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Building Societies
THE main object of a Building Society is to aid
a man to become proprietor of his own dwelling.
This can be accomplished by means of the society
in two different ways:- 1, by depositing with
the society periodical money savings until, with
the interest allowed, enough has been accumu-
lated to buy a house; 2, by borrowing from the
society a sufficient sum to purchase a house
and repaying the loan, with interest, by instal-
ments spread over a term of years. A person
desiring to become a depositor must qualify for
membership of the society by paying an entrance
fee of; say, 2s. 6d. He then takes up a share and,
by paying periodical instalments according to
the tables, he becomes entitled at the end of the
appointed time to receive £100.
The same applies proportionately to a half
share of £50 or to a quarter share of £25. For
example, as regards the whole share, a person
paying 13s. a month regularly to the society is
entitled, at the end of ten years, to be repaid a
lump sum of £100, and any bonus added thereto
which the profits of the society may afford. If the
term be fifteen years, then, to secure £100, he will
have to pay only 7s. 7d. every month, and if
twenty-one years, then a monthly payment of
4s. 7d. The terms vary in different societies,
but those quoted have been adopted by an exist-
ing institution of repute. If the term of ten
years is selected, the depositor will have saved
and paid to the society (with added interest) £78
in all; if the term of fifteen years is chosen he
will have paid £68 5s. in all; and if twenty-one
years be adopted, £57 15s. In either case, at the
end of the term he has selected, the depositor
will be paid back £100. Thus any one taking
a share for £100, and keeping up the instalments
for twenty-one years, will in the end have paid
only £57 15s. for it -- the difference being met
by the interest paid by borrowers from the
society. The following table shows particulars
of other terms and the monthly subscription
payable:-
-----------------------------------------------
Term Monthly Sub- Term Monthly Sub-
of scription for a of scription for a
Years. £100 share. Years. £100 share.
------------------------------------------
£ s. d. £ s. d.
3 2 12 10 13 0 9 1
4 1 18 8 14 0 8 4
5 1 10 2 15 0 7 7
6 1 4 6 16 0 6 11
7 1 0 6 17 0 6 4
8 0 17 6 18 0 5 10
9 0 15 2 19 0 5 4
10 0 13 0 20 0 5 0
11 0 11 8 21 0 4 7
12 0 10 6
-----------------------------------------------
After the first year a depositor may, if desirous,
withdraw, on giving one month's notice, the full
amount he has paid, with interest, to the date
when the subscription ceases. This prevents
the possibility of any loss arising to a depositor
in the event of his being unable to keep up his
instalments, or desiring from any cause to with-
draw from the society. It may, however, in case
of a loss of confidence, operate seriously against
the society, by the sudden withdrawal of de-
posits. The following table shows the amount
that could be claimed, in respect of the monthly
subscriptions paid, at the end of the several
years of membership.
SHOWING THE AMOUNT WITHDRAWABLE AT THE END OF EACH YEAR FOR THE
RESPECTIVE MONTHLY SUBSCRIPTIONS STATED IN THE ABOVE TABLE.
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At the £ s. d. £ s. d. £ s. d. £ s. d. £ s. d.
end of 2 12 10 1 18 8 1 10 2 1 4 6 1 0 6 17s. 6d. 15s. 2d. 13s. 11s. 8d. 10s. 6d.
Year of per per per per per per per per per per
Mem- month, month, month, month, month, month, month, month, month, month,
bership. 3 years. 4 years. 5 years. 6 years. 7 years. 8 years. 9 years. 10 years. 11 years. 12 years.
------------------------------------------------------------------------------------------------------------
£ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d.
1st 31 14 0 23 4 0 18 2 0 14 14 0 12 6 0 10 10 0 9 2 0 7 16 0 7 0 0 6 6 0
2nd 64 19 0 47 11 0 37 2 0 30 2 8 25 4 2 21 10 6 18 13 1 15 19 9 14 7 0 12 18 3
3rd 100 0 0 73 2 0 57 1 2 46 6 10 38 15 6 33 2 0 28 13 9 24 11 9 22 1 4 19 17 2
4th -- 100 0 0 78 0 2 63 7 2 53 0 2 45 5 1 39 4 5 33 12 4 30 3 5 27 3 0
5th -- -- 100 0 0 81 4 6 67 19 2 58 0 4 50 5 8 43 1 11 38 13 7 34 16 2
6th -- -- -- 100 0 0 83 13 2 71 8 4 61 17 11 53 1 1 47 12 3 42 17 0
7th -- -- -- -- 100 0 0 85 9 9 74 1 10 63 10 1 56 19 10 51 5 10
8th -- -- -- -- -- 100 0 0 86 17 11 74 9 7 66 16 10 60 3 1
9th -- -- -- -- -- -- 100 0 0 86 0 1 77 3 8 69 9 3
10th -- -- -- -- -- -- -- 100 0 0 88 0 10 79 4 9
11th -- -- -- -- -- -- -- -- 100 0 0 89 9 11
12th -- -- -- -- -- -- -- -- -- 100 0 0
13th -- -- -- -- -- -- -- -- -- --
14th -- -- -- -- -- -- -- -- -- --
15th -- -- -- -- -- -- -- -- -- --
16th -- -- -- -- -- -- -- -- -- --
17th -- -- -- -- -- -- -- -- -- --
18th -- -- -- -- -- -- -- -- -- --
19th -- -- -- -- -- -- -- -- -- --
20th -- -- -- -- -- -- -- -- -- --
21st -- -- -- -- -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
At the
end of 9s. 1d. 8s. 4d. 7s. 7d. 6s. 11d. 6s. 4d. 5s. 10d. 5s. 4d. 5s. 4s. 7d.
Year of per per per per per per per per per
Mem- month, month, month, month, month, month, month, month, month,
bership. 13 years. 14 years. 15 years. 16 years. 17 years. 18 years. 19 years. 20 years. 21 years.
--------------------------------------------------------------------------------------------------
£ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d.
1st 5 9 0 5 0 0 4 11 0 4 3 0 3 16 0 3 10 0 3 4 0 3 0 0 2 15 0
2nd 11 3 5 10 5 0 9 6 5 8 10 2 7 15 10 7 3 5 6 11 3 6 3 0 5 12 9
3rd 17 3 8 15 15 2 14 6 8 13 1 5 11 19 7 11 0 5 10 1 9 9 9 1 8 13 5
4th 23 9 9 21 11 0 19 11 10 17 17 5 16 7 7 15 1 5 13 15 10 12 18 7 11 17 1
5th 30 2 3 27 12 6 25 2 3 22 18 3 20 19 11 19 6 5 17 13 8 16 11 6 15 3 11
6th 37 1 5 34 0 3 30 18 3 28 4 0 25 16 11 23 15 8 21 15 4 20 8 1 18 14 1
7th 45 4 2 40 14 2 37 0 0 33 15 3 30 18 9 28 9 3 26 1 1 24 8 6 22 7 10
8th 53 18 9 49 8 3 44 18 0 40 19 10 36 5 8 33 7 8 30 11 1 28 12 11 26 5 2
9th 62 2 4 56 17 8 51 13 10 47 3 8 43 3 5 39 14 10 35 5 8 34 2 7 30 6 5
10th 70 13 5 64 14 6 58 16 5 53 13 8 49 2 7 45 4 5 41 7 5 38 16 8 34 11 9
11th 79 13 1 72 19 4 66 6 3 60 10 3 55 7 9 50 19 8 46 12 10 43 15 7 40 1 5
12th 89 1 9 81 12 4 74 3 5 67 13 8 61 19 1 57 0 5 52 3 5 48 19 5 44 16 5
13th 100 0 0 90 16 8 82 8 5 75 4 2 68 17 0 63 7 5 57 19 7 54 10 0 49 16 3
14th -- 100 0 0 91 1 9 83 2 5 76 1 10 70 0 8 64 1 6 60 0 0 55 1 1
15th -- -- 100 0 0 91 8 5 83 13 11 77 0 70 9 7 65 18 8 60 11 1
16th -- -- -- 100 0 0 91 8 5 84 7 8 77 4 0 72 3 5 66 6 8
17th -- -- -- -- 100 0 0 92 1 10 84 5 3 78 14 5 72 8 0
18th -- -- -- -- -- 100 0 0 91 13 6 85 11 11 78 15 5
19th -- -- -- -- -- -- 100 0 0 92 16 4 85 9 2
20th -- -- -- -- -- -- -- 100 0 0 92 9 8
21st -- -- -- -- -- -- -- -- 100 0 0
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For example, the depositor of 13s. a month
for a ten years' term, if he desired to withdraw
his savings at the end of six years, would be
entitled to £53 1s. 1d.; the depositor of 7s. 7d. a
month for fifteen years could claim, at the end of
the ninth year, £51 13s. 10d.; and the depositor
of 4s. 7d. a month for twenty-one years could
get back £44 16s. 5d. at the expiration of the
twelfth year. In each case the earnings of the
depositor would have been increased by the
interest added.
Viewed 334
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