BUILDING SOCIETY.

Westport Times, Volume VIII, Issue 1186, 26 June 1874, Page 4

BUILDING SOCIETY.

[WESTPOBT EVENING STAB.]

As an agoncy stimulating thrifty habits and offering means for the profitable distribution and re-distribution of small sums of money, which, alone are of little service to the possessors, but which combined are means of exceeding usefulness, the proposed Westport. Building Society cannot bectoo favoiv ably considered. It will do work, that is needed, it will olfer facilities which borrowers of small means cannot now attain from existing banking institutions and present co-operative action under the best aspect. The extension of building society facilities through out the Colony has made rapid advancement during the last two or three years, and West port is only following in a well defined and safely guarded path of enterprise in establishing a local'- society. Instances of failure in the operation of Building Societies have been very rare in New Zealand, and have been caused, not by any inherenb defects in general principles, but by incompetent, careless, or expensive management. There is little fear of the Westport society drifting into error in such respect. The promoters are strongly impressed with the necessity of stern economy being practised, from the initial point of action, and tho shareholders who have already subscribed their names have done so upon the distinct understanding that such will be observed. Upon the Committee appointed" to compile rules for conduct of tho Society rests the responsibility of carefully maturing a scheme which shall contain the essentials of profitable investment, favorable terms to borrowers, and economical management. No efforts will be spared to attain this end, and we have very little doubt as to the future success of the Society, and a rapid increase in the present number of members.