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

BUILDING SOCIETY.
PERPETUAL INVESTMENT, LAND, AND
The first annual general meeting of the share-
holders of this flourishing society was held last night
at Radley's Hotel, New Bridge.street ; Mr. John
Gover, of South wark, 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, bad 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 is together and hoarding
it up until it reached a sufficient amount to be laid
out either in mortgage security, the purchase of land
or houses, or in the public funds, and in the mean-
while the money so collecting remained idle and un-
productive.—(Hear, 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 he might
happen to possess, the probability was that 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 de-
fiance of himself. 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 them.—(Hear, hear.)
The shareholder, in fact, never knew exactly how he
stood, or where or when his liabilities would end ; but
in this institution there was no such uncertainty, for
everything was defined, and the interest of both the
invester and the borrower was
amply secured.—
(Hear, hear.) If a man wanted to invest his money
with safety he could do so here from 51. upwards, and
he would always know what he was about and how
he stood, while, on the other hand if
obtain the
if a member
wanted to borrow, say 5001., he would
loan upon terms that no one could possibly
misunderstand. --(Hear, hear.)
Too much
could not be said in favour of such an
institution as this. People frequently spoke of the good
old times, but in those good old times the mechanic
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 51. to 7001. for investment at 4 per cent. in-
terest; and he was satisfied that the industriously
disposed part of the community could accumulate
wealth and property at home, without going to seek
for it in the gold districts of California or Australia.
—(Hear, hear.) A man with a clear head, a steady
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, hear.)
Itnotwo
readonly remained
report.
The him to call upon the secre-
tary The report was as follows :
.‘ The directors have much pleasure in reporting the
business done during the fast 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 51. 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 society's business 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. 104
220 agents have been appointed in different parts of
the kingdom,
of business to the society.
who, it is hoped, will bring a large increase
" 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-
ington, moved the adoption of
the report, which he
considered highly satisfactory. The management had
been both economical and energetic, and when he re-
membered that this institution combined the princi-
ples of a savings-bank with the advantages of a build-
ing society, he had no fears whatever for its ultimate
principles for making
success.—(Hear, hear.) it
presented a most favour-
ableprovision for children, and
became known to the public
the more it would be encouraged and supported.—
(Hear.) He had very great pleasure in moving that
the report which they had just heard read, together
with the accounts, be received and ado ted.
the mmoerdeiaimts
D
Mr W. MILLAR seconded 's • and the motion,
de-
clared his belief that the founder
of the institution had
conferred a national benefit upon the country.
The motion was then net.
r 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.

RAILWAY TRAFFIC RETURNS.
LONDON AND NOATII-VirlisTEßN
RAILWAY. —Return of
Traffic for the week ending Ray 30
Passengers, parcels, mails, &c. £30,372 17 2
Merchandise ...
17,799 5 10
Cattle
970 18 8

Total
Corresponding week last year £49,143 1 8
LONDON AND SOUTE!..WEsiltnx 53,035 6 6
Traffic for the week ending May 30 R ILWAY.—Amount of
Passengers
A

Goods ...--
...

0.. _
•••

••• £10,279 15 5
2,599 15
Total
Corresponding week last Ye £12,879 11 4iar... 12,876 12 7
THE GREAT NORTHERN RAILW •
Return of Traffic for the W s"1-(Miles in work, 2231)
eek ending May 23, 1852 :
ges,
Passengers, parcels, carria
horses, dogs, and mails •
£5,865 17 4
Merchandise and minerals
• 5,749 17 8
Cattle -• •ft 238 19 11

Total----
...
Corresponding week, 1851 (236 inn ••• £11,854 14 6
Passengers, parcels, &e. es)
•
Merchandise, Cattle, &c. ••• £7,171 2 6
••• 3,610 5 6

Total ... ... .
—...._—.
..X10,781 8 0
week ending lA,
AND Y.ORICSynta
11AILw /260 miles
AY.^ k
open.)—Traffic
Corresponding •
week year (260
30 £17,168 12 4
LA)w_cAls
miles open) .. ... ...
•••15,408 18 1
Increase ... .
...
NORTH STAFFORDSHIRE IAILW.AT. 1,764 14 3
Return of traffic for the week endm
Railway and canal _ ...,
.... 2
Corresponding week I EY3t year ... ,910 0 0
Note.—The above is exclusive of the 4,947 0 0
under the agreement with the London receipts available
Railway Company.
and North-Western
g hi--i1_i137....0pen,112.)
C TEE AND HOLYHEAD HAILWAY,.....TraffIo for the
' week ending May 80.—
MAIN
tam

Passengers ••• •••
Parcels, H. C. and D. ...
Goods, cattle, &C.

... £1,515 16 9
10
... 545 7 I
... 575 o 0
... .£2,732 6 8

Mails ••• ••• •••

Total ..

...
MOLD•

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

... 459 4 1
I 16 9
••• 67 0 5
~`Total ... ... ••• Xl2B I 3
antlat-BOATS.

Passengers ••• ••• 4421 8 5
Parcels, 13. C. and D. 25 3
6
Total ••• £446 17 11
SCOTTISH CENTRAL ItamwAY.—Tre ifEc for the Week
ending May 30, 1852:—
Passengers (11,608),parcels,horse,
and carriages ••• •••• £4115 14 6
Goods, cattle, !sc. ••• ••• 962 3 7
Total 2,077 18 1
Corresponding week in last year... 1,830 14 0
Perth, June 2, 1852.

SITE OF THE METROPOLITAN NEW ,
lATTLE-
purpose `or which it has been
MARKET.—We are enabled to state tll at the corporation of
the city of London agreed unan,imo day', a few
days ago, to
purchase 60 acres of lard in Copeng 'en-fields for the ew
mentary papers
Metropolitan Cattle-market. The pure hase has accordingly
been made. The price is 75.0/. per acr' 4 making the entire
sum 45,000/. The land is said to be m
,9re than worth the
amount, apart from the special
purchased. —Morning Advertiser.
EDUCATION IN IRELAND.—Among the Parlia-
printed on Wednesday Was one containing
the annual report of the Commissioners ,of Education in Ire-
land to the Lord-Lieutenant, .for the yert.r ending the 25th of
March last. A list is given Of the stude cuts selected to fill the
royal scholarships. The Commissioners regret that from the
want of funds they had been obliged to Wig outlays on some
schoolhouses which were required.