Page 1 Advertisements Column 7

Taranaki Herald, Volume XXIV, Issue 2415, 31 May 1876, Page 1

PROSPECTUS OP THE NEW PLYMOUTH INVESTMENT AND LOAN SOCIETY (Permanent). trustees: His Honor F. A. Carrington, Esq., M.H.R., W. M. Crompton, Esq., F. L. Webster, Esq. DIRECTORS : Captain Skeet, Chairman. Messrs. W. Bnyly, M. D. King, J. B. Lawßon , E. Veale, W. D. Webster, H. Weston. SOLICITOR: B. C. Hughes, Esq. BANKERS : National Bank of New Zealand. SECRETARY AND TREASURER s Clarence Reonell. Office, Brougham-street. f 1 1HE members of the Society are of two X kinds, vie., Investing Members and Borrowing Members. The subscription for a terminating share is Is. per week, and this amount, with the profits added, atiuually aocnmnlatea till it reaches the sum of £25, when the share is realised. The Society also receives money on deposit, for which the following rates of interest trill be given :—: — 3 months ... 6 per cent, per annum 6 months ... 7 per oont. per annum 12 months ... 8 per oent. per annum To Borrowing Members, money is lent on the following scale from 1 to 12 years, repayable by weekly, monthly, quarterly, or yearly puyments, whioh include principal and interest—say, on £100. Period of Weekly. Monthly. Quarterly. Loan. £ s. d. £ s. d. £ s. d. sycnrs 0 10 6 220 6 16 6 7 yearß 083 113 0 573 10 years 06G IGO 446 12 years 0&9 130 3 14 9 Shares date from nny subscription night, and the profits are placed annually to the credit of investing shareholders to nn extent uot exceeding 10 per cent. per annum on the amount then standing to their credit in the books of the Society, except subscriptions paid in udvanco. Any surplus profits are to be carried to an account, to be called the " Reserve Fund," from which shall be defrayed nil losses or expenses which the Society may, sustain or incur, and the accumulation of such Reserve Fund shall be credited equitably and equally at the expiry of every fiia yenra from the commencement, of the Society, between the investing and borrowing members, by way of ' bonus. Borrowing Members can redeem their property from a mortgage to the Society upon, favourable terms, before the expiration of tho full time for whioh it was giveu, in accordance with the rales. Arrangements have been made by whioh the law costs will be reduced to a minimum. The following are some of the advantages which may be derived, from joining the Society : — Ist. Provision for old uge mny be secured by a person joining tins Society as an investor. 2nd. Houses can be purchased instead of being hired by an inconsiderable increase of nnnunl outliiy. 3rd. Leaseholders and others desirous of providing for the renewal of their leases can do so by joining Iliis society as investors, nnU subscribing for such a number of shares us will meet thu amount desired. This obviously would be lo many an easy mode ol providing fur what is now often felt to beadim'cultandauxioas chaige. 4th. Provision for placing boys as oppreuticcs and nrtivlcd clcrkß to solicitors, engineers, &c, or for iho completion of cliildteu's education, em 1 bo obtained in a similar way. sth. Benevolent institutions nnd religious Booiuiicß can procure foi.ds for the erection o( churches, schools, pareoi'.ngcß, &c, und for tho iuunL-diato paying off of debts, and thu amount borrowed can subsequently be repaid by oharitublo contributions periodically collected. In many cnees tho amount of repayment would bo little in rxcess of the rent 01 the house purchased. Take, for example, a member being in possession ol a eectiou of land and wish ing to borrow £300 011 the 12 years' term to nssisi liim in tho building of a house worth that sum, for the equivalent of which ho hml been j>it«»iou»)y puying los. a week rent, or £o9a j-enr. He would have pnid in rout in 12 years £408, whereas by borrowing liio money from this society for twelve years ho would pay £44 1?8. a year, or £538 Is. or only 2s. 3d. per week more than he paid as rent, or £70 4*. over and above wbnt ho would have paid his landlord had ho remained a tenant for 12 years, whereas the house would become his own, rent free, at the expiration of the term. Had he nt>t become a member of the Society he would have pnid £408 as runt, nnd the property would still belong to his landlord. Agnin, take for example a person borrowing £300 for twelve years, as nbore stated, he would have repaid iv that timu £538 4.*. Hud ho borrowed in the ordinary nay at 10 per cent per annum, the result would be — Money borrowed £300 0 0 12 years interest at 10 per cent £360 0 0 £6GO 0 0 Or a saving in favour of the Society of £121 16 0 licsiilts such ns these mOBt be interesting nnd well worth the consideration of tho inhabitants of New Plymouth and the surrounding districts. Applications for shares ran bo made to the Secretary, and attendance will be given every Saturday nt the Secretary's office, Brooking's Building*, Urougluun-sircet, Irom noou to I p.m. nud 7 p.m. 10 S p.m. C. REXNELL, 3U lo Secretary. PIANOS!! PIANOS!! PIANOS!!! Tr'" r^sis 13IANOS by knonn milkers in Jh~i|aiak 1 wA''* UT 9A9 A SES ~Ti i . lpffflnnoßß||flri-iioid, '.-lu-ck uciioii, full coin800 to C. RENNELn. R. McGONAGLE, CONTII ACT OR AND DUIL DE It Devon Stkert, NEW I'LYMOUrU.