The Sun.
London, England, 1865-07-06 00:00:00

secretary:—
The directors, at the termination of the fourteenth year,
have great satisfaction in reporting to the shareholders that
the business of the past has been as satisfactory as that of
any preceding year.. One thousand nine hundred and
forty-six new shares have been issued. The sum of
£43,986 9s. 3d. has been received, of which £19,502 14s.
was invested in realised shares, and the remainder in
subscription shares. Tho sum of £28,984 2s. 9d.,
with the accumulation of interest and profits, has been
repaid to shareholders upon shares matured' or withdrawn.
The subscription shares have had placed to their credit
the interest due thereon, the amount being £2,896 Os. 9d.
The holders of realised shares have either been paid interest
half-yearly at the fixed rate of 4} per cent. per annum, or
an equivalent amount has been placed to their credit. The
total amount of interest so paid and apportioned is £3,734 Bs.
2d. The total amount now invested with the society upon
shares, including interest and profits, is £183,764 165.4 d. The
directors have extended the facilities for the withdrawal of
investments, so as to enable any sum not exceeding £lOO
to be withdrawn at one week's notice, and sums above £lOO
at one month's notice, interest being paid up to the expira-
tion of notice.
"In conformity with the society's rules, the valuation
of the liabilities and assets has been made, the results of ,
which will be found in the balance sheet. The directors
have apportioned 5 per cent. of the surplus profits of the
year to the reserve fund, increasing it to £1,568 19s. 9d.,
which amount is invested in Consols. They have also ap-
portioned amongst the holders of subscription shares the
sum of £3,396 4s. 11d., being equivalent to a bonus of 6
per cent. This bonus has been carried to the credit of the
respective accounts, which, for the past year, will be equal
to raising the interest on shares taken for 5 and 71 years,
to 10 per cent., and on shares of 12} years to 101 per cent.
"The sum of £13,446 3s. 9d. has been deposited with the
society. The balance now remaining to the credit of de-
positors is £24,071 9s. 5d., including interest that has been
allowed to accumulate.
" The sum of £42,029 ss. 6d. has been advanced upon
the mortgage of freehold, copyhold, and leasehold securi-
ties, and the sum of £5,635 10s. Od. has been lent to share-
holders upon the security of their shares, making the total
advances of the year £47,664 15s. 6d. The sum of
£13,647 lls. 9d. has been received for interest
upon loans. The sum of ..£34,963 9s. ld. has
been repaid off loans and the balance of principal
and interest due to the society is £184,670 4s. 6d. The
deeds and other securities have been examined by the
auditors, and reported upon by them in their certificate
appended to the balance sheet.
" The directors have to report the receipt of £5OO from
the London, Chatham, and Dover Railway Company, as
compensation, &c., upon their taking possession of one por-
tion of the offices of the society, which amount has been
reserved to meet the expenses attendant upon the removal
of the society's offices, which may shortly become neces-
sary,

‘I The directors, with deep regret, report the decease of
their colleague, Mr. Francis Cuthbertson, who, from the
commencement of the society, discharged the onerous
duties of a trustee and director with much credit to him-
self, and greatly aided the progress of the institution. In
recording the decease of Mr. Cuthbertson, the following
resolution was passed, and a copy forwarded to his
bereaved family :—' Resolved—That the board in record-
ing the lamented decease of their esteemed colleague, Mr.
Francis Cuthbertson, desire to express their appreciation
of the services rendered by him as one of the earliest
directors in the society, and would tender to the members
of his bereaved family, their sincere expression of sym-
pathy in the heavy loss sustained by them.' "
The OmtutMAN said it was very satisfactory when a
society like that justified the anticipations of its founders
and supporters, when they had performed all they had
promised, and when up to that moment they had never
lost their reputation. (Hear.) They read of certain con-
siderable assurance offices which started with promises of
success, but many of those had failed. Many which had
not failed altogether failed partially—that was, they had
not accomplished that which they had originally promised.
It was possible that some persons might have been misled
by too sanguine expectations. What were the reflec-
tions of the directors who had formed a company
with judgment and secured its success by skilful

management ? It was easier to start a now society
than it was to anticipate its future prospects. If there
were mistakes at the commencement, and they failed to
realise the larger expectations, much injury was done.
Many men who never invested in a company before had
invested in the Perpetual Investment and Building
Society, and the success of the society had fully realised
the expectations entertained. That society was formed by
gentlemen of experience, who encouraged a moderate ex-
penditure, and it had been worked vigorously. The suc-
cess' of the past year had been equal to the success of
former years. A look at the figures would show how

that was borne out. They had a reserve fund accruing of a
considerable amount—Xl,s7B. The interest the society
paid this year was 10 per cent., and that was fortified after
a faithful calculation of all liabilities and assets. Ten per
cent. was the fair and natural working of the society. Its
liabilities had been reduced enough, and its assets had not
been too much increased. He regretted to announce the death
_ _ _

of Mr. Cuthberson, one of the directors. A more gentlemanly,
conscientious, and honest man, was not to be met with. He

was very useful to the society. In his place they had
elected Mr. G. S. Freeman, of Camberwell, who would be a
great acquisition to the society. The results of the last

year might be taken as an index to their future progress.
If they con.linned the same policy and the same manage-
ment the society would continue to be prosperous. The
directors would do their duty at all times, and would take

care that their business was conducted with prudence and
safety. He trusted the shareholders would also give their
support and assistance, and then its prosperity, like its
name, would be perpetual. (Hear, hear.) He bogged to
move the adoption of the report.

Mr. MILLEIt seconded the motion, which was unani•
mously adopted.

Mr. G. S. Freeman was then unanimously elected a
director of the society in tho place of the late Mr.
Cuthbertson.

Votes of thanks having been awarded to the chairman
and directors for their efficient services during the past

year,

Mr. CAVE proposed a vote of thanks to Mr. Trek sider
their energetic secretary, whose presence that evening,
although only partially restored health, was, he felt certain,

a source of pleasure to every person in the room.
Mr. MILLER said it was with unalloyed pleasure he
seconded the motion.

Mr. TRESSIDER, in returning thanks, said the expression
of approbation and confidence in him by the meeting was

highly gratifying. It had been a source of pleasure to him
to have been connected liith the society for 14 years, and
he rejoiced most heartily at the progress the society had
" • •

made, and the satisfactory position it now occupied.
A vote of thanks to the chairman for presiding over the
meeting terminated the proceedings.

THE IRISH CONSTITUENCIES.--Major Palliser has
arrived in Dungarvan. He was assaulted by a
woman of the town, and his men were "impounded" in a
house. No canvassing was attempted. The O'Donoghue
has issued his address for Tralee, and Colonel Herbert and
Lord Castlerosse for county Kerry. Mr. Longfield, M.P.,
and Mr. E. Sullivan, the so'lcitor-general, have canvassed
the electors of Mallow. Sir H. W. Barron has arrived in
Waterford and commenced his canvass. The other candi-
dates are Mr. Blake, the present member, and Mr. Dela-
hunty. The Lord Mayor has also been requested to come
forward for Waterford. It is rumoured the Attorney-
General will offer himself.