Perm anent Investment and Loan Association.

Wairarapa Standard, Volume XX, Issue 2090, 8 July 1887, Page 2

Perm anent Investment and Loan Association.

The annual meeting of shareholders of ths Permanent Investment and Loan Association of Wairarapa was held in the office of (be Association, Greytown, on the 6th instant, W C Cuff. Esq , in the chair. The balance sheet and report, which were taken ns read and adopted, showed a net profit for the year o( LU2S 8s sd. The report referred to was as follows; •• in presenting the annual balance sheet* your Directors hare to congratulate Share* holders upon its highly satisfactory character, the surplus profit divisible being LI 6s 44 per share, which is the biguest div. yet declared by the Association. During the year 267 new investment shares have been taken up, and Cl shares have been withdrawn, leaving the number current 1081. L 11.252 7s Id has been advanced on mortgage, bringing ths total amount now out on loan up to L 21.014 3s 9d. The rnlea have been revised and reprinted, and the office of the Association has been much improved by re-painting, Ac. “ In accordance with the rales Messrs Seed and Skeet retire from the Directory, hot ate eligible, end offer themselves lor re-election. Mr C Pharazyn has also given notice that be offers himself as a candidate for a seat on the Board."

During the discussion on the balance sheet it was pointed oat that during the pant jtu tbe Directors bad anooeeded in aecuring a considerable amount as find depoaita with tbe Association at a low rate of interest, and that it waa mainly to the (act that they bod been able to employ this capital, to tie mutual advantage of both investment and borrowing members, that they were enabled to declare each a satisfactory dividend. Messrs C Pbarazyn and W Sheet were elected directors, and Messrs D P Loasby and A L Webster were elected auditors lor tbe ensuing year.

It wae resolved to continue tbe rule adopted lour years ago by which shareholders withdrawing shares which bad attained the age of six years and upwards, and taking up new shares in lieu thereof, should be allowed their share of tbe reserve fund.

A vote of thanks was unanimously accorded to tbe directors and manager for their services during the pest year.