Permanent Investment and Loan Association.

Star (Christchurch), Issue 4575, 21 February 1893, Page 4

Permanent Investment and Loan Association.

■♦ The twenty-second annual meeting of the Permanent InTestment and Loan 4sBociation of Canterbury was held last night in the rooms of Mr Charles Clark. There were twenty-three shareholders present, and the chair was occupied by the Hon E. C. J. Stevens, Chairman of Directors. THE ANNUAL BKFOBT. Tfce Directors in submitting the annual report and balance-sheet, and other statements, as audited, said that these showed, as the result of the past year's working, a profit of JE6943 143 6d. In last yeai's report a general opinion was expressed that by the end of June the earnings would show an entire restoration of the remaining deficiency of capital; an expectation that had not been entirely realised, aa the earnings of about two more months were required to effect that object. This was partly due to payment of tax; J8324 11s 4d, which is, under the altered legislation, paid by the Association instead of by the shareholders individually, and also partly to the making of a sinking fond in support of certain leasehold securities, the amount being .£225 10s. The repayment of certain loan 3 also somewhat reduced the expected income. The Directors had taken .£4616 2s Id out of the profit to make up the estimated deficiency at date, which had been arrived at after most careful re-valuation. The balance available for distribution, was; therefore, £2327 12s sd, which would be sufficient to pay interest upon 'A' and 'B* shares at a rate equal to 6 per cent per annum for the last four months of the year,- leaving a balance of £41 2a 4d to be carried forward. The Directors had much satisfaction in stating that the total reduction in property accounts during the year, by sales of properties taken over, was J812,989 6a 6d, and they had the additional satisfaction in announcing that these sales had been effected at prices up to the values which had been put upon them. Interest I upon 'A * ' shares at the rate mentioned I herein, would be payable on Feb. 23, when warrants would be obtainable at the | office of the Association. The eighteenth | issue of investment shares had matured, , and they would also be re-payable on Feb. ; 23. The retiring Directors were Mesßrs J. Gould, F. de C. Malet and J. T. Meeaon, who were eligible for re-election, and had given notice of their candidature. ELECTION OF OFFICERS. The retiring Directors, Messrs F. de C. Malet and Joseph Gould, were unanimously re-elected members of the Board of Directors, and Mr J. T. Meeson was elected to fill the third vacant seat. THANKS. On the motion of Mr J. J. Thompson, a very cordial vote of thanks was accorded to the Directors for the manner in which they had performed their duties during the past year. Mr Meeson moved a hearty vote of thanks to the Association's officers for the way in which they had performed their services during the year. In Mr Moore they had a most valuable officer, and in Mr Marshall they had a remarkably effidient assistant. The motion was carried with applause. Mr Moore returned thanks for the kind remarks which had been made with reference to the work of the officers of the Association. The meeting then closed.