THE Mount Ida Chronicle FRIDAY, JANUARY 31, 1873.

Mount Ida Chronicle, Volume III, Issue 205, 31 January 1873, Page 4

THE Mount Ida Chronicle FRIDAY, JANUARY 31, 1873.

The Public "Works now, we may say commenced in this district havealready made one great alteration. Property that but yesterday was of most uncertain tenure can uow readily be valued and residents, m> teirger dreading instant collapse, will be more willing to draw their money from the banks and build comfortable homes for themselves and for their children. To encourage the localization of resident families should be the aim and object of all holders of monied interests, fortunately, what will tend directly to the enhancement in value ot property, will also greatly accelerate the comfortable settlement of those who are ambitious to own-a home of their own. To meet such circumstances as are here indidicated, Building Societies have for many years been in favor, and the New Zealand Parliament has wisely recognised their desirability, by passing the Luilding and Land Societies Act of 1866, and Amendment Act of 1867 to regulate their operations. In 1871 a society was started at Queenstpwn, which , has been a great sue.

cesa, enabling many to settle down in a comfortable and assured way —not fearing that at any sudden moment they may be annoyed and turned out at the momentary freak of some new bank inspector. The beauty of the Building Societies so far, in New Zealand, has been that the investors have always had the best of it, while, at the same time, the borrowers have had time to pay their loan at a fair rate of interest.

A Building Society would not be only of local importance—it would belong to the district. It should be as available for building purposes at St. Bathans as at the Kyeburn or, Hamilton. The Board of Directors would, of course, have to determine whether the locality in which the loan was to be expended was of sufficient importance to justify the proposed advance. Some think that such a step would be premature; but that is not the case. When a district's prosperity is assured, such a Society cannot be set on foot too soon. It developes the district in which it is called into being, and grows with its growth. There can be no question but what, for the next year, money will be scarce, and without some such aid as a Building Society , could offer, many will be obliged to hold over building operations that they would very gladly undertake at once, if. a scheme was offered them by which they could pay off a loan in monthly payments extending over threej'or five years. A Society could be made either terminable at a period of years—say five, seven, or ten —or permanent ; or it could be made, as at Queenstown, to combine both features.; The shares of the Queenstown Association are of the ultimate value of £25, and can be either terminating or permanent. If permanent, the sum Is paid at* once, and the,holder is,.entitled to eight per cent., paid half-yearly, and a'sftare of the profits thq-t from time to, time will be declared. This is a better way of investing money than letting- italic at four or five per cent, in the banks. 'lf ithe share; is to be terminating^"en•tranciT'f&e of 2s. 6d. is paid, 1 ther payments will be called fgr at the rate of £>s. per month. Should any member be desirous of obtainingm loan for, say £IOO,. for building or- purchasing purposes, he can do so —provided he satisfies the Directors of the bona fide jiature of the proposed investment — by agreeing to pay back the balance in one, two, three, up to fifteen years, the monthly repayment to be made varying from £9 to £1 3s. (including all interest). Such a Society in tht§ district would have to provide in its rules more for dealing with leasehold from the Crown than with freehold; although, in the course of a few years, freeholds on proved non-auriferous ground will no j|6ubt increase. With care,. however, property erected on areas held under grant from the Warden, and kept up in the recognised way, should be perfectly sound property to advance on. One other local view may be taken, showing the desirability of such a measure, and that is, that every house erected within the boundaries of the Borough of Naseby will tend to-peduce the rate that will, in a few years, assuredly have to be made by "the ratepayers. The reserves that may yet be secured for Municipal purposes would also be raised in price by a development of the town. This, however, is a very small view to take, though it is one that should not be lost sight of. Our interests are inseparably bound up in those of the district at large, and in advocating this we do so in good faith, knowing there is not a farmer who settles on the Taieri or the Blackstone Hill agricultural block—not a miner at the Kyeburn or St. Bathans, a reefer at Bough Eidge, or a shepherd saving his wages but what would, one and all, be benefitted by a Mount Ida Building Society.

His Honor the Superintendent, has come and gone, not, we are glad to say, without receiving a hearty reception from all with whom he came in contact. The Superintendent has, no doubt, his faults, but no one can fail to recognise the efforts he has always made in the Province, and as a private member in the Assembly, for the advancement of the Colony. Nor has any member of the community,

done more to develop the Groldfields. TBwarfed on all sides by opposition members, often by the very Groldfitlds representatives themselves, yet, he has persistently held on to the progressive policy he years ago saw was the only course open to enable New Zealand to take up her heavy liabilities, and offer a fine field of settlement to natives of all countries. ¥e very much doubt, whether the Colonial, Treasurer, Mr. Vogel, could have carried through his Public Works policy, without the support he received from Mr. Macandrew; and these two representatives are the two best abused men in the Colony. It is satisfactory, at any rate, that in spite of all the storm of accusation raised, and persistently kept up by certain portions of the Provincial Press, that the good sense of the country maintains men holding these liberal and advanced views at the head of affairs, both General and Provincial,