Page 1 Advertisements Column 7

Southland Times, Issue 2116, 14 May 1875, Page 1

PIT 11 J.I C NOTICES COLONIAL BUILDING AND INVESTMENT COMPANY (Limited.) NOTICE. MESSRS MACRORIE & CUTHBE TSON, Dee-street, have been appointed agents for lnvercargill, for the receiving of applications for Shares in the above Company, the issue of Forms of Application, and all information required. LOUIS BASCH, Interim Secretary. Dunedin, 12th April, 1875. prospect ira ' OF THE pOLONIAL BUILDINGr AND INV VESTMENT COMPANY (Limited). To be Registered under " The Joint Stock Companies Act." CAPITAL £100,000. First Issue, 5000 Shares of £10 each. One shilling to be paid on application, and five shillings per share per month, until £5 per i share is paid up ; afterwards, the Directors to have power to call a further sum, if required, but such further sums not to be called up without giving at least three months' notice, and to be payable in amounts of five shillings per share per month : shareholders to have the right to make prepayments, and to receive interest at Ihe rate of six per cent, for such sums as may be paid in advance. Pbotibiowai. Directors : W. J. M. Larnach, Esq. T. Niven, Esq. D. Proudfoot, Esq. D. Ross, Esq!" J. M Ritchie, Esq. T. S. Sibbald, Esq. T. Birch, Esq., J.P, T. Carroll, Esq. W. Conyers, Esq. W. W. Woodland, Esq. C. Ziele, Esq. C. B. Shanks, E;q. Dr G-eo. W. Cole, Or. Fenwick, Esq. J. Lambert, Esq. Alex. Grunn, Esq. C. Flexman, Esq., J.P. J. Lambert, Esq., N.E.V. A. Beck, Esq. W. Farley, Esq. With power to add to their numbar. Bankers : The Colonial Bank of New Zealand. Solicitobs : Messrs Bathgate and Buchanan, Temple Chambers. The advantages of Building Societies are so well known that any comment upon them is unnecessary j but many borrowers from these Societies have found to their cost that these advantages are attended with some objectionable features. Amongst these may be noticed— 1. The almost total inflexibility of the rules of a Society, when once established, and the consequent inability to make alterations that may be required by variations in the ra^e of interest. 2. The expense attending the paying off of a sum borrowed before the term for which it has been borrowed lias expired. It frequently happens that a borrower from a Building Society finds (either from selling his property or from other cuiseO that it is desirable to pay off the turn he has borrowed, when perhaps only a third of tho term for which he has borrowed the money has expired. In such circumstances the unfortunate borrower is disappointed to find that he has to pay interest to the end of the term, and that he is allowed only a comparatively small rebate. It is therefore proposed to form a Company which shall combine all tho advantages of a Building Society, without it's drawbacks But, besides the mere lending of money, the promoters believe thnt a benefit may be conferred on a large section of the community, and at the snme time a fair profit may be obtained for the shareholders, by the purchase of sections in suitable localities, and the erection thereon of houses and cottages. Land in Dunedin and the neighborhood invariably bring? very nrich higher prices when cut into small allotments, and where a number of uniform cottages are built, they can be erected at a cheaper rate than an individual house on the same plan. By adopting this course a highly remunerative business may be done by the Company. For example, suppose a piece of ground was acquired and several houses were erected thereon. Tho ground being subdivided would not fail to command a higher relative price, and there would undoubtedly be a saving in the cost of the erection of the houses. Each house with its separate plot of ground, might be sold, at a low estimate, at an advance of 25 per cent, on the actual cost and if the houses were sold for deferred payments, interest would at once accrue to the Coinptiny, not merely on the actual capital invested, but 'also on the amount of the profit, less, of coursp, the amount of deposit paid by the purchaser, which, however, would be in the hinds of the Company, and available for use otherwise THE OBJECTS OF THE COMPANY. 1 To make advances by way of mortgage on real estate or leasehold, on such terms as may be agreed on, the borrower to have power, when desirous, to repay such advances by instalments, including both principal and interest. 2. To enable persons to make investments by p a y} n g per month, which would entitle them to rcceive£so, or multiples thereof, attheendof yea". The blanks to be filled up in each case at the tune the ttrat monthly payment is made, according to tables prepared for the purpose. 3. To purchase, lease, hold, and re-sell (either for cash or deferred payments) real estate. 4. To erect houses on the lands so bought and sell the same for cash on deferred payments. 5. To receive money on deposit, and pay interest thereon for such term and such rates as may be fixed from time to time. 6. To make advance on other approved securities (such as Corporation or Road Board Bates). 7. To afford facilities for the improvement 01 ofland. 8. To do oil such other things as are con-du-ive or incklrntal to the attainment of tho above objects or any of them. Applications for shares may be made to the undersigned. LOUIS BASCH, Interim Secretary, Temple Chambers, Princes street, Dunedin. FORM OF APPLICATION. To the Directors of the " Colonial Bi.ilding and Investment Company" (Limited). Gentlemen — In accordance with the teima of your Prospectus, I hereby apply for Shares in the (! Colonial Building and Investment Company," and having paid to your Secretary, Mr at , the sum o f , being a deposit of one shilling per share on shares, 1 request you to allot me that number, and I hereby agree te accept the same or any smaller number that may be allotted to me, subject to the conditions contained in the said Prospectus, and to pay the instalments thereon, in accordance with the said prospectus. I am, Gentlemen, Signature •• Name (in full) ..•■•-• Address t Description, or occupation .• Date,,;, , .....187