PERMANENT INVESTMENT AND LOAN ASSOCIATION.

Star (Christchurch), Issue 3694, 13 February 1880, Page 3

PERMANENT INVESTMENT AND LOAN ASSOCIATION.

♦ Tho annual general meeting of tho above Association was hold last evening, in Mr Ohavlos dark's roams, Mr J. R. Hill, Chairman of tho Board of Directors, in tho chair. Tho Chairman excused tho absonco of Mr H. K. Wobb, the managor, owing to a death in that gontloman's family. Tlio following report, copies of which had been distributed throughout tho meeting, was taken as read :— "In presenting their Ninth Annual Ko« port, tho Directors congratulate tho ishoroholder* on tho continuod success of tho Association, notwithstanding tho dopressed stato of businoss gonorally during tlio greater part of tho year. Tho whole of tho capital shares have boen subscribed for, making tho paid-up capital £100,000. Tho holders of capital Bhores liavo received intorcst at tho ralo of 7 wop cent., and tho investment shares havo been credited with tho same rato, after which thorp remains to tho crjdit of profit and loss £6590 10a lid, from which amount onefourth must bo doductod and carriod to tho resorvo fund in accordnnco with tho rulec, £1617 12s Od, which loaves £1912 183 2d to bo paid to capital shareholders and credited to investment Bhare*, viz., £3600 to capital shareholders, £1137 Is 2cl to investment shares, £5 17a indivieiblo balance carried forward. Tho profit to bo allocated, together with tho 7 por cent, already paid, bliows a divi lend of 10J per cent, per annum, and tho lablo appended will show tho valuo of investment shares according to their issuo, a bonus of 78 por sliaro will thus bo payable to capital ehavoholdoi'B on and after March 1. 'Iho amount to tho credit of tho reserva fund is £2002 11s (3d. " Messrs 0. W. Tumor and C. B. Bhvfci B - ton, tho Directors who roliro by rotation, aro cligiblo for re-election, and aro tlio only shareholders who havo jjivon tho required notico of thoir being candidates." Tho financial statement; submitted showed tho recoipU for Iho year (iacluding £2788 10s balance at Bank on Deo. 31, 1873) to haro

been £172,117 Oj J<l, a -d Ihodishuwemont (ino.iiMvt> ol ,t77ifi M* ltd investment tham wiihclruwi.) i.,, imgl'GSl) 19* H expense* of uiatbit.Mi! ■•.(, .t.o^o fa ad; balance at Bank of JSoiv soiitli \Vnloi (I.b« ouUtanding clieque^ .C' 1000), £7SW 18i Id; total, £172,1)7 (h Id. Ihe balance-sheet on Dec. „iVi» ' " I|IIWO;I tho «*biliti«B (including ÜbW i'2^ !»<! I'urrit'd to credit of reserve fund, 1871), mil JB IO-48 18.i 2d proflti'orthe jour) t^ Biiioiiut to £220,247 lfe, the asicts being mailo >ij) of following items .— Balance of mortgages out runt, secured by Uioitg^o ftnd dc- u«n „f 6 ) lA . Cl}| £j>IG,9C-i 12 8 6 4{ f , 8 , o L" l . ulabt>Mt monf % payments, ±.117»> la/il; msuroino premiums out*t«nd« % , M? 5 ' urnitu w. £187 10*} balance at Bunk of New South W.«le« (lew outstanding cheques) £7890 18* Id; total, £220,247 .Tho Gbiiirnvm, { n moving- the adoption of tho report and statement, euid it Was harJly necossarjf for him to sny anythimf io tho inectiug, us tho fi^ur.'g tpoke for themselves. In theso lttfchop hard time* 10| per cut. was not a bad profit, and one other Rmtifving > enure was thatt o Asjo.:ialion had not a bad debt on its book*. (Ucar, hear.) There wcro n few payments in nrroa.*, but no *.«- nifioauco oiuld nfc ull be aUacljcd to this oirciiiUß'ance, ns thoso woold no doubt be madj in duo courso. Tho tidopt iou of tho report and statement was seconded by Mr Covvliihuvv. Mr R Wilkin spohe in high terms of the position of tbo Association. Juo was tho mow gratiliod, as ho was one of tho original pro. moters of the Association, and at the time the promoters had no idea that the shares would work out this year as would be the case. 1 huso who had the management of the affairs of tho Association doiorved the warmest thanks of tho ehureholdera for the great attontion they had given to their interests, as shown in the document before them. Tho motion was carried unanimously. 1 he Chairman said the nekt business would bo tho election of two Directors. A vote of thanks was passed to the retiring Mr Mifccholl moved—" That Messrs 0. W. Turner and 0. K. .Blakiston, the retiring Directors, be re-elected." Mr Wilkin seconded tho motion, which was unanimously ngrcod to. Mr Turner, in thanking the shareholders on bcliulf of himself and Mr Biakitton for their ronewed confldenco, said that Mr Blakistjn was specially deserving of thanks, as during tho whole year that gentleman had not been onco nb«on\ from tho meetings of Directors. A voto of thanks to tho Chairman ter* minatod tho business