Page 14 Advertisements Column 1

New Zealand Tablet, Volume II, Issue 102, 10 April 1875, Page 14

COLONIAL BUILDING AND INVESTMENT COMPANY (LIMITED). F NOTICE. OR the convenience of applicants for shares in the above Com- . pany, the issue of forms of applications and all information required, the undersigned will attend in the Temporary Offices of the Company, Temple Chambers, Princes street, besides the usual Hours, daily from 6.30—8 p.m ; and Saturday's from 5—7 p.m. LOUIS BASCH, Interim Secretary. PROSPECTUS OX* THE /COLONIAL BUILDING AND INVESTMENT COMPANY V^ (LIMITED). To be Registered under the Joint Stock Companies Act. Capital ... ... ... ,„ £100,000. First Issue, 5,000 Shares of £10 each. One shilling to he paid on application, and five shillings per share per month, until £5 per share is paid up j afterwards, the Directors to have power to call a further sum if required, but such further sum not to be called up without giving at least three months' notice, and to be payable in amounts of five shillings per share per month j shareholders to have the right to make pre-pay-ments, aad to receive interest at the rate of 6 per cent, for such sums as may be paid in advance. Provisional Directors : W. J. M. Larnach, Esq. T. Niven, Esq. D. Proudfoot, Esq. D. Ross, Esq. J. M. Ritchie, Esq. T. S. Sibbald, Esq. T. Birch, Esq., J.P. T. Carroll, Esq. W. Conyers, Esq. W. W. Woodland, Esq. C. Ziele, Esq. C. B. Shanks, Esq. C. C. Kettle, Esq. G. Penwick, Esq. Dr. George W. Cole Alexander Gunn, Esq. J. Lambert, Esq. J. Lambert, Esq., N.E.V. C. Flexman, Esq., J.P, W. Farley, Esq. A Beck, Esq. With power to add to their number. Bankers : The Colonial Bank op New Zealand. Solicitors : Messrs. Bathgate and Buchanan, Temple Chambers. The advantages of Building Societies are so well known that any comment upon them is unnecessary ; but many borrowers from these Societies have found to their cost that these advantages are attended with some objectionable features. Among these may be noticed — 1. The almost total inflexibility of the rules of a society when once established, and the consequent inability to make alterations that may be required by variations in the rates of interest. 2. The expense attending the paying off a sum borrowed before the term for which it has been borrowed has expired. m It frequently happens that a borrower from a Building Society finds (either from selling his property or from other causes) that it is desirable to pay off the sum he has borrowed, when perhaps only one third of the term for which he has borrowed the jnoney has expired. In such circumstances the unfortunate borrower is disappointed to find that he has to pay interest to the end of the term, and that he is allowed only a comparatively small rebate. It is therefore proposed to form a company which shall combine all the advantages of a Building Society, without their drawbacks. But, besides the mere lending of money, the promoters believe that a, benefit may be conferred on a large section of the community, and at the same time a fail 1 profit may be obtained for the shareholders by the purchase of sections in suitable localities, and the erection thereon of houses and cottages. Land in Dunedin and the neighborhood invariably brings very much higher prices when cut into small alloments, and where a number of uniform cottages are built they can be erected at a cheaper rate than an individual house on the same plan. By adopting this course a highly remunerative business may be done by the company. For example, suppose a piece of ground was acquired, and several houses erected thereon. The ground being subdivided would not fail to command a higher relative price, and there would undoubtedly be a saving in the cost of the erection of the houses. Each house, with its separate plot of ground, might be sold, at a low estimate, ab an advance of 3j25 per cent, on the