The Sun.
London, England, 1852-06-03 00:00:00

PERPETUAL INVESTMENT, LAND, AND
BUILDING SOCIETY.
The first annual general meeting of the share-
holders of this flourishing society was held last night
at R New Bridge-street ; Mr. John
Goveard,leola Southwark, chairman of the board of di-
rectors, in the chair. The meeting was numerously
and respectably attended, and the proceedings of the
evening appeared to afford great satisfaction to the
shareholders.
The advertisement convening the meeting having
been read,
The CHAIRMAN proceeded to make a few prelimi-
nary remarks. Building societies, he ,said, had in-
troduced a new and improved mode of investing
capital for the middle and humbler classes of the
community. In former times the mode of preparing
money for investment prevailing amongst those classes
was simply that of collecting it together and boarding
it up until it reached a sufficient amount to be laid
out either in mortgage security, the purchese of land
or houses, or in the public funds, and in the mean-
while the money. so collecting remained idle and un-
produoive.—(liear, hear.) But, even when it was
collected, there were great obstacles in the way of its
investment, such as the charges of auctioneers, agents,
or attorneys; while if a party borrowed money upon
the security of any little house property be might
happen to possess, the probability was ttlat in the
event of a foreclosure, which often resulted in former
days from the absence of a few pounds to
make up the mortgage money, the poor
mortgagee had his estate sold in
tde-
fiance of hinDelf and the proceeds swallowed up by
the charges and expenses incident to discharging
the
mortgage.—(Hear, hear). Now the Perpetual In-
vestment, Land, and Building Society would obviate
all that. It had been formed as the result of a long
experience, the promoters and directors having been
for many years connected with similar institutions,
and they had taken
,care that it should be free from
those manifold difficulties and objections which had
characterised the earlier societies of this nature.—
(Hear, hear.) The principal objection to the old
societies was not only the complicity
of their rules
and regulations, but their manifest uncertainty in re-
lation to the ultimate end to be obtained, or the mode
and manner of getting out of thera.--(Hear, hear.)
The shareholder, in fact, never knew exactly how he
Amid, or where or when his liabilities would send ; but
in this institution there was no such uncertainty, for
everything was defined, and the interest of 'both the
in vester and the borrower was amply secured.—
(Hear, hear.) If a man wanted to invest his, money
with safety he could do so here from 5/. upwa7rds, and
he would always know what he was about and how
he stood, while, on the other hand, if a member
wanted to borrow, say 5001., he would obta tin the
loan upon terms that no one could possibly
Too much
meoinsuldndernsntatnd.b—e (Hear,
saidin hear.)favnur
of such an
institution as this. People frequently spoke of the good
old times, but in those good old times the natechanie
and the small shopkeeper enjoyed no society of this
kind, and he was therefore not sorry to find that the
public were keenly alive to the advantages which this
and similar societies conferred upon them.__(Hear,
hear.) As a proof of this, he need only mention that
within the last twelve months this society had received
in its deposit department numerous sums varying
from Si. to 7001. for investment at 4 per cent. in-
terest; and he was satisfied that the indu.s triously
disposed part of the community could accumulate
fwoerailtthinantbdepgroopiderdtyistartiethsontnieoawlifitnhronuiat goingnr Australia. to seek
—(Hear, hear.) A man with a clear head, a et„dy
determination, and temperate habits, found no diffi-
culty in making his way in this country ; and it was
gratifying to know that the wealthier classes—as
indeed did the public generally—appreciated the value
of all institutions that, like this, were established" to
advance the interests of such men.—(Hear, bear.)
It now only remained for him to call upon the secre-
tary to read the report.
The report ,was as follows :
The nirectors have much pleasure in reporting the
business done during the first twelve months.
" The total issue of shares since the formation of the
society to April 30, 1852,
was 1,176.
" In the deposit department numerous sums have been
received, varying from 5/. to 7001., upon which 4 per
cent. per annum interest has been paid, proving, that
while by the employment of the money, this feature of
the scciety's businees forms a source of considerable
profit to the unadvanced shareholders, it also offers to
the depositor a covenient and satisfactory mode of in-
vestment.
" The advances made to members upon the security
of property mortgaged to the society amount to
11,1361. 10s.
" 220 agents have been appointed in different parts of
the kingdom, who, it is hoped, will bring a large increase
of business to the society.
" The directors earnestly invite the co-operation of
the members in making known the advantages of the
Society, and increasing the number of shareholders.
" In conclusion the directors refer with satisfaction to
the stability of the institution, the correctness of the
principles upon which it is founded, and the success that
has attended its operations.
The accounts were also read.
Mr. J. 'WILLS, churchwarden of St. Mary's, New-
ingtou, moved the adoption of the report, which he
considered highly satisfactory, The management had
adnowfeiathrs whatever for its ultimate
mbeen
re-
membered economical
bthis
institutionan e n energetic, ect 043.
the advantages of a build-
ing the princi-
success.—(Hear, hear.) It presented a most favour-
able medium for making provision for children, and
known to the public
pi
nlega Society, a
savings-bank
Ii e
and supported.—
ibhHeee
more
e it teswhnand idv principles
rbye
had
r be encouragedeacta.
the report .which they had Just heard read, together
with the accounts, be received and adopted.--(flear.)
Mr. W. H. MILLAR seconded the motion, and de-
clared his belief that the founder of the institution had
conferred a national benefit upon the country.
The motion was then put and carried unanimously,
after which the retiring directors were re-elected for
the ensuing year.
Thanks were then voted to the Chairman, and the
meeting, which was exceedingly.
unanimous through-
out, terminated. pmleeasureal
mwohlinghethit"

RAILWAY TRAFFIC RETURNS.
k lSlay
LONDON AND NOATD-WESTERN lAr
Passengers, parcels, mails, &c,e.
30
:..rAvAr. —Return of
Cattle
erfocrhatnhdeisweee ending
.
Trafficm

••• £30,372 17 2
••• 17,799 5 10
970 18 8

•••
Total
Corresponding week last year Z 49,143 1 8
••• 5
LONDON AND SOUTH-WFSTERR 53,03 6 6
Traffic for the week ending May 30 :...."AlLwA.Y.—Amonnt of
Passengers
Goods ...

••• 4E10,279 15 5
*** 2,599 15 11i

Rli
Ma2y38231,9181512;
CorrespTontd3iing week laWyear::::(:ll2le,Bs7in9-
w-110rk4,-.:23i)
12,876 12 7
Tu le
tEu
passengers,
shntoot:
fier:snlegsrNea Tffic f
or tR N.
h.
.01
sl
rVrel
Merchandise and minerals
...1:874695 1717 43
rdso,
gsp,a
arncde mails

aY
30
Y •
...''
(26a0vamilaibiel8
Total .. ..,
...
Correspyoans(sliennggewrse,ekpa,
parcels,
(2365,c. miles)..:-...c7,17 i
2 6
last
.yearoi.t.4 4,147
--------...._
LANCASITME AND YORKSHIRE RAILN_Ay , 0 .
Merchandise,Tota lCa.t.t.le, &c....
...103:76:
85
06
open.)—Traffic
week in last Year 060 - 12
for week ending ,
417.168 4
miles open) .. ... •" •••415,403 18 1
Increase ••• ... . ------____, _
NoRTH STAFFORDSHIRE RAILWAY. .•
mi11:7604 14 3
Return of traffic for the week ending May 233: pen,ll2.)
Note.—Tho above is exclusive 0 0
11
Correspondingai iwaY arldcawneaelk
under the agreement with the and North-Weste e
Railway Company. extern
CHESTER AND HOLYHEAD RAILWAY..Trsiic
week ending May 30:— 4,1- for the
MAIN LINE. _
."11:0.1.14::::::ipt:

:11,8-54 14 6

... £1,515 1
...
96 2 10
545 7
••• ::: 575 0 0
...
...
x 2 ,-----737,-----, "
up Ln•

Passengers ...
Parcels, 11. C. and D. ... •••
Goods, cattle, &c.
Mails

Total

••• 459 4 1
••• 1 16 „
••• 67 `l,
Total ... ••• Xl2B 3
- STEAM-BOATS.

Passengers -
Parcels, 11. C. and D. ••• •••
Goods, cattle, &c.