The Wairarapa Daily. SATURDAY, SEPTEMBER 26, 1885. THE MASTERTON BUILDING SOCIETY.

Wairarapa Daily Times, Volume VII, Issue 2105, 26 September 1885, Page 2

The Wairarapa Daily. SATURDAY, SEPTEMBER 26, 1885. THE MASTERTON BUILDING SOCIETY.

The report of Uie Master ton Permanent Investment and Building Society, which was presented ;at tjje ; annual meeting; Bhows that the Society has continued to make steady progress, to the advantage of the shareholders and the public. The value of the original shares issued in IH7O was quoted last year at £36 10s Id, while this year it is £43 4s 6(1. deducting the £3 paid in calls during the year, this leaves a profit of £3l4s sd, which represents a rate of interest which cannot possibly be obtained at the present time by making an investment in the ordinary way. The operations of the Society have not been extended quito so much as they might have been during the year, otherwise the result would have been still moro favorable. - The original shares will mature next year, that is ;-to say, ten years from the date of their issue. Suoh a result is ' not a very unusual one, but it must be remembered that the Society made little or no progress .during the first two years of. its existence,.and/that the losses of that period bad to be made good since then, so that .tlnVpenod might Lie taken as really a gre«t deal shorter. Those who opposed the formation of the society will now probably admit that it has proved a great financial success, As in almost everything else, increased business brines increased profits, and shareholders will, therefore, benefit themselves by inducing others to join ,and share the good things with them, The alteration in the rules which was decided-upon should prove very useful. Hitherto depositors had to take up shares and pay regular instalments, without being able to ■drawJthi; money invested except at a- loss, The addition to the second-iule ;will enable the, ( directors to receive monthly deposits of not less than ss, and not more, than £2O, bearing interest at the rate of five per cent per, annum, which is more than the Savings Bank I'ate. These deposits may be withdrawn by giving fourteen days' notice, without: forfeiting any of the profits. There is every reason to believe that that this plan will induce many ;to deposit their savings, auci ultimately to take up shares, If so, the Society will still further extend its usefulness,