The Sun.
London, England, 1854-03-04 00:00:00

FREE TRADE FREEHOLD LAND
SOCIETY.

Last evening the second public drawing amongst the uncom-
pleted shareholders of this successful.society was held at the
Whittington Club, Strand. Among the gentlemen on the plat-
form we observed Jenkin Jones, Esq. ; E. Canney, Esq. ;
W. Dickinson, Esq. ; Joseph Gimson, Esq. ; T. Colley Grat-
tan, Esq. ; Captain J. Bishop-Culpeper; Major William
Clarke ; J. Lloyd Clayton, Esq., R.N.; T. C. Ijetwin, Faq. ;
Messrs. lagers, Wells, Tyndale, Wangh, and a number of
other highly influential gentlemen.
Shortly after eight o'clock the chair was taken by

Mr. Jr.mint Josz.s, who, in opening the proceedings of the
evening, said the object that had called them together that
evening was for the purpose of ballotting for thirty rights of
choice to allotments on the attractive estates at present held
by the society. Ho would not detain them for any length of
time by any observations he might have to make, but he
would call upon the secretary, Mr. Smith, to address the
meeting.
Mr. Smug, who was very cordially received, said, notwith-
standing freehold land societies had so largely increased, the
question, " What is a freehold land society ?" had yet to be
answered. To that question he begged to say, a freehold land
society was a combination to obtain land. They, the Free Trade
Freehold Land Society didfor the individual what ho could not
do for himself singlehanded. They all, or most of them, knew
that if a person of limited means wished to obtain a plot of
land in any particular situation, the chances were ten to one
that ho would not obtain what ho wanted, the owner refusing
to sell him a plot sufficient for a house and garden, though at
the same time he was willing and ready to sell him the whole
of the estate. This fact led to the formation of freehold land
societies. Individuals banded themselves together, and by
the aid of their united subscription purchased an estate, and
then the estate was subdivided into plots and distributed
among the whole of the subecriheis. Freehold land societies
were, to all intents and purposes, building societies ; they
were enrolled under the building societies' act, although they
were denominated freehold land societies. In some societies
the first man joining obtained. the priority to an advance,
but in others by ball* or both combined. The society with
which he had the honour of being connected, adopted three
methods, namely—first, the ballot, second, the senio-
rity, and, third, the purchase or paid-up division, with
five per cent, on the subscription, and the addition
of a handsome bonus at the end of the year. It was not com-
pulsory on the shareholder when he obtained his right of
choice to exercise that right, but .'when he obtained it he
might exercise it'-or apt. He could also sell his right, and
there were always. parties ready to purchase, and to give a
premium of double and treble the original cost of the share ;
indeed, rights had changed hands go often that it was in some
cases difficult to get at the original cost, as 401. shares had
brought, in some cases, premfmns from 1501. to 2001. To meet
the rights of choice land was purchased by a private indivi-
dual, and here the machinery of freehold land societies came
into operation. There was no liability of shareholders, and
should he have any doubts as to the security of the society,
he might withdraw his subscription, with the interest that
had accrued, upon giving ten days' notice of his intention to
do so. Trustees could .not snap their fingers in defiance at
the shareholder. To illustrate this he would mention a case
that had occurred. A trusteehaving purchased an estate, wished
his own solicitor to- be employed to draw the mortgages in
preference to the solicitor'of the society, but it had been de-
cided that the estate he had purchased was not his own, be-
cause it had been paid for by the money of the society,
therefore it belonged wholly to the society, though only one
individual had bought it. Now, if any one could show him
an investment to equal a society like this, where 501. was
freely paid as premium for a 401. share, he should have great
pleasure in joining it. In inviting persons to invest their
funds in this society, he did so with the assurance of perfect
security. Banks must break, directors must break, every-
thing must break before the subscriptions of the shareholders
could suffer, and when the money was invested in land, the
security was greater, for the land itself could not run away.
A question was now under the consideration of the committee
respecting the abolition of fees, or, in some cases, greatly re-
ducing them—(cheers)—he could only say that, if the share-
holders thought it expedient, it entirely rested with
them, and if at their next quarterly meeting they de-
cided that the abolition or reduction should take place,
the committee would bow, to the decision of the meeting.
(Cheers.) He would just' say a few words with respect to
the progress of the society. It was established on the 15th
of August last. They had enrolled upwards of 3,000 share-
holders, and possessed two beautiful estates, and there was
not another society in existence that had done so much at
such a trifling expense compared to the shares issued as they
had done. (Cheers.)
A SHAREHOLDER asked, if the fees wore abolished, whether
those that had been paid would be placed to tho account of
the members ?

The Cin.lauAN said the committee had had that question
under their consideration, and it was decided that, should they
be abolished, the fees already paid would be placed to the
account of the members. (Cheers.) He would take that op-
portunity of saying that the reason the committee had not
purchased more estates was; that they had determined not to
invest the money of the shareholders where it would not
yield them a profit. However, he might just say that e
purchase was in contemplation—a nice little estate—and if
the purchase was completed, ho had no hesitation in saying a
prettier piece of land could not be found within ten miles of
London. Ho would call upon the surveyor, Mr. Vigers, to
say a few words to them.

VIGERS said he had addressed them so often, that he
was at a loss what to say to them, especially since the chair-
man had taken the announcement of the intended purchase
from him. (Laughter.) When societies like this first started,
there was plenty of land to purchase, but it was not the case
at present. With respect to the contemplated purchase, be
would just say it was close to a railway station, but it would
not be judicious to say where. The roads were made, and
the drains laid down, and if the land was purchased next
week, there was nothing to prevent it being allotted the week
following. He assured the meeting his office of surveyor was
no sinecure, for so energetic was their committee, that they
thought ho could buy freehold land like apples, and cut it up
like Cheshire cheese. (Laughter.) The plans of the Camber.
well estate would now very shortly be ready, the cause of the
delay having been removed. He should feel happy if any share-
holder had any questions_to put to him, to answer them.
Mr. Wauou then came forward and proposed the following
resolution :—" That this meeting, having heard the explana-
tion of the objects and operations of the Free Trade Freehold
Land Society, is of opinion that it is eminently calculated to
advance the interests of shareholders, is a safe and profitable
mode of investment, and, is, therefore, deserving the support
of the public at large."
The resolution having been seconded, was put by the Chair-
man, and declared carried unanimously.
The Scrutineers, Messrs. Wells and H. Vigers, having exa-
mined the new numbers, they were deposited in tho wheel,
and the drawing commenced.
The following numbers were then drawn, and afterwards
announced by the gecretary-994, 2787, 274, 162, 231,* 244,*
355,* 1664, 1989, 643, 111, 253, 1033, 796, 1575, 680*, 225,*
1847,2262,2703,2668,818,2098,105,1535,1980,183,457,
327, 229—* Grouped.
Mr. CAYNEY said that before the proceedings of the evening
terminated, he thought they had another duty to perform—
namely, to thank the gentleman who had so ably presided on
that occasion. (Cheers.) -He, therefore, moved that the
thanks of this meeting were most jusly due, and are hereby
given, to Jenkin Jones, Esq., for the urbanity with which he
had fulfilled the office of chairman. (Cheers.)
The motion having been' econded, was put to the meet-
ing by Mr. Unwin, and carried unanimously.
The CHAIRMAN said he begged most sincerely to thank them
for tho honour they had just conferred upon him. He as-
sured the shareholders that their committee were over watch-
ful of their interests ; they were economic in their expen-
diture, and were determined to purchase estates that would
be highly productive to them. Success in a great measure
depended on the active co-operation of the shareholders, and
if they could just think of this simple fact, and every share-
holder brought one additional, they could have no idea of
of the immense benefit that would accrue to the society--a
society conferring such benefits as this deserved their greatest
support. Ho again begged leave to thank them for their
kindness.
The proceedings then terminated.