Page 4 Advertisements Column 3

Southland Times, Issue 2055, 20 January 1875, Page 4

Public Notices SOUTHLAND BUILDING, LAND, AND INVESTMENT SOCIETY. Established undertheßuildingSociety's Aot, 1866. Tbt/stbes. William Panton Grigor, Esq., Jas. Blacklook, Esq., John Walker Mitchell, Esq. President. J. Walker Bain, Esq. Committee of Management. Messrs Kenneth Rose, Geo. Trow, Robert Tapper, D. L. Matheson, William Blackwood, Peter M'Ewan, William Barham, Robert Buchanan, William Sloan. Somcitob. T. M. Macdonald, Esq. Bankebs. National Bank of New Zealand. Seceetaby. Mr James Brown. Office. Esk street, Invercargill. npHE above Society was established in 1869, , _l. and the number of shares is now 2580, representing the capita,! of £64,650 when realised. The present lending capacity of the Society is over £16,000 per annum. The leading features of the Society are as follow : — The net profits are credited at the end of every year to each Shareholder in proportion to the amount then standing to hie or her credit in the books, except subscriptions paid in advance. Shares date from the first pay night in the months of May, August, November, and February. Shares represent when realised the sura of £25 each. The Rules provide that borrowing members can repay the whole or any portion of the amount borrowed, in sums of £25 and upwards at any time, without previous notice, interest ceasing at once on the same. Members are of two classes, Investors and Borrowers. Investors pay Is per week per share, and this amount, with the profits added, annually accumulates till it reaches the sum of £25 per share, when a cheque is given for the shares invested. Borrowers pay in addition to the Is a week per share, interest at the rate of 8 per centum per annum, and when the Is a week per share, with profits, reaches the sum borrowed, the property given as security is released, and becomes the freehold of the member. The Society has made arrangements whereby the mortgage charges are reduced to a minimum. Borrowers building houses according to plans and specifications approved of by the Committee are allowed progress payments^on the Architect's certificate. It is considered that shares will mature in seven years, and on this data the following calculations have been made : — Investors of four shares pay 4a a week, or £10 8s per annum, which multiplied by 7, gives £72 16s, the actual payments in seven years, and then they are entitled to receive a cheque for £100, the" difference of £27 4s having accrued as profit during that period. Suppose the sum of £10 8s were saved by an investor, and deposited half yearly in a Bank in payments of £5 4s each half year— the Bank allowing 5 per cent, per annum —the result would be that in the period (7 years) while £100 would be accumulated in the Society, only about £87 would be accumulated in the Bank, so that a clear gain of £13 in the period would result, by investing Bavings in the Society. Borrowers who have realised on four shares pay, in addition to subscriptions, interest at the rate of 8 per centum per annum, making £18 Bs, which, multiplied by 7, gives £128 16s as "the total payments in seven years. Deduct from this sum the amount borrowed, and it leaves £28 16s, which sum divided by 7 shows that about 4 per cent, has been paid for the use of the money. Suppose a member purchases a house for £200, for which he has been paying a rent of 10s per week, and he obtairu from the Society an advance of £150 on the security of the same, hie payments would be— Intereat ... £12 0 0 Subscription ... 15 12 0 Total ... £27 12 0 per annum. In seven years his actual payments would amount to £193 4s, und the property would be his own. Had he not become a member of the Society he would have paid £182 as rent, and the property would still bplong to hia landlord. In order to arrive at the exact sum he has paid for tho house by the aid of the Society, add to his actual payments in 7 years to the Society the £50 paid on purchaseActual payment £193 4 0 Paid on purchase,,. „. 50 0 0 £243 4 0 and from this sum deduct the rent that he would have paid) nnd it is seen that £81 4s is the actual cost of the house to the member. Results such as these show the advantages of co-opefation^how working men may acquire property which Would otherwise be beyond their reach-^and how those who can save a few shillings per week can find a most profitable investment. JAMES BROWN, 30th November, 1874. Secretary. INVEECARGILL DIVISION, No. 44, SONS OF TEMPERANCE. MEMBERS of the above Division are requested to meet at the Oddfellows' Hall, Tay street, on Friday, tho 22nd inst., at 8 p.m., and every alternate Friday till further notice. D. BOSS, W.P. ' NOTICE. WITH reference to the advertisement, signed D. Bonthron, in this day's News, I beg to intimate that it has no reference to the Invercargill Division, No. 44, of the Sons of Temperance, Victoria Grand Division, which has no connection with those who left and joined the National Division of Australasia. D. ROSS, W.P., Invercargill Division, No, 44, Of Victoria Grand Division, No. 15, Sons of Temperance. Oddfellows' Hal], Tay street, 12th January, 1875. 3j^fTdeutvN^ SONS OF TEMPEEANCE. INVERCARGILL DIVISION, NO. 44. rnHE above Society still continues to meet every JL alternate Friday, at 8 p.m., as usual, in the Temperance Hall, Esk street. Next meeting night — 22nd instant. DAVID BONTHRON, W.P. HENRY M'LEAN, F.S. IN reference to an advertisement that appeared in the Southland Times, dated 11th inst., signed D.Ross, we have to inform the members of the Invercargill Division, No. 44, Sons of Temperance, that the said D. Ross has no claim to be called a Son of Temperance, seeing that, according to the Financial Secretary's books, the said D. Ross is thirty-two weeks in arrears in his contributions, which fact, according to Rule 66 of the Invercargill Division, No. 44, disqualifies the said D. Koss from having any claim to be called a Son of Temperance ; and, moreover, the said D. Ross gave notice to the Financial Secretary to strike his name from the list of membership in September last. DAVID BONTHRON, W.P. HENRY M'LEAN, F.S. Invercargill, Jan, 13, 1875.