A.M.P. Society.

Feilding Star, Volume XVIII, Issue 10, 11 July 1896, Page 2

A.M.P. Society.

Members of the A.M.P. Society will re member tbat until a conple of years ago loans on the policies of the society were granted at a uniform rate of 7 per cent, whether the loans were larpe or small. It was then felt, however, that the tima had arrived to differentiate between large and small sums, and also becween loans taken for a fixed term and those taken under the society's very liberal regulation whereby repayments of the whole or of instalments could be made at any time without notice ; and accordingly it was resolved to grant loans of £200 or more for a period of not less than two years at 6 per cent interest, payable quarterly. About a -year subsequently |the minimum sum for a 6 per cent fixed loan was reduced to LIOO. at the last annual meeting of the society the chairman, Sir J. B. Abbott, in replying to a remark to the effect that the rate was still too high in view of tbs present condition of the money market, promised to bring the matter before the board for consideration, and we are informed that he did so at the immedi* ately following meeting. We are informed that loans of LSO and upwards, taken for a fixed period of at least two years, may be bad at five per cent. If taken for an uncertain period, 6 per cent will be charged — while all small loans under LSO will be charged 7 per cent. These rates indicate liberal treatment, aud although 7 per cent appears a high rate now-a-days, it must be remembered that small loans cost just as much as the higher ones in labor and office requirements, and under all the conditions no legal or other charges are incurred by the borrowers. The new conditions come into force next quarter day, and members who desire to take advantage of the reduction should then apply to the Society and state what their wishes may be. ___________^^