Page 3 Advertisements Column 1

Southland Times, Issue 2142, 28 June 1875, Page 3

»ASBETTE IW BAHKBCPICT IN BANKRUPTCY. IN THE DISTRICT COURT OF WESTERN OTAGO. is hereby given that no sufficient \ number of creditors of Malcolm Clow, of Inyercargill, in the province of Otago, 1 settler, having attended the maeting of his creditors, held at tho office of the said District Court, Invercargill aforesaid, on the 21st instant, the said meeting waa adjourned for seven day?, pursuant to the Bankruptcy Acts Dated at Invercargill aforesaid, this twentyfourth day of June, 1875. RICHARD MATTHEWS, Solicitor for tho said Bankrupt. PUBLIC NOTICES SOUTHLAND BUILDING, LAND, AND INVESTMENT SOCIETY. Established under the Building Society's Act 1866 Tetjstbes. William Panton Grigor, Esq., John Walker Mitchell, Esq., John Dalgliesh, Esq. President. J. Walker Bain, Esq. Committee of Management. Messrs Kenneth Rose, Geo. Trew, Robert Tapper, D. L. Matheson, William Blackwood, Peter M'Ewan, William Barham, Robert Buohauan, William Sloan. yoiiCITOE. T. M. Macdonald, Esq. BANKEK9. Colonial Bank of New Zealand. Sbceetart. Mr James Brown. j Office. j Esk street, Invercargill. ri^HE above Society was established in 1 18G9,and the number of shares is now 2814, representing the capital of £70,350 when realised. The present lending capacity of the Society is over £19,000 per anrum. 'i'lie leading features of the Society are as follow : — The net profits are credited at tho end of every year to each Shareholder in proportion to the amount then standing to his or her credit in the books, except subscriptions paid in ad ranee. Shares date from the Crst pay night in tha months of May, August, November, and February. Shares represent when realised the sum of £25 each. The Rule 9 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 chequo is givon for the shares invested. Borrowers pay in addition to the Is a week per share, interest at the rate ofß per centum per annum, and when the Is a week per share, with profit?, reaches the sum borrowed, the property given as security is released, and becomes the freehold of the member. The Society has made arrangement s 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 od the Architect's certificate. It is considered that shares will mature in seven years, and on this data the following calculations have been mads ; — Investors of four shares pay 4s 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 15ank 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 tho Bank, bo that a clear gain of £13 in the period would result by investing savings in the Society. Borrowers who have renlised on four shares pay, in addition to subscriptions, interest at the rate of 8 per centum per annum, making £18 8s 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 obtains from the Society an advance of £150 on the security of the same, his payments would be — Interest ... £12 0 0 Subscription „. 15 12 0 Total ... £27 12 0 per annum In seven years his actual payments would amount to £193 4s, and the property would be his own. Had he not become a member of Iho Society he would have paid £182 as rent, and t lie property would still belong to his landlord. In order to urrive at the exact sum he lias paid for the house by the aid of the Society, add to his actual payments in 7 years to the Society the £50 paid on chaseActual payment £193 4 0 Paid on purchase... „. 50 0 0 £213 4 .0 mid from this sum deduct the rent that he would have paid, and it is seen that £61 4s is the actual cost of the house to the member. JKesulta such aa these show tho advantages of co-opdration — 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, 19th February, 1875. Secretary, OTAGO RAILWAYS. / \N and after the 2nd November, Trains V ' will run as under : — Leave Invercargill for Bluff at 7.15 A.M. 11 A.M., and 2.30 p.m. Do. Invercargill for Winton at 7.30 A.M. and 3.18 P.M. Do. Invercargill for Woodlands at 8.30 [ A.M. and 3 r.M. | Leave Bluff for Invercargill at 8.45 A.M., 1 p.m., and 4 P.M. Do. Winton for Invercargill at 9 A.M. and 4.30 P.M. Do. Woodlands on Monday, Wednesday, and Friday at 10 A.M. and 4.30 P.M., and on Tuesday, Thursday, and Saturday, at 10 A.M. and 6 P.M. By order THOMAS ARTHUR, Traffic Manager.