THE main object of a Building Society is to aid a man to become proprietor of his own dwelling. This can be accomplished by means of the society in two different ways:- 1, by depositing with the society periodical money savings until, with the interest allowed, enough has been accumu- lated to buy a house; 2, by borrowing from the society a sufficient sum to purchase a house and repaying the loan, with interest, by instal- ments spread over a term of years. A person desiring to become a depositor must qualify for membership of the society by paying an entrance fee of; say, 2s. 6d. He then takes up a share and, by paying periodical instalments according to the tables, he becomes entitled at the end of the appointed time to receive £100. The same applies proportionately to a half share of £50 or to a quarter share of £25. For example, as regards the whole share, a person paying 13s. a month regularly to the society is entitled, at the end of ten years, to be repaid a lump sum of £100, and any bonus added thereto which the profits of the society may afford. If the term be fifteen years, then, to secure £100, he will have to pay only 7s. 7d. every month, and if twenty-one years, then a monthly payment of 4s. 7d. The terms vary in different societies, but those quoted have been adopted by an exist- ing institution of repute. If the term of ten years is selected, the depositor will have saved and paid to the society (with added interest) £78 in all; if the term of fifteen years is chosen he will have paid £68 5s. in all; and if twenty-one years be adopted, £57 15s. In either case, at the end of the term he has selected, the depositor will be paid back £100. Thus any one taking a share for £100, and keeping up the instalments for twenty-one years, will in the end have paid only £57 15s. for it -- the difference being met by the interest paid by borrowers from the society. The following table shows particulars of other terms and the monthly subscription payable:- ----------------------------------------------- | Term | Monthly Sub- | Term | Monthly Sub- | | of |scription for a| of |scription for a| |Years.| £100 share. |Years.| £100 share. | |------|---------------|------|---------------| | | £ s. d. | | £ s. d. | | 3 | 2 12 10 | 13 | 0 9 1 | | 4 | 1 18 8 | 14 | 0 8 4 | | 5 | 1 10 2 | 15 | 0 7 7 | | 6 | 1 4 6 | 16 | 0 6 11 | | 7 | 1 0 6 | 17 | 0 6 4 | | 8 | 0 17 6 | 18 | 0 5 10 | | 9 | 0 15 2 | 19 | 0 5 4 | | 10 | 0 13 0 | 20 | 0 5 0 | | 11 | 0 11 8 | 21 | 0 4 7 | | 12 | 0 10 6 | | | -----------------------------------------------