PERMANENT BUILDING SOCIETY.

Colonist, Volume LIV, Issue 13412, 9 May 1912, Page 1 (Supplement)

PERMANENT BUILDING SOCIETY.

JUBILEE OF THE INSTITUTION.

(From "Tho Colonist," April. 22.)

On Monday, 21st April, 1862, was hold the first monthly meeiting for the payment of subscriptions in connection with the Permanent Building Society of Nelson, so that the Society has now completed half a century 'of activity, and the continued growth.of tho Society and its present prosperity are proof of the sound judgment of its founders and the care exercised by the Board of Directors throughout its history to .sea that tlie objects of tho Society havo been fulfilled. On the Wednesday preceding tho first monthly meeting^ a meeting.of shareholders was held for the purpose of adopting rules and electing a solicitor and twei'/e directors. Mr. John Sharp, who is still resident here, was chairman of tho meeting. Two gentlemen, Messrs Adams and Council, were proposed for the position of solicitor, and the former was appointed by a large majority. Thctro- wero eighteen nominations for the directorate, and the following were elected' Messrs W. Rout, IX Bums, H. Drew, Sha':lcrass, Burn, Watkins. Thorn-ten, I. M. Hill, James Barton, I*. Cooko, T. H. Stringer, and Baile-y. There, wero then 1800 shares taken up and at tho time- of the first subscription, in:>eting the number had boon increased to 'JluO. The-first Joans wore■ d.ir.posof! ot ?.t auction, and on tho vJlsf April £700 wan disposed of on loan at premiums varying from £1 6s to £2 J.2a 6d per £20 she re. At tho May meeting 524 new shirrs were announced to have been takcvi up, and £900 was disposed of at pioniiums averaging £1 13s per share. At the June meeting no less than £1000 was offered for disposal and by July the increase in the number of shareholders was such that it was resolved that in future any number of shares within the amount to be sold at the time'could be disposed of, whereas previously no person could bid for more than five shares. It was then also found necessary to appoint specific days j for the transfer of shares and other general business, it being impossible to | transact the volume of business at tho evening's meeting. It should be mentioned that the subscription meetings were held at tho Tempcrarica Hall (latterly the Salvation Army barracks) and that three of the directors, in rotation, ..were present at each meeting in the capacity of stewards to assist the secretary in receiving subscriptions. By the end of the first half year 3025 shares had bnon taken up, and at the October meeting a further 354 worctaken up, all at a premium of £4 4s.

At that time there wero the Nelson Building, Loan and Invcstmreit Society. j and the Nelson Provincial Land and Building Society also in operation, so that tho success achieved in so short a period is testimony to the able administration of the directors and the>-sound-ness of the constitution of the Society. A year after tho Society had commenced operations shares in the first series were being advertised for by would-be purchasers. Tho first annual meeting was held on May Bth, 1863, the director's report being signed by Mr. John Sharp, chairman. In this report the directors congratulated the shareholders upon "the very deckled and progrensiyo success which has attended the Society's operations, a success which they feel assured is altogether unequalled in any of the. sister colonies." It was also stated that the secretary, Mr W. Rout, had been appointed at a salary of sixponce per share per annum which remuneration was* feit to be inadequate for the very onerous duties of the office ■'the salary' totalled £83 6s Id). It was also str.ted thr.t Mr. J. B. Sadd had boon appointed inspector et a remuneration oi cno'.-.-jiSP.ny per"share par" annum. ■ T-ka st&teni-eiit of accounts showed that tho leans by the Society amounted to £8,320. By the end of the second 'jvar of its operations tho. Society had' lent on freehold securities £21,746, and as has already been stated steady progress hao be*en made throughout its history. Various administrative-.chang-es havo baen made to meet altered conditions of tho day but tho main object of the-Society's formation —tho encouragement of thrift and provision of easy terms for shareholders to acquire tho freehold of their homes—has been abundantly fulfilled. The advantages offered by the Society are- too well known and have been too generally availed of to need elaboration here; suffice it to say that the operations of the Society have been incorporated in the history of Kelson to no inconsiderable extent and with ©ntira credit to those who from time to time have been associated therewith. To-day the loane current nro in the neighbourhood of eighty thousand pounds, there are practically no arrears, only on© property has fallen in to the Society (and that through bankruptcy and.a-good as&et), the-ro ia a growing reserve fund, and for several years past bor^ rowers hiwe had profits added to their payments at a percentage equal to that charged on loans, i.e., five per cent per annum. \ It is worthy of note that the important office of secretary of the Society has i boon in the hands of father and ,&on S from tho inception of the Society. Much of tho success of the Scciety lias been duo to the first secretary, Mr. Wm. Rout, and his son, Mr G. M. Rout has proved.a worthy successor. ' : Of the names mentioned in connection with tho early history of tho Society, Mr John Sharp (the first chairman), Mr. T. H. Stringer (ono of the" first directors) and Mr. J. B. Sadd (until recently an auditor) are still resident in Nelson.

The present directors aro Messrs Louis Korr (chairman), H. Baijrent, W. Bethwnite, S. F. IJolton. P. Bond, C. Lcapo-r, J- C. Mercer, E. Savage, W. W. Snodgrass. W. Thompson and _E. E. Trask, and Mr; G. M. Simpson wi'.l take the plaoaof.Mr. Israel Johns who retired after over thirty years' service in that capacity. • ■