Page 6 Advertisements Column 1

New Zealand Herald, Volume I, Issue 231, 9 August 1864, Page 6

:,.- • •• ... THE AUCKLAJfD PERMANENT BUILDING A.ND INVESTMENT SOCIETY. " ' . ' Established July 26, 1864. <■~ Shares £10 each; Monthly Subscription 10s. share. HSRB^T B ASHTbN, Esq. " -Trustees : Kryo," Esq) I S. Hague Smith, Esq. Tsik?)' $s<l' ... I W. C. Wilson,' Esq. Thrasuiiku ! . W. C. V IIiSQN, Esq. . Solicitor : ... ,'3S, 'iT:. COXi Esq, j • THE BANK OF NEW ZEALAND. Seqretabt 1 MR.A.,BOARDMAN. Offices of tho Society ! Mr. Cox|s Chambers, Q'weeit-stkeet, Auckland. THIS Society has been established to supply a want lotag felt by many colonists in Auckland >vho acquainted with tlio .working of similar Societies in England, and had experienced in thomaelves the benefits secured by them to their members. •Building''Clußb have had 'a long career of unin- j teriupted : prosperity : in England, and have done a | very laree amount of good. Their' aims and ends i (ire specially directed'to seoure advantages to the | • small' capitalist 1 which it is impossible fbr him to ob- j in .any other way,-' Many persons can tyaco a I position" of easy 'competence, "if not of affluence, to their' voonnectibn.; with Building Societies. They oncdvwage'.and foster habits'of prudence an 3 economy, find show' practically how small savings can.be accumulated arid safely invested; 'while they also afford 'bovrowerß o means of'obtaining money on mortgage, security of land or buildirie's at a moderate pnd ''fixed" rate of interest for a'fixed term of'years, . both principal and interest being repaid by monthly J instalments spread over'' a number of years ; or tho •wiiole amount, advanced can be repaid by the borrower any time lie pleases. ■ . ; .Tho shares of this society are fixed at'£lo each, to bo" 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 T to' 8 o'clock p.m. on tho Jirnt Monday a/ etiiry month, at the oflice of Mr. £. J. Cox, 'solipitor, Queen-street, Auckland, and the first monthly meeting will be on Monday even-' , 3ng,.theJrst:day of August, 1804. - Shares oan then .Re taken up,, subscriptions paid, and every information r obtained respecting * the Society.' The £n!r§hcy fee is ;ls; per share; Applications for shares ptay bp.njqda at any time at the office of the Sooiety, as ahoye ' Theniimber'of shaies'is -unlimited. Thfiy.jurp fixe4" a t .£lO each .to be w}thin the easy , . rteilch.' of every of the community/ The :sub- " scriptiprt for paoh I 'share heihp 10s.': per month or half-a-crown a week.only, it will be at once seen how ' .many persons may hecoaie' shareholders in the Auck- : ' lan 4 Permanent Building and ' Investment Society ; '-'ijuul a person who onoe gets into the-habit of taking • ; 'his monthly subscriptions to a society of,this kind, socm-flnda that he-scan, ■ with-a little management, easily take an or perhaps more; and the thought; thaihe-is * shareholder j n a -welUcondutfed,,'well'mahagcd Building.Society,"and the in•formation he>will:booiV obtain as .to the advantages ■ .JiS'-will derive therefrom, may often tend to oheck ex- • i pendituro on things ,whioh he can easily do without, ' i.-ftud-aQ fix firmly, in bis mind prudent and eoonotnical habits. -And the very fact of a. rhechtmio or working, maivbeing. a shareholder in such a society, at • .once raises.him in his own . estimation, and In the eitimotion -of -his friends arid neighbours. It is somewhat of a: guarantee for prudence, foresight, and i steadiness. . The_ money paid into, the Society for shares, . &c.,..is_ lent out to members desiring to ,i borrow it on mortgage security of land and houses, or to pay off any previous mortgage on property. A borrower may have the us© of the money advanced . ... fc.'-'him -for .four, six', eightj t&n, "or twelve years ' at his option; and he 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 be returned to him: ' If the borrower wishes at any timo to pay "either a larger monthly contribution or u . specific, sum, toward' reducing the debt, or the entire amount he owes, he can do so at any time he chooses. -V -It .will thus be seen that a person who wishes to — 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, and • /perhaps have already an allotment of land pur:.i chased,-but.tbev. have.not sufficient money to build a /houseuponit,andtheydo notlike borrowing by private \ .mortgage, for they cannot name any fixed timo when they can pay'that mortgage entirely off; and they ■ know if'they cannot ;keep to the terms of the mort- " gage deed, the 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 '■,■'., l he would be living, in his house rent free, the amount - lie ; had..,been., accustomed to- pay for rent could be • used to pay his monthly subscriptions to this Bociety; and, so long as he did this, the Society could never, foreclose upon him and seize his property ; aiid the I'Board; T-has > power .to ollow-,his_.payments to be in 1 The payment,'therefore, of the rent of a house or shop to the Auckland Permanent Building and •.Investment-Society will} in-.a given time, secure the ' •/; possession of-:a house to a . member, " whereas, had he merely been a tonant of the house, lie would in that time have-paid for it ( but-ho would not own a single , ;boanl;or brick in it> nor p. foot of the land upon ...which it stood. , . ' i r ,_.:;Tliere ~needs. no, further , illustration, with thei v-presentryery.liigh rents- in r and-about Auckland, aiid the great scarcityof house accoaomodatiori, to show w*hat a very ; large field is already prepared'for tlie • labcnugk of, this Sotiety,- anil, what great advantages it f may. be-thfi mpah's of conferring upon its shareholders ..and members... "' . • -"."'I : Similarly with respect to land'."' "There "are doubt* • -1? B ? many persons in possessioh'of freehold land who . ■;,.woiJa..Terf, glei®y.borroiw. a sumVof money upon it; .'\, tb.be.repaid..by 'fixed iristalfeorits'spread over tcrm of .ytars. This, might be of greafc advantage to theiii, and enable them to ih'creaso their stock, or Wjays; advantageously-to improve thißir land and inerease.,their incomo. .'. . r ~j ,With\respect. to .'those .who do not want to borrow, hut simply to" invest their in a'thoroujg-hly .■ ; ..safe j manner, : . the. advantages.; are!" also verr greatSmall savings are received. , , The money .is lent out on first-class security—houses." and land. Every——hj?"M_on_which money' is lent by'th'e Society is first against fire. The security then for the ■_,? 1 . 0 . n ?y??(9f Tery-best kind, and it is improving as a security every month," for every month the bor- - rower repays:.'a {portion of his debt. There can thereforo be no security than that .on which the funds of'this Society will be inVestbd. ' ' r Property '.on. 'ivliich.hionej- is lent by private mort- : g a SVS^onstantly i decre.aamg, in. value probably, but ; property^'-on (Which--the Auekla'nA Building and Investment-Society-lends money is, as has been ehownvCorißtantly.becomiiig a better security; •??y? B ting;Bhareholders-may withdraw their shares by giving«notice:6f. tHeir .wish;to do so to the Secretary-. - JrofiW stfe iaade up r of entrance fees, Shes, premiums, and interest; and the-expenses of manage■me/)t bemg;,.reduced; to : the lowest possible point, :: deducted from the gross profitefor tliis purpbsq. Theprpfits in England, : w hwe; 5 jper. eent. per annum,is charged as 'interest, have steadily,remained at,7 per cent, and it is therefore probably.- safe to calculate that this Society, sh«?ging (»nt., interest to borrowers, will be able .to diyide.a profit of 12 per cent, per annum. ' / rwThe. difference between 4.0r 5 per, cent, ordiiiarily received for money oil deposit, and the probable profits;vof-r this Society, is such as to need no further . recoxnmendation,to.jerspnSj.TTho.have-capital to invest." 'TKey £aye also, the very test security for their money. . .. ... . ( • •• . The expenses of management are trifling; no large Btaff of persens ispaid out of -the prpfits ; the. busipess ths Socisfy is managed entirely by it& members,