PROVINCIAL INVESTMENT AND LOAN ASSOCIATION.

Star (Christchurch), Issue 526, 26 January 1870, Page 2

PROVINCIAL INVESTMENT AND LOAN ASSOCIATION.

The seventh .annual general meeting of shtyelioltlers: waß Held at the Literary Institute, last evening! There was a numerous attendance of. shareholders. Mr George Gould said that hia term of office, as Chairman terminated at the end of the year. Ho had. therefore to propose that the .chair be tiilten. by Mr Charles Turner. Dr Dcamer seconded the motion, which was unanimously agreed to. , The Chairman rend the advertisement convening the meeting, and said tliat the directors hnd pre«t pleasure in submitting the following report: — '.• y.mr directors .hare the pleasure to report that the operations of the association fot the p ist year have been sutisfactory and that, notwithstanding continued depression, they only hold one security from which leas may- result ,• „ V. The usual audited statement of recejptf .

and disbursements is annexed hereto, together with an abstract of the accounts of the association from its commencement. '• The number of shares on the books of the association yielding income are 253S — viz.: realised shxres, 1 9 :" i I; and unrealised shares GO7. During the ytar 2ti2 umealised .shares have been withdrtiwn, and 53 realised shares have been paid ofF; these ficure3 make up the 2853 shires shown in the abstract annexed to the last annual report, as being in existence at that date. " For several months your directors were unable to invest the funds, and had to put the rule for compulsory ballot into force; latterly, however, the demand has so far exceeded the income that your directors have borrowed largely from their bankers, to effect which the banking accou-.t was removed from the Bank of Now South "Wales to the Bank of New Zealand. " Your directors have revised the scale of charges with the solicitors, and the tariff agreed upon will, they trust, give satisfaction to the members of the usssociation. " Doubts having been raised as to the legal position of the association, your directors communicated with the AttorneyGeneral, calling his attention to the question, and an act was passed during the last session of tbe General Assembly amending the law affecting the question.

Christchurch, N.Z., Jan. 15, 1870. We, the undersigned, hereby certify that we have examined the books, vouchers, and accounts of the Provincial Investment and Lonn Association, and compared them with the foregoing statement of accounts, and find them to be correct. Dated at ChrUtchurch, N.Z., this -13th day of Jan., 1870. On the motion of Mr Oswald, seconded by t Mr llestell, the report was adopted. The meeting next proceeded to the election i of four directors, in accordance with the i rules. The following gentlemen were unanimously, re-elected : — Messrs rGeo.. Gould, < E. : C. J. Stevens, \V, ,J3. Lane, . and John i Anderson. .. .! In reply to Mr "ltestell; the" chairman i stated that according to calculation, the i Association would; be-wound np in September I or October, 187 1. . .,... ; '.'.'.• ..... i • Th^ meeting ftieii terminated, ' i

Statement of Accoijxts for the Year ksuki> Di:c. 31, 1569. Receipts (from Jan. 1 to Dec. 31, 1869). To cash in lian<l £ s. d. £ s. d. on Dec. 31, IS6B ... 1,240 16 0 Le39 debit bank balance on do 149 6 1 1,001 9 11 To Subscriptions 7,945 G 0 Interest ... 9,979 8 0 Fees ... 357 10 0 Fines ... 3SO 0 3 Insurance preraiuni3 repaid by shareholders ... 10 2 6 Deposits received ... 2,000 0 0 Mortgages redeemed ... 1,150 4 G Loans on call repaid ... 10,790 0 0 Rents received 9 7 6 32,622 18 9 Amount received from Bank ... 6,250 0 0 Less discount 145 4 10 — . 6,104 13 2 Amount due Messrs Harmful and Stevens, on realised shares ... 1,590 15 11 Less discount 40 15 11 1,5.10 0 0 41,369 3 10 Disbursements (From Jan. 1 to Dec. 31, 1869). £ a. d. By cash advanced on mortgage 20,650 0 0 Deposits withdrawn ... 244 18 4 Interest paid on Bank overdrafts 39 19 6 Withdrawal of shares ... 8,080 19 6 Insurance premiums paid by Association 54 16 0 Loans on call 10,790 0 0 Expenses of Management. By directors' at- £ s. d. tendances ... 150 0 0 Auditors' fees 10 10 0 Manager's salary ... 250 0 0 Advertising 26 4 11 Printing and stationery ... 35 12 0 Miscellaneous expenses ... 51 3 8 523 10 7Bank balance at credit of Association on Deo. 31, 1869 ... 1,160 15 C> Less cheques outstanding 227 10 0 932 13 ii Cash in hand on Dec. 31, 1869 ... 52 6 5 984 19 11 £41J309 ' 3 10 Jons Lewis, Manager.