The Clutha Leader. BALCLUTHA: FRIDAY, JAN. 29th. A CLUTHA BUILDING SOCIETY.

Clutha Leader, Volume XXXV, Issue 2126, 29 January 1909, Page 4

The Clutha Leader. BALCLUTHA: FRIDAY, JAN. 29th. A CLUTHA BUILDING SOCIETY.

Many Building Societies under such "m ] names as Mutual Help and Stmt- <w Bowkett have been started and sue- 'jl J ccssfully curried on in various parts "Jl jof Otago. , Uecognising their great •';"« ! advantage to the people, and especi- -M '■ ally to those who cunnot afford tu.'ljßj buy houses and have therefore to puy'jjS rent, a number of gentlemen met rc-iSK eently and decided to start a society/fR in Balelutha. Quitea number of Clutlia 4g people are already, to their great ad- ~5 vantage, members of some of the Dun-'m edin Societies, hut the share list oi iM some of these Societies is closed, and $m in any event it was recognised it *rf would bo an advantage to have a society working in this district. The "} t aim of the Uutha Society is to enabk 'Ji people of small means to become the -,J£ : owners of their houses. By paying ]/- per share entry fee, and 1/ a ihare ; per week, they become entitled to a -y| loan of £JOO per share.free of all in- „H terest. Any one taking three shares ;m is entitled to a loan of £3OO without ||j interest, and anyone taking niiKfjJfl shares to a loan of £!MO on the same '$Z terms. To determine the order in v >|s which shareholders shall get their p loans, a ballot is taken each t ; me s •;< loan is granted, but every shareholder t * ( in time gets a loan, and thus no cue \ gets any advantage over another, '"M Loans of. £3OO will be ballotted lor• i** each time, so -that it will be to the 'f}< advantage of each shareholder to hold ut least three shares, although, if 1« .''')<"( holds only one he draws his £IOO just the same. Each loan of £IOO is re- *;| puid by weekly instalments of 3/1 for $ l'2h years, at the end of which time, ~'| all payments cease and the house is - }l his own. A loan of £3OO would en-**«,'* able a man to build a house such ai \ \ 111/ a week rent is often paid for in 4 Balelutha—rent that would go on for : , ;i a lifetime. In the Building Society t '■%> man would pay only !)/3 a week in addition to his weekly 1/-/ and io/iM 12A years the house would be hu n> c|| own, and the weekly shillings, &l'M mounting to £!)7 10/ (or £32 18/ ptf'Jfi snare) would also be ,pa id to him. hJ||| may not suit some members to «im for a loan at the ballot. They thcijjjHL get the opportunity of buying a loafi.fH which with the sum paid for the loan.?« again is paid off in weekly insul- ?l i'fjg meats. In this way one can be tain of getting a loan when wanted.. aB As security on all loans, the Society H| takes a mortgage on tho house. vision, is also made for those who g'' l |fl| a loan and do not wish to build ittiS present. The Society lasts ''-ijH' years, at the end of which time cuch|» member receives back his 1/- u week Up payments, which amounts to £32 10/ jS per share. lie will also have radJW his loan, and be the owner of his own 111! house. Working'expenses are met by U' the payment of two or three shilling ■Wm a year per share, so that all the■ J||funds of the Society aru devoted to-lß' the' benefit of members. We under--JIB stand that an opportunity will be giv- -Mm en the residents of Clinton, owaka>3H Kaitangata and Stirling of jouiiiigilHi the Society now being formed. We un-fB reservedly commend the project to their ifflß favourable consideration, having someaM knowledge of the number of people cLiSanmll means who, as a result of the >fflK 2/- or 3/- a week they paid into B ?gB building society, are now living ™lB comfortable houses of their own, whereas but for the operations of Society they would be paying rent till ~^K f the end of their days. So soon h'-Jh sufficient ahures. are taken up a meet* |B; ing will be called to elect permanent K directors and other officials. ,|H-