Page 1 Advertisements Column 7

Mataura Ensign, Volume V, Issue 236, 9 March 1883, Page 1

] Solicitors. ! SOLICITOR AND CONVEYANCER, GORE. Offices immediately opposite Green's Resident Magistrate's Courts at Mataura, Taptuiui, and Waikaia attend V;" • |, LOANS NEGOTIATED. - --j > ; ome of the best Sections in Gore and B)^ < Gore for sale. it 'wmKaßaßmmmmamMmmaaammmmmmmmmmmmm^ Building Society. SOUTHLAND BUILDING ANwi INVESTMENT SOCIETY AND: BANK OF DEPOSIT. : ' PRESIDENT: .. .t) , ':, t . J. Walker Bain, Eiq • .'■] , .;. MBEOTOnS.J . ■ ' Btesßrß' J. !E. 'Hannah, D. L. Mathesonj John '> Thomson, W. H, ; Hall', d,, W. '?rqwn, Wm. Sloan, John Kingsland,; George Froggatt; and ; ' ' j Eobert Erskin*. ■'-• • ■ i ! solicitor : • .\\ Messrs Macdonald flhd ' Kneeell* • i '• ■ j '■.'■' •'•.., ' i:-i - ; '- ; -A. BAI^IEBBS ;.* , . j ; Colonial Jank of ' New Ze&lfthd,' x •''"'•' ; •' - v \ i-.1-.-h. .■'■ '.\ „,.;; . ,■, ■ « ; r5 ■• ■■ ; ■ '/ : ;:*egretart:m :,;- r ! ■■:.->,% ..^VV-HMrJam^own.., j j^»* ■■ | • Officer-Temple ChombersiiEslt/»'yreet, '/ [ . '\\ j Invercargilli ' ' > \ '.'■"■': v ' '■ The, leading features ,of. the .^Saciety ) art as „* fallow :— T}ie net profits,,are' credited j a^ih?, r ; end,of every year to ; each L B.hare]|jolder (bpt^i - *ljw«i».o^in:v^Btor)jn,prppqr^o^^o the '. thenßtfinjiJiD^ to his,6,£ )^jQr«slj>iii thoj Ww^-, oxpept 'subscriptions; pai4 ( w aff Y ance< I /r > :•• j TheaboyeiSocie'tywas.estabHßhed-in df^O-i'' and is incorporated: under' the ; Buildingi^ 'Societieff'A'ch, 1876; ;'••.!;}! •.,.,•!,'. • '■■ ■.'•• ';■(-■■• j It is based ion mutual^ priccipteis,' borrowers'" piafticiDatingequally with investors in th» ; p'rofitfl'^ ' ,; \ ''"'', ■"''■' '"'' '■■■'■'-' : " !i "< j Sharea date from the firsW ■ pay day in the ' nionthsplMpy,Außuet,^oyim.ber and Teb* . r^ary^ Snares represent' Iwlieii jrealiaed th«, sum 'of £25 each.' This.' rules 1 provide' that.! •borrowing members can fepay the, whple|" '.: tiny pbriicihpftn'e amount- b ; brVotired m'stimi^ cff ,£25 and upwards at any time without pire-^'." yioushptice,iintereit ceasing at ©hce |oh' the? a|ame, Members are pf two , classes, inveijtors J ; and borrQwers, . ; investors 1 pay i^, 9d,' ot "64 ; / a week' per, share, ,ih'e currency gf the ' »haret' '. be'ing i -7 ;i/ 9jfflia ll'years relpectiVely', 1 ' ffyd'Wi'' amount, the r profit? .'added annually' ao«|-'r oum^laces till it l reach'eX/tne| suni' of £25' per jhaire, when a cheque ib 'given for the money invested,-, - t -• , . „'' , . ; ,., ; . . Borr6wer's ]^ay in'additidn to the Ib,' -93, c tor 6d a week per^h'are'4nlfce3rest.aji\tfe£ rate current -when the loan is negotiated ; and when ' the Is, 94, or, w~eek ',, pek „ share vifitk; '" profits, reaohes^(he^^Bum.borrbVetf, t%^op v^r> l , ty given aY Beourity is release^. ' • Th 1 r "Society '& , lias made arrangement w'Her^y. mortgage an^j^ j lfifelsSsM?B?. B^g?^?ft^|iM d^i^oa [ v minimuß^g^^» nnd;apbifioataons:appraved^^i^p^i^^^ to^s,.areallowe4■*pro'greis^pay^|i^Mß^^^^;^ architect's' certificate^ :t t r ( .-. ■ ; <}!^<,:y^%M-^O% It' Waß Anl;ici|)atedithat shares paying ;jl»l^t^|^ week #6uid mature in «eveii'years, an'dod; thii);j - data the following calculations made :•+-«£ „, 1 Investors of" Four-shares' pay^ii'M&iSk, or £10 8b per annum, which, multiplied by 7 gives £72 165, the actual pajm&tt in seven years, and th.en^theyiareentitle^^p^jeeeive a cheque for £100, the difference of £27 4s havingaccruedas profit durjng it| ,y Suppose the; sum b£ £10 8a wer.^ cave«( b,y. »p j , investor, and deposited half-yearly in a bank in payments of £5 4s«ach baJf^yeau.j the ; bank allowing s per cent, per annum^ re|ujt r r would be that in the < period: of,-7 years, Whilr £100 would be accumulated in the Society, on'v about £87 would be accumulated .in. Jhe baa^ ' so that aclearjgain of£l3 in .th^rporip^. would result by investing sayinjjs in the^bdißlyT Bor rowers who have realised on four shares pay in addition v tofeubioriptit>pß ; interestj^t the rate of 8 per cent, yer annum, making £18 Bi| whiobvniylnpHed.by 7i.giyes (r a|i> tjffi 0 ' to^al paymeata, iv peyen years. , DediM from this sum the amount bbrrowedj and " it ; T&V&U. £28 16b, which sum divided by 7., , [sho.wji ,\ jba^ £4 per annum, or four per cent., has been' paid ' for tho 086 of the money, i Suppose r armimb'ir purchases a house for £2oo, for which he , has jbeen paying a rent BM'Os per week, and he 1 - obi tains from the Society an - advance ..of., £150, on security of, thft Bamej his , payments would be -^interest, A £l2 : ' subscription,; l £W 12a j total, £27. ■ 125, " , £ lh 'seven"- years', his actual payments would a'mpunt to £193" 45, aud theproperty would be", his. own. r Hi4 he not Lecome a member'. of the' f Sßfiiiety * would have paid ! £lB2 as rent, and the property .would )t ill belong t,©,^ landlord In order to arrive at. the exaut sum he has paid for the Kbusejjy the aid'of^th'e Society,, add to his actual payments in seven years ' the Society the, £50 paid on purchase. Actual payment .-., ...£193 4 0 Paid on purchase, ... „;. 50 0 0 •; " ••../' .'■' J243\4 '6/f ' And deduct rent he would ■. ■ . > ••< have'daid', ,- „, ... , 182 ,0 o|^, '■ '':. : •■ :•' . ..:. £61 4.0 and it is seen that £61 4s is the net cost of the'houße'to the member. . ■ . The actual operations of the Society haVa demonstrated the correctness of the ;%#.. going calculations, and the results have beett considerably better both to the borrower and investor than anticipated ; for instance, • at the balance of 1876, on which date the first seven years' series of shares matured, the investor of four shares received a chtqae for £JOl 14s and the borrower obtained a bonus of £1 14 am addition to his loan being repaid- The following table will' show the results since then, tho next Beries maturing 187|Borrowor obtained Investor of 4 shares bonus in additiox received cheque for to his loan being repaid— 1879- £lO2 15 0 ... £2 15 0 ' 18S0— £103 12 8 ... £3 13 8 1881-£lO7 9 8 ... £7 98. The rapid increase in the profits shows tb. advantages of oo^dperatibD, the 1 same machinery and the same expense being capable of overtaking a largely increased business', consequently the profits increase, hence tho balance of 1882 Bhows a bonus of £8 14s 4d to the borrower of £100, and the investor of 4 shares received a cheque for £108 ]4s 4d. JAMES BROWN, . .. ;. Secretary. ;• InveroargUl, 80bh December, 1881 • c 2*2