The Southland Times. MONDAY, MARCH 22, 1875.

Southland Times, Issue 2090, 22 March 1875, Page 2

The Southland Times. MONDAY, MARCH 22, 1875.

Btjilding Societiks are amoDg the most interesting ami striking features of our present social economy. Both in Britain and iv the colonies they have acquired a firm footing, and have become a popular and familiar means of. investment. Their tendency is to rise still higher in public favor. Amongst all the competing schemes for the employment of savings, there is, perhaps, none more attractive in its character, more profitable, or more safe. To become the proprietor of one's own dwelling by means of small periodical payments and their abundant fructi fication, is au object that appeals to an almost universal instinct — and hence the success that has attended the societies in question. But, as is well understood, the profitable investment of suihb, large

or small, without reference to the acquisition, of property iv bouse or land, is au end that is equally attainable by those who become members. ■"■' This district has not been behind in its appreciation of. the principle wo are reviewing. The Southland Building-, Land, and Investment Society is now in the sixth year of its existence, and has contributed not a little to make the town of Invercargill what ib is. We are glad to understand that the society prospers and is doing a large and increasing business. Considering the demands that have arisen and are daily arising out of the remarkable progress in building throughout the town and neighborhood, it is not wonderful that there has been some pressure on the funds of the association, and that the need for an expansion of its resources has been felt. In the interest equally of the shareholders and of the district, the directors are desirous of exercising the powers which uuder the constitution of the society they hold, of issuing debentures to the amount of one year's ordinary income, or about £9000. In view of the security afforded, the terms to be offered are exceedingly liberal, aud ought to be specially attractive to those members of the society who may prefer making additional investment in the character of lenders. The debentures about to be placed in the market are to bear interest at the rate of 7 per cent. By the returns of Post Office Savings Banks we notice that the InvercargilL district is credited with no less a sum than £27,226, while the deposits in the Invercargill Savings Bank must also represent a very large amount. The interest allowed by the former institution is only 4J per cent., aud by the latter, 5 per cent. In a community tlr.is provident and prosperous it is surely not too much to expect that a considerable portion of its savings should be attracted by the superior advantages offered by the Building Society, with no dimiDuiijn of practical security to the investor. As we have hinted, the gain to the purchaser of these debentures who should at the same time have a stake in the society as an ordinary contributor, is not to be measured by the interest immediately accruing, but must be enhanced by a share of the profit realised by the society on the loan. We should regret to see the operations of the society cramped, and the progress of the town retarded, by any unwillingness on the part of our capitalists, whether great or small, to contribute to the tuuds that are vow called for. We anticipate no such disposition, but rattier feel confident: that tho appeal of the directors will be met by a ready and encouraging response, aud that the society will thus be enabled to enter upon a career of renewed prosperity and usefuluess.