PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY.

Globe, Volume III, Issue 207, 6 February 1875, Page 3

PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY.

The fourth annual general meeting of shareholders in the above association was held last evening in Mr Charles Clark's rooms. The chair was taken by Mr R. Wilkin, chairman of the board of directors, who asked Mr Herdson, acting manager, to read the advertisement calling the meeting. The following annual report was then rea-l: " The directors have pleasure in submitting the fourth annual report of the association, with statements of its accounts, showing continued evidence of its success. " During the past year the prosperity of this province has been unexampled, and the value of property has largely increased ; the directors, however, have kept carefully in view the necessity of not advancing more than would be well covered by the average value of property extending over a period of five years. "The profit and loss account shows a large amount of profit to be added to the value of the investment shares, and your directors have pleasure in referring the shareholders to it, arid to the financial account for the past year, and the balance-sheet annexed hereto. " The total amodfe of the reserve fund is now £1396 Is 9d. The directors sire of opinion that the reserve fund should be allowed to accumulate, but that when the shares of each issue have attained their Ultimate value, the holders should he entitled to receive their proportion of that fund. " The directors who retire on this occasion are Messrs Joshua Strange Williams and Robert Wilkin. Both of these gentlemen are eligible for re-election, and are the only shareholders ,who have given notice, in accordance with the rules, that they are candidates for seats at the Board. " By order of the Board, "Robbbx Wilkin, Chairman. " Christchurch, February Ist, 1875." The financial account of the association was read, showing receipts to have been £84,363 7s 3d; disbursements. £83,650 5s 8d; expenses of management, £713 Is 7d. The Dr side of profit and loss account for the year showed an amount of £8912 17s 4d, and on the Cr side by amount at credit of profit and loss account, on 31st December, 1873 (leas one-fourth to form a reserve fund) £2433 3s 9d ; entrances and transfer fees, interest received, fines, arrears of interest, &c, £6479 13s 7d. The balance sheet to December 31st, 1874, showed the liabilities to be £93,180 13s lid, and the assets as follows —Amount secured by deed, loans on mortgage (less principal repaid) £92,864 19s 4d, and arrears, £315 14s 7d. Mr E. C. J. Stevens moved the adoption of the report and financial statement, and at the same time would like to ask the chairman to explain the fourth paragraph of the report having reference to the treatment of the reserve fund. He would like to know if there was anything new in the suggestion, and whether it was contrary to rule No 12 of the association, affecting the accumulation of the reserve fund. The chairman said that the directors held the view all along as laid down in the rule, but this subject had been mooted by many of the shareholders, who thought that if they retired before their shares were matured they were entitled to a proportion of the reserve fund. The directors considered that the shareholders should take their share of the risk of the liabilities of the association, and also thought ihat the reserve fund should be allowed to accumulate for ever; but when shares were matured they could not ask a

shareholder to continue his liability—and believed he was then entitled to his proportion of the reserve fund. Mr Malet seconded the adoption of the report and balance-sheet, and on the motion being put it was carried unanimously. Mr B. Wilkin and Mr J Strange (Williams, who had retired by rotation, were re-elected directors. The chairman said that that completed the formal business of the meeting. To simplify the balance-sheet for those who might not care to wade through its figures, Mr Wilkin explained by its means the profit to each shareholder, and congratulated the meeting on the small amount of arrears and working expenses, the whole of the latter two being nearly met by the fees. The Rev Canon Wilson desired to move a vote of thanks to the directors for the roanne in which they had attended to the interests of the shareholders. It wag the first meeting of the association he had had the pleasure of attending, and he was sure the other shareholders would feel with him grateful to the directors for the attention bestowed by them on their interests. He did not know of any better investment, where all classes could wii h safety depend upon securiLg favorable and safe returns for money invested, than had been shown that evening by the balancesheet laid before them. He begged to move a vote of thanks to the directors for their services during the past year. The motion was seconded and carried unanimously. The chairman was sure the directors would appreciate that expression of their efforts from the shareholders. The affairs of the association were in a very flourishing condition, and not only did the shareholders derive benefit from their investments, but many men were enabled to acquire homes by its means, which of themselves they would not have been enabled to do. Young men who invested money in the association were led into habits of thriftiness, as they were thus compelled to lay by certain amounts which might have been otherwise spent. He thus felt it to be tbe duty of all of them to endeavor to induce the young to join that or some other association of the same kind. On behalf of the directors he thanked the meeting for their kind expression of opinion. In reply to Mr Stevens,

The chairman explained to the satisfaction of the meeting the reason why the directors had transferred the banking account of the aesocrUlioi). The meeting then terminated.