INVESTMENT AND LOAN ASSOCIATION.

Lyttelton Times, Volume CV, Issue 12429, 19 February 1901, Page 3

INVESTMENT AND LOAN ASSOCIATION.

ANNUAL MEETING. The annual meeting of the Permanent Investment and Loan Association of Canterbury, was held in the Chamber of Commerce yesterday afternoon. Some twelve shareholders were present, and the Hon E. C. J. Stevens, chairman of directors, presided. The thirtieth annual report stated; that after the payment of the usual dividend of 5 per cent per annum, amounting to £5351 4s lOd on capital and investment, shares, a balance of £951 19s lOd remained at credit of profit and loss account. This included £453 lis 8d brought forward' from last year, and the sum of £245,5s 3d recovered on sale of properties, previously written down. The directors had decided to transfer £SOO out of the surplus to the reserve fund, and to cany forward the balance, £sl 19s lOd. • The financial'statement for the year showed mat the receipts were £61,175 14s lid, which total included redemption money, £20,094 8s sd, deposits £30,038 10s and interest £6898 12 lid. The expenditure had been £61,047 9s 6d, including £21,345 loans on mortgage, £32,481 18s lid deposits £l4lO 3s 2d, interest £2500 dividend, and £1513 6s 4d management expenses, leaving a credit balance of £l2B 5s sd. The bal-ance-sheet showed liabilities amounting to £154,988 5s lid, including £107,743 10s 8d 5n A and B shares, £32,862 15s 8d deposits and interest, £B2OO 13s 2d debentures and interest, £2500 dividend on capital shares and £3300 reserve fundi. The assets totalled £155,440 5s 9d, including £129,565 Is 6d balance on mortgage, £21,019 12s 3d property account, £2050 19s 2d special deposits, with interest, and £2137 3s 5d interest due, This left a balance of assets over liabilities of £451 19s lOd. The report and balance-sheet were adopted. Messrs F, C. de Malet and H. H. Pitman were re-elected directors, and Messrs E. S. Harley and F. E. Wright were reappointed auditors. Mr R. C. Bishop said the meeting should not be allowed to close without an expression of the thanks of the shareholders to the directors and secretary of the Association for the able manner in, which the business had been carried on. He would move a hearty vote of thanks to the directors and secretarv. This was harried unanimously, and l after the Chairman, on behalf of the directors and the secretary, had returned thanks, the meeting terminated l .