the Board—bad suggested certain alterations, which, if carried into effect, promised very materially to improve their position. Those suggestions would be considered by the Directors in due time. At present it was quite premature to say anything about them. Indeed, ho did not think the directors would be prepared with a report on this subject at the next meeting. They had been very successful during the year, os the report would show when it was brought up. The loons out last year amounted to £106,000 while the investments this year reached £141,000. Last year the special deposits were £23,000 j this year they were £4O 000, and at one time reached close upon £so^ooo, Archdeacon Wilson thought the explanation of the Chairman was quite satisfactory. After one or two remarks as to date of the. adjournment, the meeting adjourned, it being understood that the Directors would call it for March 14.