PROGRESSIVE TIMARU.

Timaru Herald, Volume XCVIII, Issue 18084, 28 June 1924, Page 8

PROGRESSIVE TIMARU.

PERMANENT BUILDING .AND INVESTMENT SOCIETY FORMED. A well-attended, and as it eventuated, an enthusiastic meeting was held last night, lur the purpose ot considering the ionnauon ot a Permanent Building and investment Society . for Diuaru. The meeting was convened by Mr F. Vashbouru, and among those present were Messrs u. J. Wallace, C. E. Shallcrass, D. Byers, C. Lund, K. Alston, H. Hall, J. ti. lnglis, S. G. McClelland, M. J. Doyle, C. \Y. AYood, AV. E. Mills, C. G. Curtis, A. Malcolm, and L. M. lnglis. Apologies were received from Messrs R. Sinllito, R. Orwin, G. S. Cray and ■W. Mcßndo. Mr Washbourn was voted to the chair, and said that he thought the time had arrived when a permanent building and investment society should be formed in Timaru. These societies were established ail over New Zealand, and everywhere were making for progress and contentment, for nothing settled a man more than being liis own landlord. Flourishing societies we-re established, to mention only a lew, iu Nelson, Invercargill, Ashburton, Bestport, and nearer home, in Temuka. One of these societies advanced sufti-cie-nt money yearly to provide for over uvo hundred homes. He had recently been to Nelson, and had got in touch with the secretary of the Nelson Permanent Building Society. This Society had been going about sixty years, had advanced hundreds of thousands ot pounds to the whole countryside, and m fact might be said to have built the homes of tne town, and this had been done without the loss of sixpence. This Society's shares were valued at £2O. A person took a share in the society, and paici it up at the rate of 3s pel month. At the expiry of nine years, he would have paid in £l6 4s, and ho would draw out some £2O 7s. Then, if lie wished to borrow from the society, he would have to take up shares equal to the amount borrowed, and repay same at the rate of 5s per month lor every £2O, 3s of which amount would reduce the principal, and 2s tho interest, but then the principal would be further reduced, at the expiry of the, nine years by the £4 3s profit on each' share. This would mean that once the society got going, without ballot, or any appeal to chance, a shareholder could get an advance to build a house up to 75 per cent, of its value, and the money would cost in interest only between 4 per cent, and 4i per cent. Such a society encouraged thrift, was a co-operative institution in the best sense of the word, and placed homes oi their own within, it might be said, the reach of all. (Applause.) The society, once they commenced advancing, would be in a position to accept money on deposit, at call, or for fixed periods, at reasonable rates of interest, and in this connection it was worthy of note that the Government gazetted the Nelson Societv as a body with which trust funds 'could be invested, surely a high compliment to the financial stability ot such- institutions. Mr Shallcrass said lie liad been a member of the Nelson Society since boyhood, iu fact his father was one ot its" foundation members. He could vouch that it provided an easy means of saving money, and getting good interest, and it also helped the home builder to obtain a suitable building grant when required oil easy terms ot repayment. He whole-heartedly supported the formation of such a society m Timaru, though he could not take an active part in its working. (ApijlauseA Wallace entirely favoured the movement, and predicted _ great things for it. It was a forward step, would help greatly the small man, andhe wished the nmv society every prosperity. Mr AYaftace then retired, to keep another engagement. M r C. G. Curtis said he had for vears been a shareholder and director in the Westport Society. Its affaira had worked smoothly, and it had done incalculable good to the town. He strongly advised the establishment or a similar society in Timaru. Air M. J. Doyle complimented the chairman on calling the meeting. It was a riep in the light direction. He h id been a shareholder for many jeais in the Timaru Terminating Society, but he considered there was ample room and scope for a society such as the chairman had outlined He wholeheartedlv supported the movement as another 'forward step in the progress ot the town and district He then nwc k ■Mid Air C. AY. A\ ood seconded—- that a permanent building society be formCt \\fter further and full discussion, the following decisions were arrived at . That the name of the society be lha Timaru Permanent Building and investment Society. , r . 9n ' That the value of each share be £2U. That the number of directors be lime, five to form a quorum. That a member to bo eligible foi the dii ectorate, must be a holder ot hie

Thai three directors retire annuaUy, thort r*°” t'eMdedhv l^ 1 li-ei the Society be + i <>*' V v' Zoalana. "Hilt Mo-ms highs and lnglis be ap•„r.d '-o’ieiiors to the Society. p °r'r I, ,,‘ t i,e appointment, duties, and ronmnerMion of a secretary be left to ‘''Tlmi' 1 auditors be appointed at a (rpner.-i 1 meeting to conform the mlos brought down by the directors such meeting to lie called within o 0 da}-. The 'election of directors resulted ns follows c—Alessrs F J. Vashbomm, H. AV. Hall. C. Lund. M- J- £ s' Wood AY E. ALU*. C. G. Curtis, "s. C ARC Bland and R. Alston. A arge number of shares were taken no in the room, and the meeting closed Xavote of thanks to the chair.