Freehold Land Societies: Their History, Present Position, and ClaimsRitchie, J. Ewing (James Ewing)
History
Freehold Land Societies: Their History, Present Position, and Claims
Ritchie, J. Ewing (James Ewing)
Savings and loan associations -- Great Britain
As the National is the largest of the existing Freehold Land
Societies—last year its receipts being £190,070—we will briefly allude to
its prospectus as a still further illustration of what a Freehold Land
Society is. The especial objects of this Society are described as “to
facilitate the acquisition of freehold land, and the erection of houses
thereon; to enable such of its members as are eligible to obtain the
county franchise, and to afford to all of them a secure and profitable
investment for money.” In the National, all the expenses are defrayed
out of a common fund; consequently, there are no extra charges, and the
net profits, after payment of interest on subscriptions in advance and on
completed shares, are annually divided amongst the holders of uncompleted
shares. In this way last year the National divided £3,161. 19s. 3d., and
the directors credited each unadvanced share with profit at the rate of
£10. 16s. 8d. per cent. per annum. We only add, as a still further
explanation of the societies in general, that they are all conducted on
the most perfectly democratic principles. Vote by ballot and universal
suffrage are the rule with them. The members elect their own officers.
In all the societies, also, provision is made for casualties, such as
sickness or death. In case of death, the subscriber’s widow or heirs
take his place. If he be unable, from sickness or poverty, to continue
his subscription, he is not fined, but is allowed to wait for better
times. If he wishes his money back, he can have it returned, with a
slight reduction for the working expenses of the Society. Juniors may be
members. Actually these societies so far practically admit woman’s
rights as to offer to the ladies the same desirable investments they
offer to the sterner sex. In short, the Freehold Land Movement appeals
to all ranks and conditions of the community. It may be said of a
Freehold Land Society what has often been said of the London Tavern, that
it is open to all—who can pay.
II. ORIGIN AND PRESENT POSITION OF THE MOVEMENT.
Public-domain text, read in full here on John Shaqi.
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