The Sun.
London, England, 1846-03-26 00:00:00

LONDON and COUNTY ECONOMIC
INVESTMENT AND FAMILY ENDOWMENT
ASSOCIATION.
A public meeting of this Association was held in the
theatre of the Western Literary Institution, Leicester-
square, on Tuesday evening.
FRANCIS W. WALESBY, Esq., tool: the chair a few
minutes after eight o'clock, and proceeded to explain the
nature and objects of the Association. He gave the
meeting to understand that it was a building society,
founded under the Act 5 and t; Win. IV., on the model
of the Liverpool Barrow Building Society, to enable
mechanics, on terms level to their circumstances, to be-
come possessed of property in houses. He said the As-
sociation had existed for only two months, their first
public meeting having been held a fortnight ago in Pen-
tonville. They had resolved on holding another public
meeting that evening, in order to make their ex-
istence and their objects more widely known. After ad-
dressing the meeting: on the nature and well-founded
advantages of the Society generally, and having stated
that the Committee received no salary, and that the
Secretary was remunerated only in proportion to his set,.
vices, he called on
The SECRETARY, who stated that the maximum num-
ber of shares originally offered by the Society was 500,
and that 300 of these had been taken up during the last
fortnight. He then read a detailed prospectus, from
which the following extract will serve to show what the
objects and principles of the Society are:—
Each shareholder contributes 10.5. Gd. per month, or 31s. 6d.
per quarter per share (and if he has a loan from the Associa-
tion, an additional 35., by way of redemption money), to the
general fund, until by such subscriptions, with the profits de-
rived from premiums, fines, and other incidental sources, each
share shall have realised the value of 120/., which it is an-
ticipated will be in ten years from the commencement, when.
the Association will be dissolved. If, however, the Associa-
tion should be as prosperous as is anticipated (which, of
course, mainly depends upon the exertions of the members),
the dissolution will take place at an earlier period.
To explain more fully and practically the beneficial and
profitable working of the Association, suppose, for example,
a shareholder is desirous to purchase the lease of the house
in which he resides, for which he is paying a rent of 301. per
annum ; the ground-rent is 5/. per annum, and the purchase-
mon2y 2601.: the party has one share, and applies to the As-
sociation for an advance upon that and three additional
shares.
The shareholder will in ten years, at 10s. 6d. per
month upon one share, have paid in 63/., but
which, with interest and accumulations, will in
this Association then realise him
In consideration of receiving his share imme-
diately, lie is willing to allow a premium or de-
duction of

Leaving a sum to be paid to him 0f... .£65 0 0
His four shares will then produce him immediately 2604
being the sum above required.
On each of the four shares he will have to pay
10s. 6d. per month, in all
With redemption money, 3s. per month

Making a total monthly payment of
The following statement will serve as an example to prove
that the borrower derives more advantage by means of this
Association (besides the convenience of repayment by easy
instalments), than by obtaining a loan in the ordinary way,
and paying 51. per cent. for the same.
The value of a share will b"
Discount for present cash

£65 0 0
Ten years' interest on ditto at five per cent.