Page 3 Advertisements Column 1

Southland Times, Issue 2144, 2 July 1875, Page 3

PIBLIC IOTICES SOUTHLAND BUILDING, LAND, AND JAVESMENTT SOCIETY. Establshod under the Building Society's Act 1566 Tbcsteks. VTiliinm Panton Griijor, Esq., John Walker Mncholl, Esq., John JJaigliesh, Esq. President. J. Walker liain, E;q. Committee of Management. Messrs Kenneth Kose, Geo. Trow, Robert Tapper, 1). L. Mutheson, William Blackwood, Peter Al'Ewan, William Barham, Kobert .Buchanan, William Sloan. Solicitor. T. M. Macdonald, Esq. liANEEHS. Colonial Bank of New Zealand. Secuetaby. Mr James Brown. Ol'FlCfi. Esk street, Invercargill. rpHE above Society was established in J X 1869, und the number of sharps is now 2814, representing the capital of £70,350 when realised. The present lending capacity of the Society is over £19,000 per anrum. The lending features of the Society are as follow : — The net profits are crcdi'ed at the end of every year to each Shareholder iu proportion to the amount then standing to his 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 sum 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, ami becomes the freehold of tho 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 arc allowed progress payments or the Architect's certificate. It is considered that shares will mature in seven years, and on this duhv the I'cllowiim calculations havo been made: — Investors of inn 1 shares pay 4s a week, or £'10 8s per annum, which multiplied by 7 gives £72 16#, die actual payments in seven yeurs, 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 -is each half year — the liank allowing 5 per cent. j)cr annum — the result would be that in the period (7 year?) while £100 would be accumulated in the Society, only about £87 would be accumulated in the Bunk, ao that a clear gain of £13 in the period would result by investing savings in the Society. Borrowers who have realised on four shares pay, in addition to subscriptions, interest at the rate cf 8 per centum per annum, ranking £]« 8s which, multiplied by 7, gives £128 16s as tho 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- percent, 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 eame, his payments would be — Interest „, £12 0 0 Subscription „, 15 12 0 Total „, £27 12 0 pernnnuro In seven years his actual payments would amount to £193 4s, and the property would be his own. Had h>; not become a member of the Society he would have paid £182 aB rent, and the property would still belong to his landlord. In order to arrive at the exact sum he has paid for the house by the aid of the Society, add to his actual payments in 7 years to the Society the £00 paid on chaseActual payment £193 4 0 Paid on purchase.,, „, 50 0 0 £2-13 4 0 and 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 ihe member. Results such as these show the advantages of co-operation — how working men may acquire propertj' 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. CITY IJAIIi CUTTING SALOON, ESK STREET. J . II Y A M S HAS much pleasure in announcing to the public that he has opened those new and commodious HAIE CUTTING ROOMS, OPPOSITE SMITH'S COENEB, Where, by his known proficiency in Ihe nrt, and strict attention to business, he hopes to merit a fair share of public support. The Finest Tobaccos and Cigars always kept on hand.. J.IIY A M S , ESK STREET. LINDHURST ROAD BOARD. 'I'ENDERS will be received by me up til 1 Wednesday, 14th July, from persons willing to undertake the duties of Clerk and Collector for the above Board. NIOTICE to Members of the Lindhurs \ Road Board. A special Meeting of the Board will be held at Dacre in connection with tho above business on Wednesday, 14th day of July, at 1 p.m. THOMAS MacGIBBON, Chairman. Mataura, 22nil June, 1875.