THE STARR-BOWKETT SOCIETY. TO THE EDITOR.

Otago Daily Times, Issue 10625, 21 March 1896, Page 6

THE STARR-BOWKETT SOCIETY. TO THE EDITOR.

Sie,—Allow me to make a correction or two in your report of the preliminary meeting of thin society. 1 am quite awate that it is a difficult thing to condense in a few lines the sketch I endeavoured to give of the working of these societies, but as a number of geutlKmeu who were present »t the meeting have referred to th« iDaecnraeiea, I shall be glad if you will allow me to correct them. It is, of conrfe, important that do misst&tements should go uncoatradicted to the public. I did uot say that " £60 and £70 had during the past few weeks been paid as premiums on sales by members for the right to an advance," such a statement is ridiculous, as is also the statement that such a premium amounted to no more than 1 per cent, per annum on the amounts lent.

In indicating how the profits were derived, I explained that every alternate allotment was by way of pale, Rnd that assuming a unrobec paid £12 10s premium for every £100 advanced, he would only be paying 1 per ceut., and th»f. in the calculation which h*d been made that rate only hid been assumed. Daring 15 yeara t;hiM premium income would amount to some £5600, and being rent to members would, together with the repayment instalment arising from it, allow the society to advance £9000. It also should have appeared, as I believe I made plain to the meeting, thst it was' by reason of the money being turned over and over again nnd always coming in in fortnightly repaymsnts that the society was enabled to advance out of i a subscription income of £39,000 the sum of £83,000 in 15 years; and that in 174 vearß £100,000 would be thun advanced, malciug the total promised to shareholders. I shall feel obliged it yon will insert this correction.— I urn, &c, Dunedio, March 20. Feed. Calyert.