PERMANENT INVESTMENT AND LOAN ASSOCIATION.

Star (Christchurch), Issue 5486, 11 February 1896, Page 4

PERMANENT INVESTMENT AND LOAN ASSOCIATION.

. ■♦- The annual general meeting of the shareholders of this Association was held in the Chamber of Commerce Rooms yesterday, at 4 p.m. The Hon E. C. J. Stevens occupied the chair- , The balance-sheet-was taken as read. The report stated that notwithstanding the continued depression in the money market the business of the Association had been well maintained, whilst the profits had exceeded those of last year, the net amount earned being within about .£l2O of 6 per cent on the capital. After deducting from the balance shown in the profit and loss statement, the dividend paid on both classes of shares on Jan. 3 (making 5 per cent for the year), there remained the available sum of .£1074 3s Bd. The directors recommended that this balance should not at present be distributed, but that .£750 should be reserved and the remainder earned forward. The sum of JSOO, which had been held in suspense last year to 'meet any possible depreciation in properties, had been applied in reduction of theproperty account. The retiring directors were the Hon J. T. Peacock and Mr F. D. S. Neave, both of whom were eligible for re-election. In moving the adoption of the report, the Chairman drew particular attention to the fact that all the mortgages the society held were absolutely live mortgages, and all the property they had taken over or held or worked at all appeared under the head of the property account. Thus the shareholders were in full possession of the facts with regard to the business of the society. Mr J. C. Helmore seconded the adoption of the report, which was agreed to. The Hon J. T. Peacock and Mr F. D. S. Weave were re-elected directors for the ensuing year :— Messrs F. E. Wright and E. S. Harley were elected auditors. Votes of thanks to the chairman and the retiring directors and to the staff closed the meeting. •