Page 2 Advertisements Column 5

New Zealand Herald, Volume I, Issue 221, 28 July 1864, Page 2

TIIE AUCKLAND PERMANENT BUILDING 1 , AXD INVESTMENT SOCIETY. \ \ Shares, £10 each. : ! Monthly Subscription, 10s. per Share. , Entrance Fen, Is. per Sham , President : Hcrbel-t Asliton-, Esq. Trustees : Edward King, Esq. I S. Hague-Smith, Esq. F. L. Prinle, Esq. | W. C. Wilson, Esq. TitEAStjßEll 1 W". C. Wilson, Fsq. Solicitor : E. J. Cox, Esq. .Bankers : The Bank of New Zealand. Secretary : A. Boardnian. mHli! Eirst Monthly Meeting for taking Shares X will be held on MONDAY EVENING nest; the Ist of August, from 7 to 8 o'clock;, p. m.; at the office of the Society, at Mr. Cox's Chambers, Qiieeiistreet, Auckland; , . The usual Monthly Meeting of the Society for issuing fresh shares and paying subscriptions is tlifi first MONDAY in each month, at the same time and place. iggf Prospectuses containing detailed information may lie obtained at the Office of the Society, or at the Hkkai.ii Oflice. And application may be made for .shares at the Oflice of the Society at any time. A. BOARDMAN, Secretary. TIIE AUCKLAND PERMANENT BUILDINGAND INVESTMENT SOCIETY. Established July 26, 1864. .Shares £10 each; Monthly Subscription 10s. share. President : HERBERT ASHTON, Esq. Trustees s Edward Kin a, Esq. I S. Hague Smith, Esq. F. L. Pkisie, Esq. I W. C; Wilson, Esq. Treasurer : W r . C. WILSON, Esq. Solicitor : E. J. COX, Esq. Bankers: THE BANK OF NEW ZEALAND. Secretary : MR, A. BOARDMAN. Offices of the Society: Mr. Cox's Chambers, Queen-street, Auckland. THIS Society lias been established to supply a want long felt by many colonists in Auckland who were acquainted with the working of similar Societies in England, and had experienced in themselves the benefits secured by them to their members. Building Clubs have had a long career of uninterrupted prosperity in England, and have done a very large amount of good. Their aims and ends are' specially directed to secure advantages to fhe small capitalist which it is impossible for liim to obtain in any other way. Many persons can trace a position of easy competence, if not of ailluence, to their connection with Building Societies; They encourage and foster habits of prudence and economy, and show practically how small savings can be accumulated and safely investi d; wliile tliej also afford borrowers a means of obtaining money oil mortgage security of land or buildings at a moderate and fixed rate of interest, for a fixed term of years, both principal and interest being repaid by monthly instalments spread over a number of years ; or the whole amount advanced can be repaid by the borrower at any time he pleases. The shares of this society are fixed at £10 each, to be paid up either in one sum or by instalments. The regular monthly subscription is 10s. per month per share. The time for receiving subscriptions and payments is from 7 to 8 o'clock p.m. on the first Monday of every month, at the t liice of Mr. E. J. Cox, solicitor, Queen-street, Auckland, and the first monthly meeting will be on Monday evening, tlie first dav of August, 18G4. Shares can then he taken up, subscriptions paid, and every information obtained respecting the Society. The entrance fee is Is. pel- share. Applications for shares may be made at any time at the oflice of the Society, as above named. The number of shaies is unlimited. They are fixed at £10 each to be within the easy rcucli of every class of the community. Tlie subscription for each share being 10s. per month or lialf-a-erown a week only, it will be at once seen how many persons may become shareholders in the Auckland Permanent Building and Investment Society ; and a person who once gets into the habit of taking his monthly subscriptions to a society of this kind, soon finds that ho can, with a little management, easily take an additional share, or perhaps more; and the thought that he is \ shareholder in a well-con- . ducted, well-managed Building Society, and the information lie will soon obtain as to the advantages he will derive therefrom, ma}* often tend to check ex--1 penditure on things which he can easily do without, r and so fix firmly in his mind prudent and economical 1 habits. And the veiy fact of a mechanic or working man being a shareholder in such a society, at once raises liim in his own estimation, and in the estimation of his friends and neighbours. It is i somewhat of a guarantee for prudence, foresight-, and steadiness. ; The money paid into the Society for shares, &c., is lent out to those members desiring to , borrow it on mortgage security of land and houses, or to pay off any previous mortgage on property. A borrower may have the use of the money advanced to him for four, six, eight, ten, or twelve years at his option, and ho repays a regular stated sum ■ each month towards reducing his debt and paying interest. When the debt is thus paid the deeds which ! he had deposited with the Society as security will bo returned to him. If the borrower wishes at any time to pay either a larger monthly contribution or a specific sum toward reducing the debt, or the entire amount he owes, lie can do so at any time ho chooses. It- will thus be seen that a person who wishes tj buy or build a house, for instance, may borrow a certain amount of money from this Society on interest at the rate of 10 per cent, per annum, and that he can repay it to the Society by small monthly payments. There are many persons in and around Auckland to whom this will be a great boon. They have money enough to buy land for a house, anil perhaps have already an allotment of land purchased, but- they have not sutlicient money to build a house upon it, and they do notlike borrowing by private mortgage, for tliev cannot name any fixed time when they can pay that mortgage entirely oil'; and they know it I hey cannot keep to the terms of the mortgage deed, tlie property that had cost them so much anxiety and labour will be liable to be taken from them and sold, at perhaps a sacrifice, to pay the mortgagee. Such an one could easily pay the monthly contributions to the Society, for, in fact, as he would be living in his house rent free, the amount lie had been accustomed to pay for rent could bo used to pay his monthly subscriptions to this Society ; and, so long as he did this, the Society could never foreclose upon him and seize his property ; and the Board has .power to allow his payments to be in arrear for sickness, or other sutlicient cause. 1 The payment, therefore, of the rent of a house or shop to tlie Auckland Permanent Building and Investment Society will, iu a given time, secure the possession of a house to a member, whereas, had he merely been a tenant of the house, he would in that tune hare paid for it, but ho would not own a single board or brick in it, nor a foot of tlie land upon which it stood. There needs no further illustration, with the present very high rents in and about Auckland, and the great scarcity of house accommodation, to show what a very large field is already prepared for the labours of this Society, and what great advantages it may be'tlie means of conferring upon its shareholders and members. Similarly with respect to land. Tlie re are doubtless many persons iu possession of freehold land who would very gladly borrow a sum of money upon it, to be repaid by regular fixed instalments spread over a term of ytars. Tliis might be of great advantage to tliem, and enable them to increase then* stock, or in other ways advantageously to improve their land and increase their income. With respect to those who do not want to borrow, but simply to invest their money in a thoroughly . swfu manner, the advuutuges tiro tvlso very groat,