CO-OPERATIVE BUILDING SOCIETY.

Globe, Volume XXIV, Issue 2650, 4 October 1882, Page 3

CO-OPERATIVE BUILDING SOCIETY.

An adjourned meeting of the above was held at the Boyal George Hotel last night. Mr J. Parry occupied the chair, The report of the committee appointed to consider the matter of the formation of the society was road by Mr Joseph Scott, recommending the starting of the society on a basis of a weekly subscription of 2s fid, the maximum amount being £2OO, the entrance fee to be Is per shore, and repayment on allotment 7a 6d per share per week. The report further suggested the details of the working of the society, such as appointment of a committee of twelve, a secretary and solicitor, the receipts to be backed twenty-four hours after receipt. A gentleman in the room said he did not approve of the alternate ballot and sale, and read an extract from Mr Starr’s pamphlet on the subject, decidedly disapproving of the ballot and sale system. He painted out that persons wonld be likely to bid for an advance of money far more than they could afford. His experience in London and Liverpool was decidedly opposed to tho sale and ballot. Mr Soott said that he did not think £2OO would be sufficient to enable a man to build a house. They would therefore have either to make their shares larger or to have the system of ballot and sale. Mr Collier said that be thought a very good house, quite sufficient for a working man, could be built for £2OO. The Society was intended for the working man, and if he was paying 7« 6d per week in discharge of principal, interest, and subsoription for £2OO, he would be in a very comfortable position. If a man bad no land, and drew an appropriation of £2OO, he could, he supposed, sell to another man who had security to offer. Mr Scott supported the idea of an alternate ballot and sale.

The clauses of the report were read seriatim.

Ur Shave said a large number of intending shareholders did not agree with the appointment of a committee, as they thought the members themselves could work the society without a committee. Mr Scott said that no society could work without a committee, who were to be the persons to decide on the securities put before them on which money wae to be advanced. If Mr Shave's idea were carried out they would have no one to look to. Mr Collier moved—“ That the report be received and adopted/’ Ibis was seconded and carried. A letter was read from Ur J. A. Bird, secretary of the Mutual Benefit Boilding Society, pointing out that the name of the projected society bore a very strong similarity to that of the society he represented. The Chairman said it would probably be better to let this letter stand over till the society bad been fairly set afloat, and then the committee appointed to draft the rules might consider the advisableness of changing the name. Ur Collier said that his idea was that they should appoint a sub-committee to canvass for names of intending members, and report to a meeting to be held a fortnight hence, when the committee might be appointed to draw up rules. He would move, “ That Messrs Scott, Shave, and the mover, be appointed as a committee to canvass for intending members, to report to a meeting to be called a fortnight hence.” Mr Hell seconded the motion, which was agreed to. The gentlemen present then handed in their entrance foe as intending members, and Mr G. Collier was appointed treasurer. A vote of thanks to the chair concluded the proceedings.