THE Hauraki Plains Gazette With which is incorporated THE OHINEMURI GAZETTE. Motto: Public Service. MONDAY, WEDNESDAY, & FRIDAY. MONDAY, FEBRUARY 27, 1922. TERMINATING BUILDING SOCIETY.

Hauraki Plains Gazette, Volume XXXIII, Issue 4383, 27 February 1922, Page 2

THE Hauraki Plains Gazette With which is incorporated THE OHINEMURI GAZETTE. Motto: Public Service. MONDAY, WEDNESDAY, & FRIDAY. MONDAY, FEBRUARY 27, 1922. TERMINATING BUILDING SOCIETY.

Some months ago the “Gazette,” in the course of a leading article, advocated the formation of a terminating building society jn Paeroa, but at that time the proposal did not meet with any .apparent support. It is gratifying to learn that the subject is now being seriously considered locally, and all who have the welfare of the town at heart will wish the project every success, for it is very obvious that one of the greatest drawbacks to the growth this centre is the lack of housing accommodation. Every occupied house means another family living in the town or district, and therefore increased trade and general development. The fundamental principle of a building society is. an excellent one; namely, to enable residents to own houses instead of paying rent continually.' The man who is proprietor of his dwellinghouse not only takes much more interest in the property, but on account of having “a stake” in the district he becomes a better member of the community, is more keenly desirous of forwarding the commonwealth, and displays greater interest in civic advancement as a rule than does one who has no property of his own to appreciate the value of. The home is the. greatest pillar of community life in a town, just as it is of the nation and the Empire, and all those institutions of which the British race is so justly proud, and which other nations endeavour to emulate.

To come to practical details, it should not be difficult to raise at least a 1000 shares in Paeroa and district, on‘*a contribution basis of, say, 2s per week. This would provide a very fair fund, and it would not be long before a ballot or “auction” would be held, resulting in a member being provided with the funds for the erection of a house. The idea of the auction is that if the successful man at the ballot does not want to build at the time, another member can purchase the appropriation and build, the purchase money derived from the auction going to augment the funds of the society. In time, every member would draw an ap propriation, and both the members and the ' town would be handsomely rewarded. It is understood that, should a canvass for shares prove encouraging, an expert would be secured to give a lecture in Paeroa, fully explaining the principles upon which building societies are founded, and the rules which govern them. However desirable such proposals may be, they seldom come to fruition unless taken in hand by some organised body. Surely the matter is one that would strongly appeal to the Paeroa Chamber of Commerce. It would, if carried to victory, be a handsome addition to the useful work undertaken by the Chamber during past years, such as its successful efforts in respect to the motor and mail services to and from the Hauraki Plains, which, notwithstanding some unfortunate divergencies of policy, must stand considerably to the permanent credit of the Chamber. Residents of the town and district will await with interest and confident anticipation the disclosure of the Chamber’s attitude towards the proposal at the next monthly meeting. With the. active initiative and harmonious co-operation of the Chamber, backed by enlightened self and civic interest on the part of the people, the time should not be far distant when there will be a flourishing co-operative terminating building society in Paeroa.