The Patea Mail. (Published Wednesdays and Saturdays.) WEDNESDAY, SEPTEMBER 4, 1878.

Patea Mail, Volume IV, Issue 353, 4 September 1878, Page 2

The Patea Mail. (Published Wednesdays and Saturdays.) WEDNESDAY, SEPTEMBER 4, 1878.

We quite agree that “Thevapid growth and increasing prosperity of Hawera during the past few years, warrants the opinion that a Land, Building, and Investment Society, formed under ‘The Budding Societies Act, 1876,’ will afford a wide scope for the employment of capital, and will meet with a large measure of success.” Hawera does not take kindly to projects started elsewhere than at Hawera. The Patea County Building Society, which was intended to meet the wants of the various townships throughout, the County, did not find favor at Hawera. The head-men of that rising township wanted a SoJety of their own. 'fhc great increase of population, and (lie wonderfully enhanced value of land, together with the new

buildings which have been erected during the last twelve months, and the ever growing desire on the part of all to become owners of land and houses, fully warrants the attempt to establish a Building Society. Wo scarcely need point out the advantages of such Societies They afford a ready means of enabling working men to become their own landlords, as well as bang a good outlet for capital. A Building Society stands in the position of a landlord to all rent-payers, with tin's advantage—that, the rent, paid into the Building Society is not thrown completely away, as it may be said to be when paid to a landlord* in the ordinary manner, hut goes towards paying for the freehold and tenement, and after a few years puts the rent-payer in possession ot the property. All who require the use of dwellings, if not their own landlords, must pwy rent to the owner. Many people continue paying rent all their lives, and in the old country, where shifting is not so common as in the. colonies, tenants occupy the same house for thirty, forty, fifty, or more years, and though they may have paid the value of the property several times over, are no nearer becoming the owners than when the first week’s rent was paid. It is not so in the case of a Building Society". An agreement can be entered into which will enable a person, at a very slight advance on what would have to be paid for the mere use of a dwelling, to become the possessor of a freehold tenement in a certain number of years. The would-bc property owner can arrange to pay to suit his own convenience over a term of three, five, seven, or ten years. All the while lie may have tiie use of the property, and at the end of the agreed term, what may be called a redemption rent having been paid regularly", the title deeds arc handed over to the payee, and rent-paying, so far as the property is concerned, ceases. Building Societies have been in existence for so long a period as to have passed through all the experimental stages, and are now established on a safe basis. Loans are granted and payments regulated on principles which have been well tested, and careful management is all that is required to ensure success. There is (lie advantage now-a-days of Government supervision for ail incorporated Societies, with limited liability of shareholders, &c. It is required that Societies shall make annual audits and statements ol the fund's to its members, a copy of which is to be forwarded to the .Registrar. We are pleased that Hawera has decided on the permanent principle, the advantages as against terminable Societies being great. We have no don lit of the success of the new veu lure, and hope shortly to be able to report that the applications for membership have far exceeded the expectations of the most sanguine amongst its promoters.