PUBLIC MEETING.

Temuka Leader, Issue 299, 2 October 1880, Page 2

PUBLIC MEETING.

The meeting advertised for Wednesday last to take steps for organising a Building Society took place in the Volunteer Hall

Mr Julius Mendelson was voted to the chair.

The Chairman, on rising, said : Gentlemen, you all know that the object of our meeting to-nigh] is to endeavor to establish a Buildieg and Investment Society for this and neighboring districts. He would remind them that a sooiety of this sort was different from a savings bank in several ways. It gives more interest than a savings bank. It also enables you to secure a section to make a home that you can call your own. There are many other advantages that may be stated, but Mr Austin, who is the chief promoter, will give you full particulars.

Mr Austin said he would have liked to have seen this part of the business in better hands; however, none could be more willing to assist, and he would tryto inform them oil all the principles and features. Doubtless most of you know the principles of building societies. I must tell you this society you are about to form is simply a loan and investment society A building society is putting up shares of at a certain named amount. If shares are sold you appoint a direotory. This is the principle of a building society. Again, it induces habits of saving, needfnl iu a new country. Such societies are particularly adapted to working men. They take up shares say at £5 ; the subscription is small. A savings bank is different. If one puts in a £5 deposit there and no more after, it lies at interest aud nothing more. The droposed sociey is different. You take say 10 shares, and pay in so much per share monthly, and you must pay or it is a loss. Another thing : you pay say monthly for twelve months; you find hard times come round, and necessity compels you to ask to withdraw. You are allowed to do so by sacrificing a certain amount of interest. Another thing, you obtain higher interest than you do elsewhere. It will give at least seven to eight per cent. I will not make gieat promises by saying it will give a very high interest to be followed up with disappointment It is no speculation ; it is the safest investment you can get. IJhave home experience of that, and always found, if well conducted, it is safe and profitable. You pay in your money, and it is laid out on houses and land. A share, holder buys a section and pays a small portion, aud comes to the society and borrows, erects a building, and makes for himself a home at very little more than he would pay to a landlord for rent. Every shareholder finds it to be to his advantage to support the society. If a building society had been started seven or eight years ago, there would now have been 50 or 100 more houses in Temuka. I will now tell you of the particulars of the proposed society, It does not promise 10 or 12 per cent interest, but a fair interest, and invite you to look to the otlier advantages, the redemption clause, for instance. A time comes when some wish to redeem . in other societies they get no money less than £3OO for seven or eight years, und have to pay a high interest for this period : whether they want it or not this is objectionable. In this society the redemption would be granted on a timely notice being given. Wo propose to make the shares £lO each—ss down, and 2s 6d per share every month Money accumulates anil interest also from money lent. When the payments bring ihe capital of the society up to £lO per share, no mare payments are required, and shareholders can draw out the amount of his shares by giving notice that he wishes to leave it or a division of profits may be made. You can see, therefore, that it is a profitable as well as a safe investment. Another particular is when a man comes to borrow he says what will the law expenses be, how much will this or that sum cost for deeds, etc. We propose that this society pay all legal expenses ; it will have to make a bargain with a solicitor to do its work and not let him make a direct chaige. I say a direct charge, for of course it has to be paid by the shareholders all the same, only not so much or so troublesome. It is proposed to make Temuka the head quarters, but to take in Geraldine, Winchester, and other districts. We do not need much to start with ; if the inhabitants of these districts wiil only give us a fair start, it will be a success. I believe Tiiuaru started with very little, yet see how much it has made that town. I wish to see Temuka go ahead, and nothing will cause it to do so more than a building society. I would suggest that we call it the South Canterbury Geraldine County Building and Investment Socisty Mr Storey begged to, second this resolu-. tion, but would like to see emb.odied in it a clause seouring Temuka a permanency of head quarters. We had been sold iD one instance, and ho did not wish to b e sold 'iirain. Tips claus' >; inserted, the resolution wi ' i i u u ■>! *

replaced by directors when sufficient shares are taken up. Messrs Mendelson, Austin, Storey,; Quinn, Gray, Franks, Wilson, E. aud J. Brown, and Reid were proposed and agieed to, Mr Mendelson to to be eh airman.

Three hundred shares were taken up by th? meeting, representing £3OOO.

Votes of thanks to the Chairman and Mr Austin terminated one of the most important meetings that has ever been held in Temuka.

There was a fair attendance jof property holders