PRIDE SHOWN IN ACHIEVEMENTS

Southland Times, Issue 23513, 20 May 1938, Page 11

PRIDE SHOWN IN ACHIEVEMENTS

Record After 50 Years “EVERY MAN AS HIS OWN LANDLORD” When in 1919 the Southland Building Society celebrated its 50th jubilee its directors were proud of its achievements and proud of the service it had given the community during its first halfcentury of progress. Something of this honest pride in achievement is shown in an article published in the special jubilee booklet of the society. The article stated:—

The society owes its undoubted success to the fact that during the whole period of its existence it has always paid a dividend and that it has met the need of so many classes in the community—those who have wished to provide a home for themselves; those who have wanted to regularly put aside for investment small sums of money out of their earnings which might otherwise be frittered away; those who desire to provide a sinking fund to pay off an existing mortgage or to buy a section; parents who were anxious to accumulate small sums to mature at a given time, with a view to its being used for tire advancement in life of their children; parents who wished to teach their children habits of thrift and compulsory saving; those who having money were anxious to have some sound fihancial institution in which they could deposit it; and those who could lodge their money at call until further use might be found for it. These all from time to time have found the society to be just what they wanted and have again and yet again used it for the purpose required. Since tire registration of the society in 1869 its first object has ever been to induce every man to become his own landlord. That this object has been achieved to a large extent is evidenced by the fact that in no other town in New Zealand do so many of the residents own their own homes. The people in Invercargill and also in the country have been educated to see that by making small fortnightly payments a little in excess of ordinary rent over a period of years, which are annually credited with profits representing a good rate of interest, it is much easier to acquire their own freeholds than by borrowing upon fixed mortgage. Another object of the society is to inculcate habits of thrift among the people, so that by accumulation of small sums of money in regular fortnightly payments earning a higher rate of interest than could be obtained through the savings banks, individuals might accumulate larger sums to provide for a rainy day. This object has also been achieved.