The Poverty Bay Herald East Coast News Letter. PUBLISHED EVERY EVENING. MONDAY, JULY 28, 1879.

Poverty Bay Herald, Volume VI, Issue 846, 28 July 1879, Page 2

The Poverty Bay Herald East Coast News Letter. PUBLISHED EVERY EVENING. MONDAY, JULY 28, 1879.

The benefits derivable from Building Societies, has led to the establishment of these institutions m almost — we might even venture to say m every- — town of any note m this Colony. Though differiiig widely m many minor details, according to the requirements of particular districts or the bias of the promoters and members, there is one general principle pervading them all, viz., to collect the comparatively small contributions of a number of subscribers into a general fund. The sums so raised are, from time to time, as circumstances permit, advanced by way of loans upon mortgage to shareholders, either upon property already held by the borrower, or to assist m the purchase of real estate, or the erection of buildings. The assistance thus rendered often enables those of limited means, and who connot otherwise command capital, to procure a freehold on such easy terms of i-epayuienv of the principal advanced that the property is acquired for smaller periodical j payments ttai the rent would amount to if it were leased. Many instances of this have occurred m our midst. Our local Bidding Society has been doing its* work m a most unobtrusive manner for the past five years, during which period it has advanced no less a sum than .£5150. The present proprietors of many a comfortable dwelling m and around the township, owe their happy position as such to the timely assistance obtained from the funds of the Building Society ; and we feel assured that if its principles were better understood, many more would gladly avail themselves of the privileges of membership. Regarded only as a savings' bank, it affords one of the very best means of making a wise provision for the proverbial " rainy day," while the rate of interest accruing from the various sources of profit, which latter is divided amongst the members, is higher than any such banks usually allow. With regard- to the safety of investments, the composition of the directorate of the local Building Society is such as to inspire every, confidence, while their intimate knowledge of tlie district and its requirements, and their own interests at stake, are such as to warrant the belief that the funds will be only safely and profitably dealt with. Acts of Parliament have also . framed certain regulations for the guidance of such societies, that the utmost security may be afforded to share-

holders. Glancing over the statement of accounts which will shortly be laid before the shareholders at their annual meeting, we see that the income of the Gisborne Building Society for its past financial year exceeded £1,800, which amount has again been disbursed. It can scarcely be denied tfhat the expenditure of this amount m the permanent improvement of the town is a real benefit to the district at large ; and it affords us much pleasure to chronicle the continued prosperity of so useful an institution as our local Building Society. We can only advise those desirous of obtaining further information on the subject to apply to the Secretary or any of the Directors.