KAITANGATA PROPERTY AND INVESTMENT SOCIETY.

Clutha Leader, Volume XX, Issue 1034, 18 May 1894, Page 6

KAITANGATA PROPERTY AND INVESTMENT SOCIETY.

A meeting of residents of Kaitangata and district was held in M'Govern's Hall on Tueaday night. for the purpose of hearing an address by Mr Donald Reid, of Milton, on the objects and advantages of building and invedtment "societies, and to consider the advisability of forming such a society in Kaitangaka. The Mayor, Mr M. Shore, occupied the chair. Mr Reid, after enumerating some of the benefits derivable from such an institution, explained in some detail the principles and operations of the Bruce Building and Investment Society, which had done much substantial good to the district and had L 19,000 invested on mortgage. The system of working the Bruce society was clearly set forth by Mr Reid. He laid particular stress on th-j method of its management, by which the expenses were kept down to a minimum. There were no large salaries paid to Directors Secretary, and other officials, which had pro Ted disastrous to other societies. The Directors of the Bruce Society got half-a-crown each for attending the meetings, and if they failed to attend they were fined half-a-crown, and. the secretary got L 65 a year for his services. Under the system a man could acquire a home which would V»e his own private property in nine years, whereas ho might rent one for that period and pay more rent than would actually give him a freehold property. The rate of interest was 8 per cent., which was considered fair for all parties, and all buildings in the society would be covered by insurance, so that in the event of damage by fira the society •would be protected against loas. Air W. H. Mackenzie thought the scheme was inopportune, as there were facilities already in Knitangata by which a man could procure a home in a similar way. The Mayor was of opinion that a local Building and Investment Society was an absolute want of the place, notwithstanding what Mr Mackenzie had said. Ho hoped the people would be wise enough to take advantage of the present opportunity. After some technical points had been explained by Mr Reid, it was moved by Mr Aitcheson and seconded by l>r Thomson — "That in the opinion of the meeting it is to the best interests of the community that a Building and Investment Society be formed in Kaitangata-, and that the mayor und Mr M'Donald remain after ihe meeting for the purpose of taking applications for shares." — The motion was unanimously carried. Mr Borthwick moved that on sDoshar«s being subscribed a' meeting be held to appoint a committee of management. Mr Reid thought it would be well to wait till at least 600 shares were taken up. The motion was seconded by Mr W. T. Smith and carried. A vote of thanks to Mr Reid for hia kindness in coining to address and inform the meeting was carried unanimously, after which the meeting dispersed.