The Express.
London, England, 1850-05-04 00:00:00

MANUFACTURING DISTRICTS.

MANCIIIIBTER. MAY 3.
A deal of tmoitament his existed in &certain rather
enemies cirele le this nasty during seem weeks past
--a slam interested la a society called " The First Free-
holders' Balding Society"—owing to some disoloeum
ealealated to affect the character end discretion of the mea-
trt in the investment of the toads of the association.
or ars • great number of building moieties in this neigh-
lenrkeed. and Lancashire has been for many years celebrated
for them, immense amounts of money being entrusted to
their investment ; and they have unquestionably had a great
influence upon the program of the manufacturing towel.
having materred benefits upon the working similes, by rte..
log a greet impetus to bathing for their good and comfort-
able dwellings, whilst the members themselves have often
been enriched, and platted in a comfortable position of
life through their instrumentality. The Freeholders'
Building Buiety was instrumental at its origin In
qualifying • great number of 40,, freeholders for the
mount, but its funds have latterly been moregenerally is-
vested by lending mousy on mortgage. It is an association
on a larger scale than any which haa yet been estahlished,
with head office in Manchester, and branches through a
I great pan of the county. The system of investing money
on mortgage to members is what has led to the present
division among its members, and the affairs of the society
being properly of • private nature it may seem at first tight
ea improper course to publish the particulars, but that in
cases of this kind the exaggerated statements which get
into circulation through pnvate channels often do injury af-
fecting the interests of great numben of persona, which correct
reports through the press only can prevent. The dispute
seems to have originated in • difference of opinioa between
the managing committee sad their chtirmaa (Mr. Win.
Morris), the latter having resisted a proposed mortgage tea
spirit dealer, and dragged it before the members of the so-
ciety at one of their monthly musings. This glee great
offence to part of the committee, sad especially to the Lodi.
vienal concerned. Statements were made on either side
which led to a great deal of alarm es to the position of the
Pproperly of the society—some statements affirming that
osses to the amount of 10,0001. to 15,0001. would be the
consequence. A new inspection of the premises in question
was Insisted on, and of other properties mortgaged to the
club. The spirit merehant thin insisted on certain property
belonging to the chairman, oa which advaaes had been
made, being inspected and reported on.
A report wee prepared not only by • committee appointed
by the meeting tor the special purpose, but another by the
trustees of the society also, and trine reports were presented
to a most excited meeting held at the Corn Exchange on
Wednesday night. From these reports it would appear that
many members think that aa)nies advanced are somewhat
is excess, and the disclosure has originated considerable
party feeling. Many persons evidently were not prepared
to expect that the chairman was in the position manifested,
as he had assailed the award of another individual before •
lull meeting of society. The meeting of last Wednesday
was an exciting ohs—one party being disposed to adopt
and print the report of the committee of investigation.
Another equally eutermined to have both reports printed
and circulated among 'rumbas. It may be ressiked, that
the report of the trustees was only on the two properties
which originatei the unpleasant feeling, as no other report
had come under their nu ice, the inspecting committee
not having finished their labours till last mee;ing.
The meeting lasted eon, four and-a half hours, and was
sustained, by addresses from various gentlemen, in which, as
is usual where feeling is excited, much was said too personal
and too irritating. The meeting ordered both reports to be
printed for CirClliali in among the members, both the full one
from the magic it. committee, and the one from the
trustee., which only bears upon the properties of the chair
man and the spirit-dealer. The meeting stands adjourned
for a month. It is hoped and believed that ultimately the
breaches will be so healed as to secure the wonted prosperity
of this the largest society of the kind ever formed.

The report read from the committee of inveatigatior
appointed in February last stated that the committee was
appointed to inquire into • loss which the society bad sus-
tuned from mortgaged property which had Mien Into their
bands (a lota which it was said 2,0001. would cover); to
Irquire, also, whether the society could not be better
managed, and into other matters. The committee had
ascertained the risk on 22 properties mortgaged to the society,
five of which had been forfeited. The names of the owners
are suppressed. The report goes on to enumerate six cases
of prop rty inspected. In the first case 149 shares had been
advanced by the managing committee, but the risk w.dt
found to be to excess of the security to the e :tent of 2.0001.
Increase.' security had, however, in this case been offered,
and the full monthly payment t.f 101 instead of 29. 61 re-
sumed. In the atcoed cam (110 shares) there eras a Inge
margin of security, and the 10s. monthly payment had been
resumed. In the third case (250 shares, payment 2s. 6d.
' per stare per month) there was an actual ex
cells of risk of 2101 ; or, reckoned on the usual
advances of building societies, namely, three-foutths
of the value of the property, 1,8431. Increased security
applied for, but not obtained. In the fourth case, on •
property of 18U shares (paym nt 2s. 6d ), the excess of risk
as shown to be 1 3441.; or according to the above rule,
2,1691. Increased security cannot be obtained. In the Milt
case (70 shares payment 2s 6d.), excess of fist 1111. lig. ;
or 5111 151. In the sixth case (payment 25.6.1.) 145 shares,
excess cf risk 13161.; or, on the previous rule, 1,721/. Ir.-
' creased security could not be obtained. On 11 other pro-
perties examined, the mortgages were considered semi
factory. Then came the five forfeited properties, on which
they estimate the has to be-1,7641 6s. 8.1., 1.366/. 15s. Bd.,
7631. Si. 51,265/. 3s. 11, and 95n1 191. 9d. Thus, on five
propertito there was an excess of risk, or liability to 100, of
4,5191. 15s. ; and on five properties forfeited, an actual loss
of not less than I 5201. The committee express an opiei.n
that this loss would have been avoided hal the properties
been disposed of immediately on their coming into the han2s
of the managing committee: they recommend their imme-
diate tale. Trey feel found to declare that the manag.ng
committee have not exercised that amount of cau-
tion with whirl prudent men, entrusted with public
duties, ought to have been guided. The committee
shin call attention to the report of the managing committer,
in which the amount owing by and expended on the pro-
perties named is 1,700/ below the amount of claim. The,
committee recommend that the duties of sect. tart' and tree
surer be combined ; that the security be 4,000/. ; the salary
9d. per share per annum ; and that three members of the
managing committee act as a finance committee to report
monthly. Tree committee further urge that, as little of the
money received during the past year has been sold, the bonus
be reduced ; while the monthly pat went' is proposed to in
crease in cases where the risk is in excess of the security.
Parties continuing the reduced o. yments are recommended
to pay 2s. 31. prr share per annum for difference of interest.
It was stated by Mr. Nelson that the lassie on the various
properties would not be 8,6971., as reported by the com-
mittee, but 10,3061.

W. Brown, Esq , M.P. for the southern division of this
county, and J. Bright, Esq , and the Right lion. T. Milner
Gibson, the two members for this city, hive promised to
attend the meeting to be held in the Town-11311 next Wed-
nesday in promotion of the theist Exhibition of the Industry
of ail nations.