NEW INVESTMENT AND LOAN ASSOCIATION.

Star (Christchurch), Issue 786, 30 November 1870, Page 4

NEW INVESTMENT AND LOAN ASSOCIATION.

An adjourned meeting of those interested in the establishment of a new Loan and Investment Association, was h Id at the Crystal Palace Buildings, at eight o'clock on Monday evening. On the motion of Mr F. E. Wright, Mr J. S. Williams took the chair. The minutes of the previous meeting were read and confirmed. * The Chairman said that the next business of the meeting was to read the report of the committee tbat had been appointed to con aider and report on the subject. Although he was himself a member of that committee he might be excused for saying that the committee bad gone very fully and carefully into the subject placed under their consideration, and he trusted that their labours would bear good fruit. He w<<uld now call on Mr Jobn Lewis to read the report of tbe committee. Mr Lewis read the report, as follows : — "The committee appointed at a public meeting, held on 1 7th Oct., 1670, of persons interested in the formation of a new Investment and Loan Association, held at the Crystal Palace Buildings, Christchurcb. " Your committee report tbat they have held ten consecutive meetings on the subject matter of the resolution remitted for their consideration, involving the following questions :— "(I) Whether the proposed Association ■hall be established on a terminable or permanent basis.

" (2) Toframe draft rules, Sec. " (3) To make all the necessary preliminary arrangements for starting the institution. " Your committee liave given considerable atten ion to the first proposition, and have carefully studied the constitution of various kindred institutions, and, as the result of their labours, unhesitatingly recommend the establishment of the proposed institution upon a permanent basis, embodying two principles — tbe one enabling the investors of small Bums payable monthly to accumulate with interest and profits extending over a period of from ten to twelve years the sum of £50, which may then be drawn out by the investor . or allowed to remain as apart of tbe funds of the institution, at simple interest, at the option of the directors. " The other, enabling borrower fl to obtain the funds of the Association for periods extending from six to fourteen years, at the option of the horrower ; to be repaid by monthly instalments, calculated as according to scales A and B, now in the hands of the meeting. " Your committee, after very careful consideration, have deemed it safest to keep the interest of the investors and borrowers distinct, and have endeavoured to the best of their ability to frame such tables as shall on the one hand offer a reasonable return to the investors, and, on the other, afford every inducement to borrowers to do business with the institution; the result of which will entitle the borrower to a reconveyance of his property at the expiration of the period agreed upon for redemption, upon payment of the instalments indicated by the tables under wbich he has borrowed, and the fees prescribed by the rules. "Your committee have also framed a draft of thenecessaryrules for carrying out theabove objects, and providing for the proper working of the association in all its details ; in which they have availed themselves of the rules of kindred institutions in England, Melbourne, a d the Province, and which they propose submitting at an early meeting for the con Bideration and adoption by those who intend becoming members of the new Association. " And your committee have also, as requested, made the necessary preliminary arrangements for starting the Ass .eiation ; a resolution embodying which will be proposed for your acceptance at the close of the meeting." The Chairman inquired if anyone had any remarks to offer with regard to the report. Mr George Hart said that the committee Appeared to have thoroughly considered the advantages as be* ween a permanent and temporary Association He thought that a permanent society would be most advisable, and he therefore begged to move, " That the re port as read be adopted, and that an Association be fstablished on the permanent prin ciple, to be called the Permanent Investment and Loan Association of Canterbury." Mr A. F. N. Blakiston seconded the resolution, which was carried nem. con. Mr R. Cobb said that the next step to pursue was to appoint provisional directors, &c. He begged to move, " Tbat the following gentlemen be elected as provisional directors — Messrs E. C. J. Stevens, W. H. Lane, j. 8. Williams, J. L. Coster, Robert Wilkin, and C. W. Turner ; manager — Mr John Lewis ; solicitor — Mr F. J. Garrick; bankers —the Bank of New Zealand " He thought there could be no two opinions about tbe gentlemen whom he proposed for election. He would futthtr move, f That the said provisional directors convene an early meeting of those who shall have subscribed their names to the share list and paid their entrance fees, to adopt rules and to elect directors, at which meeting the said provisional directors shall retire and be eligble for re-election." Mr T. W. Maude seconded the resolution. Mr C. W. Turner pointed out' the advantages which a permanent association possessed as compared with a temporary association. '1 he resolution was carried unanimously. On the motion of Mr C. W. Turner, a vote of thanks was passed to the chairman, and i tbe proceedings terminated.