Triumphs and Wonders of the 19th Century: The True Mirror of a Phenomenal Era / A volume of original, entertaining and instructive historic and descriptive writings, showing the many and marvellous achievements which distinguish an hundred years of material, intellectual, social and moral progress

by James P. Boyd

III. THEIR EARLY HISTORY.

Their early history in England seems to date back as far as 1781. In Mr. Langford’s “Century of Birmingham Life” mention is made of certain proposals for establishing a society for building on lands belonging to William Jennings, Esq. The society was organized by rules or articles, similar in some respects to those employed by the building societies of to-day.

PAYING THEIR DUES.

Dr. John Henry Gray, in his “History of the Laws, Manners, and Customs of the People of China,” describes some money-lending societies which seem to partake in some measure of the character of building associations, at least in their coöperative and equitable features. He tells us that these societies are called “Lee Woee,” and were instituted by a person named Pong Koong, an official of great wealth, who flourished 200 B.C. during the Han dynasty. The money was loaned to members and returned in monthly installments with interest. Each member was compelled to contribute to the fund a sum equal to that which he contributed at the first meeting. One of the rules was, “Each member shall deposit in a lottery box, placed on a table, a tender or bid for the money, setting forth the rate of interest which he is disposed to pay on the amount in question; that the tenders shall be taken out of the box by the president, and the highest bidder takes the loan.” When two bids were alike the first bidder took the loan. A fine was charged for non-payment of dues.