plan Atuoniist these may be noticed— sii r I. The asmo.-t total inflexibility of the rules of a and Society, when once established, and the couse- staf quent inability to make alterations that may ecoi be required by variations in the rate of in- the teresfc. jl «. The expense attending the paying-off of a sum sup borrowed before the term for which it has pur been borrowed has expired. by t Tt frequently happens that a. borrower from a Build- opp ing St)eiuty finds (either from selling his property or Wo fromother causes) that it is desirable to pay off the p y t sum he lua borrowed, wnen perhaps only a tbird of mil the term for which, he haS borrowed the money has mai cx-pired. In such circumstances the unfortunate bor- vali ro»«r is disappointed to find that he has to pay in- yea tercst to the end of the term, aud that he is allowed «hi i only a comparatively small rebate. W ai It is therefore proposed to form, .a Conipanv which Q shall combine all the advantages of a Building"Society, b° < without their drawbacks. auv But, besides the mere lending of money, the promot- to < ers believe that a benefit may be conferred on a large seci wction of the community, and at the same fcicce a fair whj profit may be obtained for the shareholders, by the Cn< purchase of sections in suitable localities, and the En< erection thereon of houses and cottages. y^ Land in Dunedin and the neighbourhood invariably tra. brings very much higher prices when cut into small thu allotments, and where a number of uuifonu cottaws sta j ar>> l<iiit they can be erected at a cheaper rate than th< s an iiklividuiil house on the same plan. >j , By ad'>i>tinpr this course a highlyjemuicrative busi- tal " ness may be done by the Cqmpmy. For example, Ac suppose a piece of around was acquired and several a te t houses were erected thereon. The ground being, sub- vel f divided would not fail to command a higher >elative wil p.ice, and there would undoubtedly l>e a saving in the abi cost of the erection of the bouses. Each house, with of its separate plot of ground, "might be sold, at a low m. 