The Waikato Times. "OMNE SOLUM FORTI PATRIA." TUESDAY, DECEMBER 31, 1872.

Waikato Times, Volume II, Issue 104, 31 December 1872, Page 2

The Waikato Times. "OMNE SOLUM FORTI PATRIA." TUESDAY, DECEMBER 31, 1872.

"We called attention on a former occasion to the advisability of establishing a Laud and Building Society for the Waikato; our efforts aa jet have not borne fruit. So convinced are we, however, that great good would result from our suggestion being acted upon, that we again return to the subject. Tjae objects of such a society as we pro pose, are to enable the members by a small weekly subscription to secure the purchase of freehold land which they may individually desire to acquire, but which, unassisted by association, they may be unable to effect ; to enable parties to pay off any mortgage, debt, or incumbrance upon their freehold or leasehold property ; or to build on or otherwise improve any freehold or leasehold property of which they may be possessed, and thus, to encourage the exercise of foresight and economy. The principle upon which thsse societies are worked is: That each member shall make a small weekly payment, say of two shillings. The officers consist

of a Committee elected from the subscribers, assisted by a Secretary. Auditors, of course, are necessary adjuncts. All officers holding situations of trust have to find such security as may be considered desirable; and they are on no account to receive money except in the presence of two of the committee—special days and hours being fixed for all payments. All property to vest in Trustees. The mode of deciding to whom advances shall first be made is, in most societies, by ballot, special notice being given that the drawing will take place. The most secure mode of drawing is, the names of applicants for advances are placed in one box and an equal number of cards in another, one or more of which, according to the amount of money to be disposed of, is marked with the word prize, the successful drawer, of course, being entitled to the advance, provided he can offer sufficient security. Each member is entitled to receive eight per cent, per annum on each complete £2 10s paid by him to the society—the interest not to bo payable till the termination of the society, when the principal and accumulated interest are banded over to each member who has not previously received an advance, members paying ten per cent, on the amount advanced. All property on which advances are made must be insured. Members have the power to transfer their interest at any time by giving notice to the Secretary. We have only given a few of the necessary rules, but Lhey are sufficient to make the priuciple thoroughly understood, the rate of interest and the number of years that the society shall exist are, of course, matters ot detail that would have to be decided specially. Any further explanation that it is in our power to make with regard to the working of building societies we shall be most happy to give on application in writing. It can hardly be necessary for us to dilate on the abstract advantages that accrue from all societies that induce frugality in a people; they are mostly intended for those who are earning fixed sums by their labour, whether in the counting-house, the shop, or as labourers. The small sum paid weekly is not missed, and those who put it by form a nucleus to which to add any sum that they may not immediately require ; they thus attain to an independence of position to which otherwise they would never reach. We suggest that meetings be called in each of our settlements to ascertain how many would be willing to join a society. It will be necessary that the Committee and Trustees be resident in or in the neighbourhood of one of our townships, it matters not in which is situated the head-quarters ; reliable agents can be appointed, where necessary, to receive the payments of the members in time to forward to the Treasurer before the regular pay night. We trust when the holidays are over that no time will be lost in calling meetings, and we may point out that it is the duty of all, who from their position may be considered leading men, to take this matter up with energy, and by their influence induce others to evince an interest in improving their own position and that of their neighbours.