BUILDING AND INVESTMENT SOCIETY.

Globe, Volume II, Issue 109, 6 October 1874, Page 4

BUILDING AND INVESTMENT SOCIETY.

The great want of house accommodation, coupled with the high rate of building materials, being acutely felt in the Ashburton township, a few gentlemen, seeing the great advantage that would arise from a Building and Investment Society being established at the Ashburton, recently called a meeting at the office of Mr C. E. Fooks, to obtain public opinion on the matter. On the motion of MrC. E. Fooks, seconded by Mr H. T. Winter, Dr Trevor was voted to the chair.

The Chairman then proceeded to explain the objects for which the meeting was called, and having lucidly set forth the advantages to be derived from such a society being established, as also the benefits accruing both to investing and borrowing members, said that it would be a matter of great importance for the meeting to decide whether they should endeavour to initiate a local society, or to •try and obtain a branch from some of the older associations in Christchurch. He then called on Mr Ward to move the first resolution, as follows, viz., “That it is desirable, in order to meet the requirements of the district, that immediate steps be taken to benefit by the system of combination afforded by a Building Society.” The mover advocated a local society on the terminable system. The resolution having been seconded and put to the meeting was carried unanimously.

Mr C. E. Fooks then moved the following resolution, viz., “That a sub-comraitteo be appointed to ascertain from the several Permanent Building and Investment Companies in Christchurch the terms on which they would establish a branch office at the Ashburton, and also to ascertain the accommodation they would afford.”

Mr W. H. Cooper seconded the resolution, which on being put was carried. Mr Cooper then moved, Mr Flockton seconded—“ That Mr C. B. Fooks be appointed to carry out the foregoing resolution.”

Mr Ward then proposed, Mr G. Parkin seconded—“ That Dr Trevor, Messrs Winter. Bruce, and Friedlander be a sub-committee to ascertain the number of shares likely to be subscribed for, and also to ascertain whether there are any gentlemen in the locality who would advance money if required.” Mr C. E. Fooks proposed, Mr Doherty seconded—“ That a local committee be formed for the purpose of digesting the information to be acquired by the foregoing resolutions, and putting the same before a meeting to be held on Wednesday, the 14th instant, the following gentlemen to form the sub-com-mittee : Messrs Flockton, Cambridge, Cooper, and Povntz.”

On bei ig put to the meeting, this was carried unanimously. The meeting at this stage seemed to be in favor of a local society, as it was not probable that the older societies in Christchurch would be inclined to assist much bv bona fide cash, and that if it appeared a society of the kind was so much wanted at the Ashburton, shares would be at once t aken up at such a rate as to ensure its being self-supporting. After a vote of thanks to the chairman, which was brh fly acknowledged, the meeting adjourned to Wednesday, the 14th inst, same time and place.