ANNUAL MEETING

Southland Times, Issue 20014, 30 October 1926, Page 4

ANNUAL MEETING

PERMANENT INVESTMENT AND LOAN ASSOCIATION OF SOUTHLAND. A SUCCESSFUL YEAR. The twelfth annual meeting of the Permanent Investment and Loan Association of Southland was held last evening. Mr W. N. Stirling (chairman of directors), presided over a good attendance of shareholders. The report and balance-sheet were taken , as -read. In moving the adoption of the report and balance sheet the chairman said:— “Since our last annual meeting as was then intimated, a further issue of capital A shares has been made, of 3446 of these 1998 were offered to the public at a premium of 10/- and were quickly snapped up, and the paid up capital of the association’ now stands at £32,230. Quite a number of investors on the outlook for guiltedged securities such as the Permanent Investment offers, are now regretting the opportunity lost of not applying for a parcel of the shares offered. Investments of such a nature run no risk of loss of capital, considering the position the Permanent now stands with a paid up capital of £32,230 and a reserve of £9OOO, as since the last annual meeting £2250 is being added to the then reserve fund which stood at : £6750. “You will also be pleased to note the rapid expansion of business being made by the association in spite of the aftermath of j the Exhibition and the stringency of the ! money market, the new business taken on by the Association. The repayments are very regularly made. Of course your directors take up a very conservative attitude when making advances, realising that it is not their own money they are handling, and have at times to turn down applications which do not show sufficient margin between the sum required and the apparent value of the property. There are times when borrowers are content to take a lesser I amount than the sum applied for. To en--1 courage those desirous of obtaining houses of their own, the Permanent Investment offers terms according to the ability of the borrower by a repayment of the advance made spread over periods of 7, 10, or 14 years of a sum about equal to a rent, while if on the other hand they were to continue to pay rent, the dwelling would never, of course, become their own, and all improvements they made as tenants would enhance the landlord’s property, not so if an investor in the Permanent Investment. Every nail driven, every tree planted, every seed sown goes to improve their own holding. The advances made during the year under review, have all been of a first-class 1 nature and exceed that of the previous year by £20,441, which is considerably beyond the expectations of the directors and this sum could have been exceeded as applications were coming in to such an ex-

tent that the board considered it advisable to cry a halt for a short time, owing to bareness of the money market, but shareholders could assist the association greatly and further their own interests by recommending their friends who have money to invest, to place deposits with the Pamanent Investment for which the highest current rate of interest is given, deposits are received for periods of one year and up to five years, and also at call, this provides a fair rate of interest to those people of limited capital who cannot afford to take speculative risks. Again the board of directors would like to draw your, and the general public’s attention to our savings department which if more widely known would certainly be made use of to a greater extent, and with profit to those with money lying dormant earning no interest, could with every confidence lodge these savings with the Permanent Investment and so earn interest instead of otherwise. “Tlie balance-sheet shows a credit at the Bank of New Zealand and Post Office Savings Bank of £1492, this amount has already been pledged, but is held pending the completion of mortgages. You will also ’ notice, I have no doubt with pleasure, that the directors have again decided on paying a 74 per cent, dividend, and will carry forward a balance 6f £599 13/4 after placing as I have already mentioned £2250 to reserves, very pleasing features you will agree. “With regard to investment and deposit societies, the risk of one’s capital is small as compared with the highly speculative plunges or ventures such as gold mining and speculations of a similar nature, where shareholders are constantly in danger of losing their hard-earned money, money they can ill-afford to lose, instead of receiving dividend#, such as would be received ; if invested in the Permanent or kindred societies which, though not high, are sure.” Mr W. A. Ott seconded the motion. He complimented the association on the sue-

i ceasful year and commended the conser- • vative policy of the directors instead of paying large dividends. The report and balance-sheet were adopted. The two retiring directors, the Hon. A. F. Hawke and Mr R. A. Anderson were re-elected unopposed. The retiring auditors, Messrs C. E. Borne and Cuthbertson and Webb, were also reelected. The Hon. A. F. Hawke moved a hearty vote of thanks to the staff and trusted they would continue their good work. This was carried by acclamation. A vote of thanks to the chair closed the meeting.