Correspondence. correspondents' opinions are not necessarily ours. TERMINATING BUILDING SOCIETY.

Waimate Daily Advertiser, Volume II, Issue 5, 8 June 1899, Page 3

Correspondence. correspondents' opinions are not necessarily ours. TERMINATING BUILDING SOCIETY.

Sir, — Permit me through the Aiyns*tiskr to give a word of cantion fci parsorjn • who are being solicited to]n\n tho WaS« mate Terminating Buildinß Society. Irk your notice of the first meeting ol pvorudL ters, it was smid'that '" the special object In to prowde funds for .making alvanaes to tnembeS on mortage witbnnt. infevest. ihe principl* is co-operation." N.i prospeefcus has been issued by the promoters, nor is likely to be, a<s the Society )<a« bean formed, directed aid offtaar* Aojninfced, and rales adopted." Interf'lirtpe members must therefore tfepand on' tnevnb -ivn of ihe - Society for information as to hiw it »8 to be conducted. Ao'sordln? to somo of th]B information supplied, the enabling etement enters very largely into tiio wirkinjj of the Institution, violating both the noninterest and the co-operation principles. For instance, A is asked to join fchd Society, and objects oa the groan 1 thv> ht* does not want ona? It 13 thon pVintel oat < to him that it he is laoky enoug'i to dmw an appropriation, he can sell it to an'» f »hw member who does want a loan, a-trt his attention is eft 1 led to the fact that a member of a Society in j* neighbouring town the other day sold his chance of a £300 appropriation for JB4O. ${,s Now" this 13 gambling piire and simplei Let us suppose ihera are 200 members in the Society pfti'ing one ihilling a week each; " At the e-id of 15 weeks there will be in hand £15(5, and it is determined to ballot for the sawft. The ballot falls to' No. 15, who has no nsfcfor the money. No. 80 then offers No. IS £20 for his "chance which the laltet. 1 a<s cepts, and so gets i*2o ?or nvhhig. A« far as No. 30 is concernedi the non-interesi principle is violated", for thoac;n v li2o' te'i small amount tD pay for interest on £1.50. repayment of which ii spread - over 14 'years, it is interest all ; the numa. Bu* whose is the money on wliich ho pay 3 th? * £26 ? Is it No. Js|s? oNofiimg of the sort. Except the 15g' .No. 80 ( has paid himself in weekly subscriptions, the moaay belongs to tho other fls) member?. By the principle of co-tfperation, if any motley be charged fdr^Utjioai,. it shoulii, be divided among the whole of the cootributors. Instead of this, because No,. 15 was " lucky,,' ha scoops the lot, and to that extent the thing becomes a nier£ gamble.- I am, etc.,