Page 2 Advertisements Column 3

Lyttelton Times, Volume II, Issue 65, 3 April 1852, Page 2

to the Society for a period of ten years in monthly contributions, a fraction more than 10/. per cent upon 210/.: a borrower of that amount will, at the end of ten years have paid oiF the principal and interest. The redemption money considered in the light 0 f interest upon any share will vary according to the bonus or premiums given for one or more shares by any of the members requiring the same at the monthly meetings. A Shareholder not having purchased property can at any time withdraw his share, or shares on certain conditions to be set forth in the rules; or if he has purchased he can redeem the property at any time by paying off the balance as may be arranged, or he can sell the property subject to the mortgage, or dispose of the same by will. Shareholders not desirous of purchasing property will, at the expiration of nine or ten years, receive for every share of sixty pounds, 120/. ~y The great advantages this society offers for family endowments must be self-evident, and demand the particular attention of parents desirous of accumulating a fund for apprenticing, or in any other way providing a sum for furthering the interests of their children without seriously entrenching upon their income. This provision is secured with certainty and at a much more convenient and moderate rate than is required by the system of Life Assurance for by paying the sum of ten shillings per month or 6/. per annum, he secures to his child 120/. at the expiration of nine or ten years, from the commencement of the society. Should the child die, for whom the parent has made such investment, the right of transferring it to another child will be provided for. The only items which require observation are the bonus or premiums allowed on each share, and the sum paid as interest or redemption money. The premiums are not in the least, degree disadvantageous 'o the borrower, being iv reality profits iv which he ultimately participates in the same proportion as other contributors. The redemption money is a much less rate of interest than the borrower would have to pay for the sum advanced through any private channel, and which also goes to tbe general fund, in which every person connected with the Society has an interest, and which the augmentation of, whether by premiums or redemption money, has the desirable effect of bringing the Society to a close, and shortening the period during which the borrower has agreed to mak_; periodical payments. Such are the objects of the proposed Building and^ Investment Society; and it only remains, in conclusion, to state, that .Mr. Bell, one of the Members of the Legislative Council at Wellington, in the month of July last, when moving tbe second read# ing of t!ie " Builcingand Land Societies Ordinance" (in pursuance of which this Society will be established), so justly brought before the Council the importance of such societies and the benefits to be derived from them, more especially in a new colony, that it is thought advisable to add his remarks thereon. Mr. Bell, in moving the second reading of the Ordinance, sai >, " If societies of this kind had worked successfully in England, and had contributed to the comfortable establishment of thousands there, it was obvious they would be infinitely more advantageous in a new country, where wages and profits and the interest of money were so much higher than at home, and where, consequently, it was much easier for a working man to lay by somo of his earnings, and by association with such societies to obtain real property, for which he would otherwise have to pay high rents, or rapidly to accumulate his savings upon a comparatively high interest. Now societies of this sort embraced both these objects. In the first place, they offered to their members the opportunity of acquiring'property on easy terms ; in the second, they provided an accumulating fund for members who preferred that way of investing their savings." So soon as 400 shares are taken, a meeting of the members will be held at the Mitre Hotel, Lyttelton, of which due notice will be given, when the Rules of the Society will be proposed for adoption, and the Trustees, Treasurer, Audicors, Solicitor, Surveyor, and Secretary or Manager be appointed. In the mean time applications for shares may be made in Christchurch to W. G. Brittan, Esq., or -~_ Mr. E. Dobson, Surveyor.. In Lyttelton, to Messrs. Cookson, Bowler & Co. >* „ LONGDEN &LE CItEN, Mr. Alport, Mr. Laurie, .-# Mr. Waters, or at the office of Mr. Wormald, solicitor, London Street, Lyttelton, where any further information may be obtained. FORM OF APPLICATION FOR SHARES. Gentlemen,—-I, the undersigned, — , hereby agree to take shares in the proposed Lyttelton und Christchurch Building and Investment Society, and to pay the entrance fee of _s. 6d. per share thereon. Dated this day of 1852. Name Residence Profession* To the Directors of the Lyttelton and Christchurch .Building and Investment Society.