The influence of quenching temperature and annealing time on superconducting characteristics has been investigated for a $(Pb_{0.6}V_{0.4})Sr_2(Ca_{0.65}Er_{0.35})Cu_2O_z$ compound. From the resistivity measurements for samples annealed at $400^{circ}C$ to $860^{circ}C$ in oxygen and subsequently quenched, it is observed that $T_c$(zero) of the sample decreases with the increase of annealing temperature up to $600^{circ}C$ and increases again beyond $700^{circ}C$. Annealings of the sample at $860^{circ}C$ show that $T_c$(zero) goes through a maximum of 62K with the increase of the annealing time. It is also found that $T_c$(zero) of the sample quenched from high temperature decreases when the sample is subjected to low temperature annealing below. $600^{circ}C$ in oxygen. The experimental results indicate that the as-prepared samples contain excessive oxygen and removal of this excessive oxygen in as-prepared samples is a key factor in controlling the superconducting properties of the samples and are discussed in connection with thermal gravimetric measurements.