IMAGE EVALUATION TEST TARGET (MT-3) J - > Mi/) 1.0 I.I 1.25 I 28 1^ !!• lis M 2.0 |||||m 14 ill 1.6 I' V] <^ /a. m /a 7 # '/// Photographic Sciences Corporation \ ^9) V iP ■ f :\ \ ;^^ ^^^ ^ n WEST MAIN STREET WEBSTER, NY. 14580 (716) 872-4503 Z\^ l> :\ CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions Institut Canadian de microreproductions historiques 1980 Technical and Bibliographic Notas/Notes techniques et bibliographiques The Inatitute haa attempted to obtain the best original copy available for filming. 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To be Paid in Full, partially in Advance, )i by MonlM) Instalments. — :ooo: — F. GARKSOHE, President J. ROBERTSON STEWART, - 7ice-President E. Grancini, P. Gareschc, J. Lowe, E. Marvin, I. W. Powell, DIIiECTOllS. T. Pritchard, T. L. Stahlschmidt, J. R. Stewart, C.W.li. Thomson, J. Trimble. Secretary and Treasurer • Dudley Evans. Solicitors, - Drake, Jackson & Aikman. Valuators, - L. Lowenberg, R. Burnaby. TEMPORARY OFFICE. At Wells, Fargo & Co.'s, Yates Street, Victoria. victoria, b. c. David W. Hiqoins, Printrr. I8G9. tlCa) ^ The Britisli Columbian I.® AU AWQ) OT¥ESTM1SMT SOOIIiJT"^'- — :ooo: — The Objects of thb Society are : To create and foster provideut habits amonp^st the industrial classes and to accumulate their savings. To enable persons of small means to make some provision for their old age and to secure p'^) tions for their children. To facilitate the acquisition of homesteads. To enable persons, whether shareholders or depositors, to obtain readily a safe and profitable investment for money whether in larj^e or small sums, free from anxiety or doubt as to its safety or thie regularity of their returns. To provide a fund from which the* owners of real estate may obtain loans at a fixed rate of interest, with the privilege of paying oft' the loans and the interest thereon by small sums in the most convenient way to themselves. The Society, whilst aflfording to capitalists a safe investment for their money, offers to thoso drawing regular monthly salaries special advan- tages, by enabling them each month to lay by a lJ«4iOi 1 / 4 i niurisn coLfMni* loa.v pmall proporlion of their carninp^ji, jind thus jiTiulimlly and witliout sonsiblo deprivation to accuininnlatc a I'utid. wliicii, steadily incrcasinj^ year by year, not only to the extent of the sums •lepoaited, but by the annual profits aecruin<^' thereon, will fbi-iu a provision for later years; or will enable thcni to obtain homos for themselves in tho same easy manner. The important necessity of Life Assurance can also bo ])rovided lor in a similar way throui^h the medium of shares of this Society, enabl- ing Shareholders to invest the amount thereof in the parment of an annual premium en a Life Assurance, suITieicnt to secure at their death a substantial sum to their widows, children or surviving relatives. The acquisition of Homesteads by small pe- riodical payments, covering i)rincipal and inter- est, is one of the most important and useful ie.''.tures of tho Society. The frugal and indus- trious will have tho satisfaction of feeling month by month that the Home in which they live is growing more and more their own, and can cal- culate the actual time when their savings will be represented by the possession of their own prop- erty, free and unencumbered. It is, therefore, lo the industrial and domestic classes especially that the Society appeals for sup- ])ort, and to them it holds out the inducements above enumerated; and it only needs their appre- ciation of its system and their confidence in the integrity of its management, to insure its being a iinancial success for the Shareholders and a source of substantial benefit to tho Colony at largo. The means by which the objects of the Society will be effected are the accumulation of money and the investment thereof at fixed rate of inter- est. ,The affairs of the Society Avill be managed by a responsible Board of Directors, who will be luin^rj,, aiul thus jo (lopriviitioii to padily incrcasin ^ AND INVKSTMKNT 80C1KTV. . $ clccled from amongst the Shareholders annually; and by the Ordinar.cc under which the Society is incoi'porated the Directors arc precluded from liaving any interest in the Society adverse to tho Shareholders. The System op the Society, As regards tlio accinmilation of money y. isi to amass a fund by means of payment on shares in the Society, and receiving deposits of small sums; To set apart a portion of the profits a3 a Reserve I'^und to meet contingencies; and to allow mem- bers who make payments in advance (whether in respect of shares or repayment of loans) an equal credit afterwards Avheu otlier payments become due. And as regards the investment of the funds of the Suciety, tlio system is, to loan money for any time not exceeding years, repayable by month- ly instalments with interest at a fixed rate, (for the purpoBo of illustration) say nominally, |10 per cent., then supposing the loan to be $500 for live years or sixty months, the interest would be $250, and the mortgage would be taken to secure $750.' The monthly instalments would be $12 60 and at the expiration of the five years the debt would be discharged; but a mortgagor will be al- lowed to redeem his property at any time on })ayment of the money then due from him to tho Society and such reduced sum as the Directors may consider reasonable .in satisfaction of tho instalments which shall not then have become payable, and should it not be convenient for bim to make the rei)ayment monthly ho will merely have to make a payment in advance to entitle him to a corresponding time for future payments, so that if he desires to make the repayment half- yearly, on making a payment of three instalments • in advance he would not for the space of six months be required to make any other payment, I. f HUrnsiI COLIIMUIA LOAN Shares. Tho Capital Stock of the Society is unlimited and will consist of tho moneys paid on tlfft uuad- vanced sliarcs in the Society, and comprises two classes of Stoi^k— the "Permanent Stock," and tho ''Accumnlatint^ Stock." The amount payable on each Sharo in tho Society* is S^O. Tho Shares in the Permanent Stock must bo paid tor in full when taken, and money invested in the purchase of these Sliares cannot bo with- drawn, but periodical dividends will bo paid thereon out of tho profits of tho Society, and tho Shares may bo sold and transferred. Tho Shares in tho Accnmulatinf^ Stock may bo paid for; by instalments extendinj^ over a period of one, two or four years, at the option of the Shareholder. An entrance deposit of .'i;2 is payable on each Share in tho Accumulatinf^ Stock, and the month- ly subscription on each Sharo to bo paid up in one year is $4; in two years $2; or in four years $1, making the total payments on each Share $50. And the Shares will arrive at maturity and be payable qu the expiration of one mbntii after tho last monthly subscription thereon shall have be- come due. The Shares in tho Accumulating Stock may, at tho discretion of the Directors, be paid for in ad- vance, and in case of such payment a discount will be allowed. Under special circumstances the Directors will be at liberty to allow the monies paid on these Shares to be withdrawn before the maturity of the Shares. New Shares may be taken at any time, and the, subscription thereon will commence on or as from the iirst day of the month in which tho Share shall bo taken. The due payment of the Shares in the Accumu- lating Stock at maturity will be assured by the reserve fund, and the monies invested in the pur- vv .y i^ nnlimitod cl on tlfb uimd- comprisoH two Stock," and Sliaro in tlio Stock must 1)0 t.ionoy invOHtcd nnot 1)0 with- ■will bo paid )oicty, and tlio id. n^ Stock may )ndinn^ over a at the option yablo on eacli and the month - bo paid up in r ill four years each Share $50. turity and be Tibntli after tho shall have be- ^ Stock may, at paid for in ad- cnt a discount ! Directors will ! paid on these ;he maturity of ly time, and the encc on or as I in which tho in tlic Accumu- as.sured by the itcd in the pur- ' AND IMVE^TMEXT SOCIETY. 7 cbaso of Permanent Stock ; and tho reserve fund will bo applied in meeting contingencies in cxouiiration of tho Permanent Stock. No portion of the prolita of tho Society will be paid to tho holders of Shares in tho Accumula- ting: Stock until the maturity of tho Shares; but. when the profits are from time to time declared, an equitable proportion thereof will bo allotted for each Share, and will bo payable to tho regis- tered owner of tho Share with the amount of the Share when the Share b 'omcs due and payable. To ensure punctuality in payment of the in- stalments, a SIT '' tine will be levied on default- ers, and the hues will be a charge on their Shares. Loans. ■ * No proposal for a lo^^n will bo entertained by the Directors, unless accompanied by the report of one of tho valuators of tho Society, who will not only have to state what, in his opiuion, is the value of the property oiVcred as security, but will have to answer in writing the printed questions, required by tho Directors to bo answered by their valuators. For this report the mortgagee will be required to pay such reasonable fee as the Directors shall have previously authorised the valuator's to charge. No money will bo paid to mortgagors until the Solicitor of the Society shall have satisfied the Directors of the sufficiency of the title. The powers of sale contained in the deeds of security taken by the Society will not be enforced until default shall have been made in making u payment thereby appointed to bo made, for the space of three months successively after the pay- ment shall have become due. Depositors. Deposits will be secured by tho whole of the property and capital of the Society, and by the Ordinance under which the Society is incorpo- rr- A 8 D. C. LOAN AND IXVESTMRNT SOCIRTY. I I rated, the Society is precluded from tai\inj^ aa deposits any greater sum than % of the amount of capital actually paid on' vnadvanced Shares in the capital of the Society and invested on securi- ties or properly. It "Will therefore 1)0 observed that the Society not only offers a safe and profitable investment for money, in large or small sum?!, and holds out an inducement to the industrial classes to bo provident in their habits, but will bo the means from month to month of accumulating and apply- ing for useful purposes a large amount of money which otherwise would be distributed amongst the community in small sums and lying idle, or would be squandered. The Investor will bo relieved from the trouble of considering the sufficiency of property offered as security for loans and the investigation of tho title, and may feel assured that everything will receive duo attention, and should a loss occur it will be spread over the whole capital of the Society and will not fall on himself alone, lie .will receive his income at stated times and will bo relieved from tho iuiportunities of improvident or unfortunate debtors, and also from the possi- bility of having to enforce the provisions in his deeds of security. The borrower applies to tho Society as a matter of right, and chooses his own time for redemption with- the assurance that he is giving fair value for what he receives and therefore in nowise comprop^ises his independence; That by promptly meeting the small periodical pay- ments which no individual mortgagee would accept, he is gradually paying off his mortgage debt; That ho is not subject to tho caprice of any individual, who may sacrifice hia property by enforcing payment unexpectedly ; and that should he wish to sell, exchange, or redeem his property, he can at any time accomplish his pur- "poso on certain equitable principles.