Building in Auckland.

Horowhenua Chronicle, 24 September 1910, Page 4

Building in Auckland.

A PROGRESSIVE BUILDING

SOCIETY

£450,000 DISTRIBUTED

The Auckland Star says that tbe wonderful growth -Auckland ba.s made of late years in size an. papulation is more or less readily ndmittod throughout the Dominion. While its remarKable expansion ha.s not been on tho scale of the American "mushroom" city, it has been .sufficiently marked to attract much attention," especially ■uirhi" the pas. decade. Go-incident with the building up and spread o- town and .suburbs lias been the great and stead} growth in the importance and usefulness of the leading ft'nani-ial institutions, the source from which is drawn the needful supply of concentrated, wealth required for distribution anuvngst the members of the community. In all centres of population, building societies'hold an im.prvrtant place in assisting to supply tlio.se requirements, and Auckland is no exception to the rule in tin's rospect. The largest and longest established of these societies is the Auckland 00-operative Terminating Building Society, fouindod in a very modest way about thirteen years ago, by opening Xo. 1 group, and nowgrown by steady expansion to

groups of 1000 shores eacli, making it probably the largest and most successful "terminating," or, to nso the older term, "Starr-Bowketfc" Building Society in existence. Most of these "terminating" societies aro small concerns, being limited to 50(. or 1000 shares in all. The system of groups, i.e.. a society consisting of several separate groups or societies under the same management, nomy, is an Australasia none; and it is something to be proud of that our Auckland society has attained to such dimensions, and success, un der tin's modern system of groups, that it has become tlie leading StanrHowkett society of Australasia, and, as far as is known, of the whole world.

To support this view, it is necessary to briefly give some idea of the magnitude of the Society's operations. Commencing thirteen yeans ago with a weekly subscription of Is per share from 1000 shares, the receipts from subscriptions and .repayments of loans now amount to ove.i £80,000 per annum. These almost all go otifc again as loans on properties, chiefly in assisting members to procure homes of their own. Hundreds of shareholders have thus become established in comfortable homes,_the reasonable "rent ,, psyina off their indebtedness in a very'few years. Already many snch borrowers have paid oj. tjioir loans in full, and are now the proud possessors ol homes fireo ivorn mortgage. The Society has advanced a total of closeon £!/50,0,,,,, a,id, by the ond of tlu current financial year, the total wih 1)0 half-a-millio.n puuivis. One moment's thought will suffice to make one realise hrnv many homos thi* sum of money must have procured, on the most advantageous terms! and at a minimum of cost for expenses, etc.

But large as these figures are, ana big as this local institution ha.s grown, aided by felie thrilt and foresight of tho members, thciv is stili Hindi room for expansion. When it is mentioiie/.l that there are onlv between 70fi() and 8000 niembers-meii women and child ren—(!Ut of a population of well over 200,000 in A , l( .k_ and province alone, it will readily lie seen thnt the surface is hardly broken. Ti'ie twenty groups in existence have done good'work so far hut now the earlier ones are closin , ' in rapidly, wore than hail thesbanS in them being ''dead," and none available for re-issue: hence the Society's volume of business will soon decrease, unless steps arc taken to prevent it.

A\ith this object. I,'ie directors liave placed a proposal before the sliarohnklers to increase the tiiiiiilkm liei- ol m'oups from twe'itv t;> thirty [(> give the society a fresh lease oi liio. and to suppiv shares on tJit easiest tenii.s to woiild-bo ineinber:, who cannot afford to buy into oklei Jiifoiips. bijt who arc waiting in (.reds to join now ones. ,\s oven poup stands on its own basis not hiMHK mjiirir.r.sl.v alfcctcd i, v the others u. «■:.- ~,y, it Avniilil appeal to any nnpr •, ■ i , : |, RPl . vor t l, o only sound , 1: . v t. si r .p|y th : . wan(,s ~'f fipplic-:; v :mi i !:•>[• f> s;wi'l 1 , -,,, away :i■- - * 111 1' >iiiteu. \J; <,;,-..| , policy s-'.'iiis necess'irv !:• kf'p f society ,-,, its pt-c-oiit .str-Mi" p-.si-tion. and to pi.jvitlo fnr t'i.«' fufi' > A anrl wol!-snpp ;) rtc:l coiucn. i-nn naturally work nioro e:.it.:,micmll.v and arranffe its finances mco (■orivwnently tlmn a weaker ~,1 0 wni:-h. irradually losing its life's •blood throujrl, tlio withdran-als oi its men,hers in the ordinary course ami being unable to replenish it fo.' want ot new groups and new members, must mevitablv decline n strength a.iul usefulness, till its place is occupied by a younger and' rnort, vjjrorous society, prepared to C abreast of the times and to ■lOfiuirements. nL,

,„ the interests o\ Auekkrnd, hat the shareholder )v. 1 not, actuated by selfish ami nit akonmot.ves. reject the pro posaTo, the directors, put ■before them a te he most careful considerate 2 the matter, recommending Tnm jressivc policy, but that "they 'Si heartily .support their action w Rive a decisive vote in favour of the proposed increase. .. three-f m rt Is m fl jont.v boing , m ,uired of .the society's rules can bealter- ' 6 belioves members who wish +o sec the proposal carried to record their votes without fail, and iot to SSort Carned " ithmt