Page 1 Advertisements Column 7

Taranaki Herald, Volume XXIV, Issue 2414, 27 May 1876, Page 1

PROSPECTUS OP THE NEW PLYMOUTH INVESTMENT AND LOAN SOCIETY (Permanent). trustees: His Honor F. A. Corrington, Esq., M.H.R., W. M. Crompton, Esq., F. L. Webster, Esq. DIRECTORS : Captain Skeet, Chairman. Messrs. W. Bayly, M. D. King, J. B.Lawson, E. Veale, VV. D. Webster, H. Weston. SOLICITOR: B. C. Hughes, Esq. BANKERS : National Bank of Near Ztaland. SECRETARY AND TREASURER : Clarence Rennell. Office, Brougham-street. rTIHE members of tho Society are of two _L kinds, viz., Investing Members aud Borrowing Members. The subscription for a terminating share is Is. per week, and this amount, with the profits added, annually aocumulates till it reaches the sum of £25, when tho share is realised. The Society also receives money on deposit, for whioh the following rates of interest will be given :—: — 3 months ... 6 per oent. per annum 6 months ... 7 per oeot. per annum 12 motulis ... 8 per oent. per annum To Borrowing Members, monoy is lent on the following soale from 1 to 12 years, repay* able by weekly, monthly, quarterly, or yearly payments, which include principal aud in» terest— say, on £100. Period of Weekly. Monthly. Quarterly. Loan. £ s. d. £ s. d. £ s. d. 5 yenrs 0 10 6 220 6 16 6 7 years 083 113 0 573 10 years 066 160 44 0 12 years 0 5 9 13 0 3 14 9 Shares date from any subscription night, and the profits aro placed annually to the credit of investing shareholders to tin exleut not exceeding 10 per cent, per annum on ihe amount then standing to their credit iv the books of the Society, except subscriptions paid in advance Any surplns profits are to bo carried to au account, to be called tho " Reserve Fund," from whioh Bhall be defrayed all losses or expenses which the Society may sustain or incur, aud tho accumulation of such Reserve Fund shall be credited equitably and equally at the expiry of every five years from the commencement of the Society, betwemi tbo investing and borrowing members, by way of bonus. Borrowing Members can redeem their property from a mortgage to tho Society upon favourable terms, before the expiration of the full time for which it was given, in accordance with the rules. Arrangements have been mado by which the law costs will be rednced'tb a minimum. The following are some of the advantages which may be derived from johiing tho Sooiety : — ■ Ist. Provision for old age mny be secured by a person joining lliiß Socioty as an investor. 2nd. Houses can be purchased instead of being hired by un inconsiderable increase of annual outlay. 3rd. Leaseholders and others desirous of providing for the renewal of their leases cau do so by joining this sooiety as investors, and subscribing for such a number of shares as will meet the amount desitcd. This obviously would be to many au easy mode ol providing for what is now often felt to beadifficultaud anxious charge. 4th. Provision for placing boys as nppreui ices and urtiolud clerks to solicitors, engineers, &c, or for the completion of ©hildien's education, can be obtained in a similar way. sth. Benevolent institutions and religious societies can procure futds for the erection of churches, schools, par* Bor.ages, &c, and for the immediate paying oft'of debts, and (he amount borrowed can subsequently be repaid by charitable contributions periodically collected. In many cases the amount of repaymcut would be little in excess of the rent or the house purchased. Take, for example, a member being in possession of a section of land and wishing to borrow £300 o;i the 12 years' term to nssist him iv Iho building of a house worth thallium, for the equivalent, of whioh he had been previously paying 15s. a week rent, or £39 a year. He would have paid iv rent iv \i years £468, whereas by borrowing the money from this societj for twelve yenrs he would pay £41 17s. a year, or £538 la. or only 2s. 3d. per week more than he paid us ront, or £70 4.«. orer and above what ho would have paid l»is landlord had he remained a tenant for l'l years, whereas the liouso would become his own, rent free, at thu expiration of the term. Had he not become a member of the Society he would havo paid £408 as rent, and the properly would still belong to his landlord. Again, take for exnmplo a person borrowing £300 for twulvo years, as above stated, he would buvc repaid in that tiniu £538 4s. Hud ho borrowed ia the ordinal y wny nt 10 per cent per annum, the result would be— Honey borrowed £300 0 0 12 yenrs interest at 10 per ceut £360 0 0 £660 0 0 Or a saving in favour of the Socioty of £121 16 0 Results such its theso must bo interesting nnd uell worth tho consideration of the iniiubitiuits of New Plymouth and the surrounding district?. Applications for shares can be made to the Secretury, and attendance will be given e«ery Saturday at the Secretary's office, Brooking's Buildings, Brougham-sireet, Irom noon to I p.m. and 7 p.m. to 8 p.m. C. KEN'NELL, 341 lo Socretnry. PIANOS!! PIANOS!! PIANOS!!! tpfgSjS T)IANOS b\ known makers io lLgggM-^ r WALNUT CASES — TiilT_j!_sH_____Mr c '' orc ' < "Jliick aciiou, full com* 8«0 to C. UGNNEku, R. McGONAGLE, CONTRACTOR AND BUILDER Dkvon Stiibbt, NEW PLYMOUTH* 22<i to