THE GOLDFIELDS PERMANENT FREEHOLD LAND AND BUILDING SOCIETY.

Dunstan Times, Issue 474, 19 May 1871, Page 2

THE GOLDFIELDS PERMANENT FREEHOLD LAND AND BUILDING SOCIETY.

A meeting was held on Tuesday, evening last, at the Port Phillip Hotel, Clyde, for the purpose of establishing ,a building society. Notwithstanding the shortness of the notice given, the room in .which the meeting was held was well filled. Mr. Hazlett, the Mayor of Clyde, was appointed chairman, and briefly explained the object of the meeting. Mr. Barlow was appointed to. take the minutes of the meeting. Mr. Pyke said he had been connected with building societies, but was never so struck with their benefits as on his visit to Lawrence, where he found upon inquiry that the great advance that town had made, both in the style and number of the buildings, was greatly attributable to the operations of a building society. He would not confine the Operations [of the society proposed to be formed to Clyde, or even to the Dutistall district. He thought it should embrace the whole of the goldfields, Ho objected to the [formation ‘of any society based upoh the system in vogue in Duhedin, where building ■ societies seemed to be formed for the purpose of giving a respectable living to some one otherwise unable to obtain ohe, and these societies were altogether ill favor of investors. He Would not confine the operations of the society to buildings, but would extend them to the purchase of land, and it should be for the

benefit of borrowers as well as investors, The Secretary should not have a high salary, the directory should not be paid at all, and. the entrance fee and weekly subscription should be moderate. Of the two classes of societies—terminable and permanent—he preferred the latter, as the benefits of the former extended only to those who took up shares at the outset. In a permanent society shareholders could come in at any time. There was an annual division of profits, and the shareholder, as soon as the amount of his share was paid up, retired. He proposed that the society should be named the “Goldfields Permanent Freehold Land and Building kSociety,” that the shares should be £6O, and that the entrance fee should be £1 10s. Those pfesent inclined to take up shares should pay down 2s. 6d. per share, to cover preliminary expenses and then elect a pro visional committee to prepare a statement to lay before a public meeting at a future time. He moved that those present willing to take up shares in the Society should signify the number they i ntended to take up and pay 2s. 6d. per share deposit; Mr. IngS thought it would be preferrable to have the objects of the proposed Society explained before {proceeding to its formation.

Mr. Hastie seconded Mr. Pyke’s motion

Mr. Clark saidthat many of those present would not cate about stating at once the number of shares they would take up. He would move, as an amendment, That those intending to join the Soe ety Should each pay a deposit of five shillings.

Mr. • Ings thought the preliminary expenses would only be for ink and paper. Thebe being no seconder to Mr. Clark’s amendment, the original motion was put and carried.

Mr. Fache was of opinion that those who convene! the meeting should have been prepared with a definite statement to , lay before them. Proper officers ought also to be appointed before any money was paid. Mr. .Pyke said that the passing of his motion was simply] the first proceeding adopted at any meeting of this sort. Those who paid the money paid it as an earnest of good faith.

Mr. Fache thought ihat the first proposition submitted to the meeting should have been that it was desir able to form a building society. Then those willing to join the Society could pay their deposit. Mr. Wilson agreed with Mr. Fache. They should first affirm the desirability of forming the Society, and then appoint a’provisional committee. At present there was no Society, and no one knew what they were taking up shares in. Mr. Pyke moved, that the Society be designated the Goldfields Permanent Freehold Land and Building Society. Mr. Fache seconded the motion, which was carried.

Mr.AVilson moved, that Messrs. Ings, and the mover he appointod a committee to draw up rules and report at a future meeting. On the suggestion of Mr. Hastie, Mr. Hazlett’s name was added to'the list in the motion, which was then seconded by Mr. Cambridge, and carried. On the motion of Mr. Pyke, seconded by Mr. Hueston, Mr. Har.lett was appointed Honorary Treasurer and Mr. R. BarlowHonorary Secretary. Mr. Pyke moved that the slices be £GO; that the entrance fee be 305., and that the monthly payments be ss. per share. After discussion, the motion was divided into three parts, and the propositions being put separately, it was resolved, that the shares should be £GO, the entrance fee £l, and the monthly payments ss. per share. A vote of thanks to the chairtnan terminated the proceedings.