Proposed Building Society for Feilding

Feilding Star, Volume VI, Issue 152, 9 June 1885, Page 2

Proposed Building Society for Feilding

There was a capital attendance at the Foresters' Hall last evening to take into consideration the formation of a Building Society for Feilding. The meeting was a representative one, and generally approved of the jfroposal. The following gentlemen were present — J. C. Thompson, Hill, Priory Curti*, Goodbehere, Bray, Haybittle, Banger, J. H. Stevens, Sandilands, Pollock, Pope, Watts, Wright, Fowles, Knox, W. Stevens, Worsfold, Heald, j. Bartholomew, Kirton, Marshall, P. Thomson, Foster, Hennett, Carthew, Bishop, and others.

Mr J. C. Thompson was voted to the chair, and briefly referred to the desirableness of forming a Building Society in Feilding. He then called on

Mr G>. C. Hill, who entered at length into the -working of Building Societies in other towns, notably those of Falmerston and Wanganui. The speaker further quoted from the returns of the Building Societies named, and others, with a view to. showing the profits made, which varied from 12^ to 15 per cent. After explaining the working of. both terminal and permanent Building Societies, the speaker concluded by reading certain clauses from the Building SocietiesAct relating to the constitution, management, &c, of such societies.

Mr J. H. Stevens spoke as to the preliminary expenses, and asked what the profits were likely to be for the first six months. He further desired to know whether the directors would be paid.

Mr W. Hammond complained of the absence of several gentlemen whose names appeared on the circular convening the meeting. He deprecated the formation of Building Soci* ties, as he thought they were generally m smanaged.

Mr W. Watts briefly referred to the Marlborough Society, and said its annual expenses were only £76.

Mr J. H. Stevens affirmed the desirableness of forming a Building Society, and concluded by saying that if the Society were well managed, and its success was assured. Mr 0. Bray proposed, and Mr Kirton seconded, "That a Building Society be formed to be called t he ' Feilding Mutual Building and Investment Society.' "—Carried.

Mr J. H. Stevens again referred to the question of expenses. . ■/

Mr Kirton also referred to the question of expense* which he alleged could be made small if the society were economically managed. He had no doubt as to the ultimate success of the society.

Mr £. H. Wright spoke in favor of starting a Building Society, and felt confident of its proving a success. He moved, and Mr J. Bartholomew seconded, "That with the object of bringing into operation such a society the following gentlemen be appointed a Provisional Directory with power to add to their number : — Messrs Bh«r--will, Kirton, Thompson, Sand Hands, Nicholas, Haybittle, J. Bartholomew, Rutherford, Curtis, Hill, Watts, Pope, Carthew, and the mover."— Carried.

Mr W. G. Haybittle asked whether those gentlemen who were Absent, and whose names appeared on the provisional directory, were willing to act and take shares in the proposed society. Mr G. G. Hill, in reply, stated «n behalf of the " absent ones " that they were willing to act and abide by the results of the present meeting. Mr Pope raised the question as to whether the society should be a terminal or permanent society. Mr £. H. Wright suggested thai the question raised should be dealt with by the provisional directors. Mr J. H. Stevens suggested that the Chairman take down the names (and amounts) of those present who were willing to join the society. Very few names were offered, the feeling of the meeting being that such proceeding should not be taken till after the provisional directors had submitted their report. After some further discussion Mr P. Thomson proposed, and Mr C. Bray seconded, "That the provisional directors be requested to bring forward a report of all necessary information this day fortnight." — Carried. A vote of thanks to the Chairman terminated the proceedings.