The Sun.
London, England, 1858-10-05 00:00:00

CONSERVATIVE LAND SOCIETY.

At the 24th quarterly general meeting of this society,
held this day at the offices, 33, Norfolk-street, Strand,
the following report was unanimously adopted :
" The executive committee, in presenting their twenty-
fourth quarterly report, trust that no apology will be
deemed necessary if, before this duty be discharged, they
offer their congratulations to the members upon the com-
pletion of the sixth year, on the 7th of September, the
anniversary of the formation of the Conservative Land
Society. This period may be considered brief, if compared
with the existence of some public bodies, but, taking
into account the difficulties attendant upon. undertakings
of this nature, and that these difficulties have been
increased by very critical times, the directors cannot re-
member otherwise than with honourable feelings of pride
and satisfaction, that the seventh year has been entered
upon without the record of any circumstances to interfere
with the cordial feelings which have so materially tended to
promote the society's prosperity. If building operations
have not, during the past financial year, been commensu-
rate with the expectations of the board and those of the
allottees' and if the committee have deemed it to be more
prudent to fall back for the first time on the reserve fund
rather than to increase their stock of land, there are on the
/ether hand elements of success at which there is every rea-
son -to rejoice, inasmuch as the cash receipts have been.
satisfactory ; the withdrawals, considering the com-
mercial crisis, and consequent stagnation of trade,
have been comparatively light, and recently the
sale of back land has much improved. The returns
of the business for the past year stand thus :

Total Subsciip "'
Shares Shares tions,fees,loani
Quarter ending in com- Total. re - payments.
progrss. pleted. sundries, from
estates, &c,
£ s. d.
Dec. 25,1857 9l 37 128 9,503 17 4
March 25, 1858 122 137 259 13,922 11 2
June 25, 1858
Sept. 30, 1858
Totals for the year 452 314 766 46,393 7 2
Totals to Sept. 30,
1857 s 11,338 2,278 13,616 312,557 8 5
Grand totals toSept.
30, 1858

358,95015 7

Total withdrawals, from the formation of the society on the
7th Sept., 1852, to Michaelmas, 1858, £68,316 Is. 6d. ; total
sale of land during the above period, £218,425 13s. The
returns from the register of order of rights are as follows
2,952 completed, 2,935 drawn, 1,532 seniority; total, 7,419.
Deduct rights exercised on estates, &c., 4,706 ; unenercised
rights, 2,713. The last share number on the register by
seniority, on the 30th Sept., was 9,180. The balance-sheet
for the past year will in due course be submitted to the
shareholders at the annual meeting next December, when
one-third of the executive committee will retire by rotation,
the retiring directors being, however, eligible for re-election.
For the approaching audit of the annual accounts the com-
mittee have elected the Rev. W. G. Goodchild and Newn-
ham Winstanley, Esq., as their two auditors, and the mem-
bers, at the present quarterly meeting have to elect on their
own part two auditors, Messrs. Harding and Ritchie being
the candidates for re-election. The annual report of the
committee in December next, will contain a full statement of
the operations of the Conservative Land Society for the past
financial year, and it is hoped the board may be enabled to
report to the shareholders that the system of additional busi-
ness, as announced in the new prospectus, under the
amended rules, has been favourably entertained by the public.
The new plan will comprise—lst. Investment by shares;
2d. Investment by deposit ; and the money received front
these two sources will be thus employed by the committee
1. The purchase of every description of freehold, copyhold,
or leasehold property adapted for building purposes, and to
sell again the same m the gross, or divide and allot the land
in large or small quantities. 2. To sell land on an agency
principle, or on commission from the owners. 3. To ac-
quire at public sales or by private contract eligible grouncl
rents, to be re-sold or allotted. ' 4. To advance money
for the purchase of houses and land at public
auctions or otherwise, and for the improvement
of premises, dwelling-houses, &c. 5. To advance money
on approved security, by mortgage or otherwise.
In the share department, the interest, payable half-yearly,
one month after Lady-day and Michaelmas, on all com-
pleted shares and shares on which a year in advance sub-
scriptions and fees have been paid, will be four per cent. per
annum from the 29th September, 1858, but the holders of
such shares will participate as before in the annual profits.
From the 29th September there will be a reduction of fifty
per cent. in the quarterage fees on all shares taken out front
that date. A completed share for the future will therefore
cost £5l 3s. 6d., and a share paid a year in advance £5 18.6 d.
The reduction will not apply, however, to the payment on,
plots of land, the original fees of £2 4s. 6d. being retained.
The quarterage fee payable on a single uncompleted share
will ;be 6d., instead of Is., as heretofore. There is np
other alteration in the share department ; the
system as regards rights of choice to select plots
on the Society's Estates remains intact. The
deposit department will be a new branch of business
altogether, the executive committee having complied with
numerous requests, to afford facilities for persons wishing
to invest money in the Conservative Land Society, without
becoming members. The sums so deposited will be entered
in the books, under rule 45, as money lent by depositors on
the credit of society's assets, and the interest paid half
yearly to the depositors will be a minimum rate of three per
cent. per annum. These deposit loans, up to £lOO, to the
society, may be withdrawn every week ;. from £lOO up to.
£5OO, in 21 days ; and a month's notice for any larger
amount. Depositors will not be entitled to any of the pri-
vileges of the regular shareholders, unless the former enrol
as members, under the rules, and then deposit accounts may
be transferred at any time to the share department. Tho
executive committee having turned their attention to the
policy of advancing a portion of the monies of the society
for short or long periods ; and also to the expediency of
affording facilities to allottees and other persons about to
build or desirous of building on the society's estates or else-
where, have drawn up a new scale of repayments on loans/
and building advances for periods extending from three to
ten years; and for a less period than three years special
arrangements may be made with the board. The details of
the loan department will be found fully explained in the
new prospectus. It will be the especial aim of the cora,
mittee to place the borrowing department on such a basis as
will protect persons requiring financial aid from the various
onerous charges too often imposed on
Laasnsidstanscoeo.iety,Tle
namnaleMly,
the
ac-
quisition
indiviedireste
or
the Conservative for building purposes, and the
quiring toefm
ex-
tension of the freehold franchise,-- remain unchanr2
and the committee in the future business will be enrAbled
to devote a portion of the capital to the developm'ait and
improvement of the land on hand.
The executive committee have carefully considered, during
the past year, various suggestions to promote building ope-
rations, but they have found it a task of extreme difficulty
to contend with an unprecedented stagnation in trade
generally. Much might, no doubt, be done by combina-
tions amongst the allottees themselves, as with the revival
of commercial enterprise and speculation, the land purchased
for allotment by the society being situated in many localities
where houses are absolutely required must be speedily
covered. The new scale of loan repayments will work ad-
vantageously both for builders and allottees, and the mem-
bers generally may be at least assured that their interests
are constantly studied by the committee, and that no oppor-
tunity will be lost to increase the sphere oc I,l4efuhaeso of the
Conservative Land Society."