Page 3 Advertisements Column 3

Southland Times, Issue 2315, 15 March 1876, Page 3

rUKMC KOMCES TNVERCARGILL PERMANENT 1 BUILDING, LOAN, AND INVESTMENT SOCIETY. Established Sept., 1875. Trustees : William Wood William M'Pherson E. W. Yorath Pbesident : John H. Kerr Dibectobs : Jas. E. Hannah B. A. Dickinson Thomas Pratt Henry Wilson William Craig J. T. Martin Solicitob : F. W. Wade StfBTEYOE AND ViUJATOB J F. W. Burwell BAUKEBS : Union Bunk ol Australia Auditobs : Geo. Trew B. Willoughby Secbetaby and Tbeasubeb : Alexander Cross The members of the Society are of two kinds, viz., Investing Members and Borrowing Members. The former class can purchase either Terminating or Permanent Shares. The subscription for a terminating share is 4s per calendar month, and this amount, with the profits added, annually accumulates till it reaches the Bum of £25, when the share is realised. Permanent chares can be purchased for £25 each, on which interest at the rate of 8 per cent per annum is guaranteed, payable half-yearly, participating as well in the profits of the society from time to time. Shareholders of either class can withdraw from the society by giving the requisite notice in accordance with the rules. To borrowing members, money is lent on the following scale from 1 to 12 years, repayable by monthly, quarterly, or yearly payments, which include principal and interest— say, on £100. Period of Mont hly. Quarterly. Yearly. Loan. £ s. d. £ s. d. £ s. d. 3 Years 3 8 6 10 5 6 — 4 " 214 0 8 2 0 32 8 0 5 « 2 5 0 615 0 27 0 0 7 « 115 0 5 5 0 21 0 0 IC " 1 7 6 4 2 6 16 10 0 12 " 14 6 313 4 14 14 0 Shares date from any subscription night which is the first Monday in every month, and the profits are placed annually to the credit of investing shareholders to an extent not exceeding 10 per cent per annum on the amount then standing to their credit in the books of the society, except subscriptions paid in advance. Any surplus profits are to be carried to an account, to be called the " Reserve Fund," from which shall be defrayed all losses or expenses which the society may sustain or incur, and the accumulations of such Keserve Fund shall be credited equitably and equally at the expiry of every five years from he commencement of the society, betweon the investing and borrowing mambers by way of bonus. Borrowing members can redeem their property from a mortgage to the society upon favorable terms, before the expiration of the full time for which it was given, in accordance with the rules. Arrangements have been made by which the law costs will be reduced to a minimum. The following are some oi the advantages wliich may be derived from joining the society : — Ist. Provision for old age may be secured by a person joining this society as an investor. 2nd. Houses can be purchased instead of being hired by an inconsiderable increase of annual outlay. 3rd. Leaseholders and others desirous of providing for the renewal of their leases can do so by joining this society as investors, and subscribing for such a number of shares as will meet the amount desired. This obviously would be to many an easy mode of providing for what is now often felt to be a difficult and anxious charge. 4th. Provision for placing boys as apprentices and articled clerks to solicitors, engineers, &c, or for the completion of children's education, con be obtained in a similar way. oth. Benevolent institutions and religious societies can procure funds for the erection of churches, schools, parsonages, &c, and for the immediate paying off of debts, and the amount borrowed can subsequently be repaid by charitable contributions periodically collected. In many cases the amount of repayment would be little in excess of the rent of the house purchased. Take, for example, a member being in possession of a section of land and wishing to borrow £300 on the 12 years' term to assist him in the building of a house worth that sum, for the equivalent of which he had been previously paying 15s a week rent, or £39 a year. He would have paid in rent in 12 years £468, whereas, L v .. >. . ■ » 'ng the money from this society for twelve years he would pay £44 2s a year, or £529 4s, or only 4s per week more than he paid as rent, or £61 4s over and above what he would have paid his landlord had he remained a tenant for 12 years, whereas tho house would become his own, rent free, at the expiration of the term. Had he not become a member of the society he would have paid £468 as rent, and the property would still belong to his landlord. Again, take for example a person borrowing £300 for 12 years, as above staled, ho would have repaid in that time £529 4s 6d. Had he borrowed in the ordinary wuy at 10 per cent per annum, the result would be — Money borrowed £300 0 0 12 years interest at 10 percent £36C 0 0 £660 0 0 Or a saving in favor of the society of £130 16 Results such as these must be interesting and well worth the consideration of the inhabitants of Invercargill and the surrounding districts. Applications for shares can be made to any of tlie Directors, and attendance will also be given daily up to the 4th October at the society's office, Barham's Buildings. Dro street, from half-past five to half-past six p.m. ALEXANDER CROSS, Secretary. TO THE EATEPATEES OF INVEECAEGILL EOAD DISTEICT. "VTOTICE is hereby given that all Persons i_M who have not paid their Rates must do so on or before tho 21st inst., to prevent expenses being added for their recovery. They are also informed tliat non-receipt or informality of notice is no reply according to the Ordinance, the rate-book and advertisement feeing sufficient notice. Mr Warren will receive the rates payable at Campbeiltown. LEWIS LONGUET, Clerkand Collector to the Board.