PUBLIC INVESTMENTS.

New Zealand Herald, Volume LXVI, Issue 20307, 15 July 1929, Page 7

PUBLIC INVESTMENTS.

(Published by arrangement.)

A ItUIUUUA UJJjVUIjUrWrnM. The development of .1 district depends, to a great extent, upon the availability of finance, particularly..where this is constantly required for tho erection of business, residential and other premises. And where this can be provided by local investors and a local organisation, the.benefits are manifold—expansion is made in accordance with local ideals and the accruing dividends go to local investors. These facilities for expansion and the benefits of a sound, local investment aro now being provided in Rotorua by tha " Permanent Building and Investment Society of Rotonia," The objects of the society, briefly stated, are to provide means for tho safe investment, of inone> , also to enable members and others to purchase freehold land which they may wish I to acquire; to pay off any mortgage, debt I or encumbrance upon their property; or o ! build or to improve their property. Iho finance is provided by the shareholders capita! bank overdraft, and from deposits received, both fixed and at call, upon which the society pay » generous rato of interest. Under •'The Building .Societies _ -Act tho securities must provide a wide maigin of Sv for investors. A capital of £50,000 is desired, but the society will be able to proceed to incorporation at their discretion. The shares of £1 each may be taken by full cash payment, or by payment of Is per month per share, earning dividends according to the amount paid in. Tho on'lei, for tho society's investments are apparently ample, as applications are alicadv pending for considerable amounts, it is interesting to note that other similar societies pay dividends to their members, ranging from 7 per cent, to 8 per cent., after a reasonable period for establishment and there is no apparent reason why the Rotorua society should not bo equally successful. Jt is confidently anticipated that a return of 5 per cent, will lie made in the first year and of 7 per cent, thereafter. Investors have the confidence and satisfaction of knowing that no bonus shares or " loading" of any kind whatever have been permitted in connection with the flotation of the company. Tho provisional directors include: Messrs. Andrew Brown, G. If. French, N. M, Kcanc, Charles E. Kusabs, John F. Leo and R. C. Staple, all well-known Rotorua businessmen, with Mr. A. W. Downer (retired postmaster) as secretary. Full particulars of the society may be obtained from Mr. Donald F MacCornuck. P.O. Bos 21, Rotorua, who is the promoter.