PERMANENT INVESTMENT ASSOCIATION.

Lyttelton Times, Volume XCIII, Issue 10594, 1 March 1895, Page 3

PERMANENT INVESTMENT ASSOCIATION.

The twenty-fourth annual meeting of shareholders in the Permanent Investment and Loan Association of Canterbury was held in the hall of the Chamber of Commerce last evening. About twenty shareholders were present, and the chair was occupied by the Hon E. C. J. Stevens. In moving the adoption of the report and balance-sheet the Chairman referred to various matters. He said that the Directors had adopted the policy of not accepting any more deposits. Taking into consideration the margin of securities in conjunction with the satisfactory arrangements made with the bank, he thought it impossible that the Association could ever be placed in financial straits so long as the business was conducted on the present lines. The annual I report stated that,® after paying a dividend of 5 per cent for the year on both classes of shares and providing for a small loss incurred in realisation of an old security, a balance of £704 7a 3d remained at credit of profit and loss account. With tho view of strengthening the position of the Association, the Directors had considered it prudent to transfer £SOO of this amount to a special reserve account, to meet any possible depreciation of properties. The balance of £204 7s 3d had been carried forward. The volume of business had not materially altered since the last report. Deposits had been offered freely, and at favourable rates; bub, owing to the difficulty experienced in obtaining satisfactory securities, the Directors had found it necessary to limit the acceptance of deposits to their immediate requirements, and this course had led to a alight falling off in that .branch of the bußiaeßo as compared, with

last year. The first issue of investment shares under the revised rules was made on July 1, with satisfactory results—24o shsites of the ultimate value of £6OOO having been applied for and allotted. The Directors proposed to continue to issue shares of this class, to a limited extent, each half-year. Mr J. C. Helmore seconded the motion for the adoption of the report and balancesheet, and it was carried. Messrs Joseph Gould and J. T. Meeson, the retiring Directors, were re-elected; and Messrs F. E. Wright and A. M. Ollivier wereeleoted auditors. A vote of thanks to the Directors and officers concluded the ordinary meeting. At a special meeting held afterwards a new table for the repayment of loans was adopted.