AUCKLAND PERMANENT BUIDDING AND INVESTMENT SOCIETY.

New Zealand Herald, Volume I, Issue 224, 1 August 1864, Page 5

AUCKLAND PERMANENT BUIDDING AND INVESTMENT SOCIETY.

Theiie have been so many enquiries for the rules of this society, that the impressions printed for the ■.hureiioUlers might have been all given away before the ilav of meeting. To meet the great demand and to prevent what would otherwise be a great disappointment to numerous individuals, the rules are printed at length in this morning's llek.u.d. Tlie first monthly night for the payment of sub>criptiens is, as our readers are aware, from 7 to 8 o'clock this evening, at Mr. Cox's offiec, Queon->tre<-t. tVe are informed that there is a considerable number of applications for invested shares, and that Ih-re are channels of investment at once open for any money that may be received on Monday night. Out- numerous readers call now satisfy themselves of the safe and sound principles on which tho Society is haseil, and of the advantages it holds out' to shareholders. e are glad to {ind there is such a promise of success to the Society. AVe have been requested to state, in answer to luinirrous enquiries, that there will bo no 11 ballottinsr" ordrawing" tor advances from this society. A person desirous of borrowing money from it gives noiiee of this to the Secretary, with a description (if lilt! property he intends to offer ns security to the tfoi'iety, and the amount of money be wishes to have advanced-upon it. This application is laid before the j>o:trd. who decide as to whether the property is an eligible security, and the amount they will advance upon it. Thereupon the Secretary at once in formthe proposed borrower of the decision of tho Board, nr.d he can then have the money immediately, upon the completion of the mortgage deed. It will be at once seen that this system is a cre.-it advantage to the borrower, over that of tlie lottery and ticket system. If be sees a property that he wishes to buv. and which lie must either purchase within a short peiied or lo=e it. lie can at once ascertain from the Auckland Building and Investment Society how much they will lend upon it, he can then complete n:? purchase, knowing, for n certainty, that he can obtain the advance required, at the "time required. Jly the lottery system, on the contrary, lit* mav draw the " lucky ticket" for an advance when he does not want it, and when hi' does want it ho may not set it. Ail this imcflrtaiiity is entirely avoided in the Auckland Building and Investment Society.' A member has no money forced upon him when he does not want it, and he has always the opportunity of obtaining money at the exact time he does want it, at a fixrd rate of interest, and repayable by fixed monthly instalments. Any person may borrow money from tlie Sorietv, whether he has previously been' a member of it or not. The fact of his borrowing constitutes him n member.