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The Telephone. PUBLISHED EVERY TUESDAY, THURSDAY, AND SATURDAY MORNINGS. GISBORNE, SATURDAY, DECEMBER 1, 1883. BUILDING SOCIETIES.

It is not too much to say that the institution of Building Societies has '

been the means of effecting a wonderful amount of good in Britain and its possessions. Since the establishment of the first Building Society in London similar institutions have taken root and flourished in every place where the Anglo-Saxon race has brought its beneficial influences to bear, and thousands of industrious and thrifty men have risen to a comparative state of independence through investing their small savings in these Societies. The facilities a Building Society offers to persons of small means for accumulating their savings is not to be attained by any other means on such satisfactory terms as are secured by that institution ; as a small but regular periodical payment to its funds enables any member to procure an advance for the purpose of acquiring a freehold property in his own right, and many a man in this colony owes the possession of his home to the assistance thus obtained by his own prudence and foresight. Those who have watched the rapid progress of Gisborne will perceive the almost wonderful strides some of the suburban portions of the town have made through the assistance of the Building Society here, and we are not exaggerating in affirming that, had there been no such institution in this place, streets that are now lined with comfortable dwellings would still be in their primitive state —the sections serving no better purpose than that of affording paddock accommodation for a few horses or cattle. In this town there are a number of persons in a position to save a small amount from their weekly or other earnings, and to such individuals the Building Society affords a good investment—yielding a much larger rate of profit than can be obtained from deposits in a bank, while the security afforded by a wellconducted Society is unquestionable. With that marked spirit of enterprise which is a leading feature in this community, it is now the intention of a number of gentlemen, we understand, to establish another Building Society, on somewhat different lines to the one in existence and on broader principles. This is not being done, we believe, out of any spirit of opposition to what may be felicitously termed the Parent Society, but to endeavor to further extend the good work. So far the old Society bas found ample scope for the 1 investiture of all its funds, and there can be no doubt but that the demand for money for building purposes will continue for many years to come. The new Society purposes to meet once in each calendar month, for the transaction of its ordinary business; to make its contributing shares of the value of £25 each, payable by subscriptions of 4s. monthly; to issue paid-up shares of £5 each ; to receive money on deposit, either at call, or for fixed terms, on the Society's debentures or otherwise; and generally to afford every facility for the accumulation of the savings of the thrifty portion of the community. The funds bo raised will be advanced on the mortgage of freehold or approved leasehold properties anywhere within Cook County, for any term suitable to borrowers, from one to twelve years, as may be agreed upon, on easy monthly repayments. As already a large amount has been guaranteed to be subscribed in contributing and paid-up shares, the success of the venture—winch will, probably, be called the Cook County Building Society Permanent—may be looked upon as certain. The Society will shortly be incorporated, when the principles on which it is founded and to be conducted will, of course, be brought more prominently before the, public. We anticipate a bright future for the new Society, and hope that the liberal principles on which it is to be conducted will prove the means of commending the institution to the notice of a large number of patrons.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/PBS18831201.2.10

Bibliographic details
Ngā taipitopito pukapuka

Poverty Bay Standard, Volume I, Issue 16, 1 December 1883, Page 2

Word count
Tapeke kupu
664

The Telephone. PUBLISHED EVERY TUESDAY, THURSDAY, AND SATURDAY MORNINGS. GISBORNE, SATURDAY, DECEMBER 1, 1883. BUILDING SOCIETIES. Poverty Bay Standard, Volume I, Issue 16, 1 December 1883, Page 2

The Telephone. PUBLISHED EVERY TUESDAY, THURSDAY, AND SATURDAY MORNINGS. GISBORNE, SATURDAY, DECEMBER 1, 1883. BUILDING SOCIETIES. Poverty Bay Standard, Volume I, Issue 16, 1 December 1883, Page 2

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