REPORT OF THE BUILDING AND

D—No. 45.

12

30.— What is the average amount of money borrowed by the Society? No. 8. £2,000; 9. £1,800 on debentures; 13. Has borrowed about £1,000; 16. £300; 18. £4,263 ; 19. £600 from Bankers, £900 on debentures; 20. £1,000 from Bankers, £4,000 on debentures ; 21. £1,000 from Bankers ; 22. £500 from Bankers ; 26. £1,250. Nos. 1, la, Ib, 2, 3-7, 10-12, 14, 15, 17, 23-25, and 27-29 answer " Nil." 31. — Is there any suggestion you would tvish to make as to the working of the present laws on the suty'ect of Building and land Societies ? Suggestions for alterations in the Law, made by various Societies in answer to question:— Such change in the laws affecting Eeal Estate as would make its transfer easy, rapid, and cheap. Societies should be empowered to receive money on deposit. All Societies should be brought under the supervision of Government through an Inspector. Clauses 6 and 37 of Act of 1866 should be made compulsory, and a form of mortgage given in a Schedule to the Act. Authority given to send deeds for registration by post. Government should guarantee proposals of Society, and receive 1 per cent, on gross profits, —also fixing subscriptions, and verifying tables by its own Actuary. A Eevising Officer should reside in each Province, to whom all minutes of Directors should be submitted. Directors should appoint an Inspector of Society's books. Trustees should be empowered to buy, hold, and sell land. Provisions of 49th section of " Joint Stock Companies Act, 1860," should be applied to Building Societies. Stamps should not be required for transfers of shares. Solicitor's charges should bo fixed. Secretary's salary fixed at a minimum of a percentage on receipts. Section 3 of Act of 1866 is arbitrary and uncalled for. Eevising Officers ought to submit rules to a competent Accountant. The restrictions in section 3 of Act of 1866, on value of shares and amount of subscriptions " are absurd, and defy the first principles of political economy." Professional Auditors, licensed by the Eevising Officer, ought to be resorted to. Limit to borrowing powers, in section 39, is a mistake. The bonus system should be abolished, and a limit to the rate of interest fixed. Societies should publish annual statements, with liabilities and assets valued by an Actuary (form of proposed Eeturn given.) Minors and females should be empowered to hold shares, and to give discharges for payments in respect thereof. Power to lend, under 6th section of Act of 1866, should be extended. Desirable that the auction system should be abolished.

APPENDIX B. SUMMAEY OF PAETICULAES OF SOCIETIES IN NEW ZEALAND.

No. of Societies. No. of Shares. No. of Persons interested. Monthly Subscription. Period. Expected Result. Character of Society. Interest charged on Realized Shares. 1 lA IE 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 773 1,456 926 342 386 3,722 3,993 913 193 2,829 244 219 2,538 582 161 383 113 396 1,338 1,120 571 2,079 4944 172 90 168 118 60 70 819 665 70 29 271 36 40 239 191 61 129 46 56 96 s. d. 8 8 8 8 8 8 8 8 8 8 5 0 5 0 3 O 4 0 3 0 3 0 2 6 5 0 10 6 10 6 10 6 10 6 5 6 2 0 10 0 5 0 4 0 10 0 10 0 8 8 4 0 4 years 4 years 4 years 4 years 4 years 10 years or less 10 years or less When realized Ditto Ditto 11 years 9 years 9 years When realized About 7| years Ditto When realized 8 years When realized 10 years or less When realized Ditto Ditto 6J- years When realized Ditto, about 7J years Ditto Ditto Ditto Ditto Ditto £ s. d. 20 16 0 20 16 0 20 16 0 20 16 0 20 16 0 50 0 0 50 0 0 20 0 0 25 0 0 20 0 0 20 0 0 25 0 0 50 0 0 100 0 0 100 0 0 100 0 0 100 0 0 50 0 0 25 0 0 120 0 0 60 0 0 25 0 0 120 0 0 50 0 0 25 0 0 30 0 0 Terminable Ditto Ditto Ditto Ditto Ditto Ditto Ditto Permanent Ditto Terminable Ditto Ditto Ditto Ditto Ditto Ditto Ditto Permanent Terminable Ditto Permanent Terminable Permanent Ditto Terminable 8 per cent. Ditto Ditto 10 per cent. 10s., month Ditto 10J per cent. 10 per cent. lOy^j percent. 10| per cent. IOJjj percent. 10s., month 5s., month 6s., month Ditto Ditto 5s., month 10 per cent 10s., month Ditto Varying 20s., month Varying 11 per cent. 2s. 6d.,month Borrower receives £60 only. and 5 per cent. 66 224 148 50 444 48 25 26 27 28 29 1,055 492 750 1,037 500 138 165 239 128 3 0 5 0 5 0 4 0 4 0 25 0 0 60 0 0 60 0 0 25 0 0 25 0 0 Ditto Ditto Ditto Ditto Ditto 3s.4d.,month 10s., month Ditto 5 per cent. Ditto