The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1877-03-28
County and City Official Press.
Wednesday. March %, 1877
BRITISH COOPERATIVE
BUILDING.

cent results 10 Philadelphia The sa-
licnt fcstares Of hat system. were the
subscription by woold-be members for
shares at 81 per month. to be paid until
the payments. with the interest which
those payments saeautime have earned,
and other incidental profits Of the socie-
ty from premiums on loans, fines. with
drawsls. etc, made q total of $500,
when il was considered matured or paid
-p. 1t was shown that practically, in
Philadelphia where interest is one-half
pei GEN.. per month. 90 per cent. per
annuml. and premiums being usually
ons-.hird, raising the actual interest to
about three -fourths per cent. per month
or per cent. per annuml. j, took 10S
monthly payments 70 years. or :i0s to
make the 5000. but that if the rate were
one per cent. month as here. the same
rate OF premiums making practical
interest of per cent. per month, on-
~ about six years or s72 would be re-
quired to make the $500.
The English method Is described by
a writer in a recent issue of !SrriJasr' s
Monthly. differs somewhat from the
American being a. the writer says,
more complicated, more liberal and
more exact" The system in that coun.
try was in its origin, political mea-
sure. 1t had for its object, to make
householder" -householders there be-
ing . synonym fo7 voters
The rationale of the method is for a
number Of persons interested to inuor-
pora.e. engage an office, adopt consti-
tuition and choose directors, and employ
secretary. The participants are di-
yiled into three classes; paid up share.
holdcss. subscribing shareholders aud
depositors simply. The shareholders
alone are members entitled to votes.
Each member pays a Zee of Si2j las a
maximum) per annum for working cx-
penses. The secretary receives. general
~ 25 cents share per annum Tor his
services, though this might vary
according TO the number of shares sub.
scribed. The value of shares, whether
paid up or cumulative. is computed
from tables made out by an ac,uary; the
former at about Sl25 "a an average
drawing interest Mt about +. per cent
Subscribers pay by installmcnts at va
rious rates of which some are about TO
cents per mouth. others sixty cents
per week, or tao per month,
and are allowed interest at the rate Of
six per cent. Tha installments may he
chosen according to convenience 10y
fixed tables adjusted beforehand by &C.
tnarics on varying scales of time and
amount. II is said she may buy share
or fraction OF share. for fixed sum
may change his rate Of payment, raise
or lower il. make it fast or slow: may
stop payment when he has paid up any
nth part; may make advance payments
or withdraw at any time; and by TIN
aid Of the aciuary tables, may see at
any time Just exactly what his share is
WORTH"
A member who desires an advance
for building makes his application, and
deposits fee usually about 81 for ex-
pcnses of survey If the security is
satisfactory he receives his loan. pro-
vided he snbscribcs for as many shares
as will as maturity equal the loan.
The society if i. has not the funds on
hand horrows tho amount necessary
from some bank with which it has rela-
tions. deposising the security with il,
aud paying for the loan loss rate Of
interest than it receives from the Der
rover. In addition ia the ratio in
which ms installmcn,s are 10 be paid
tho member selects any table he
alcases, pays large or small sums. ex-
sinsaishes the debt quickly or slowly.
as is mos, convenient. In al, cases the
rate is rig,dly fixed ~ the tables and
by reference 10 them sill disputes are
Instantly settled. and both the borrower
aud the society may ascertain auy mo-
ment just the amount paid and the
halsnee ine Ii he wishes. the bor-
rover may al any tlme change his rate
If payment and alju.; his in>ssllmeats
10 another table that Ia turn becomes
the standard Of reference in settling
his claims" by giving moa,h's no
,icu = member eau withdraw and re-
eeive back hts money Nth stipulated
interest. In the case q. iilstoTy and
unpane.ual subscribers, th>y are usa-
ally dropped from. the roll and their
money returned them wi,hou; interest
though in the case at nisfcr;anes. ar
rangsmenss are male fer extensio1 81
time for payments.
1, Is needless 10 Sila,e upon The al