After the first year a depositor may, if desirous, withdraw, on giving one month's notice, the full amount he has paid, with interest, to the date when the subscription ceases. This prevents the possibility of any loss arising to a depositor in the event of his being unable to keep up his instalments, or desiring from any cause to with- draw from the society. It may, however, in case of a loss of confidence, operate seriously against the society, by the sudden withdrawal of de- posits. The following table shows the amount that could be claimed, in respect of the monthly subscriptions paid, at the end of the several years of membership.
SHOWING THE AMOUNT WITHDRAWABLE AT THE END OF EACH YEAR FOR THE RESPECTIVE MONTHLY SUBSCRIPTIONS STATED IN THE ABOVE TABLE. ———————————————————————————————————————————————————————————— | At the | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | | | | | | | end of | 2 12 10 | 1 18 8 | 1 10 2 | 1 4 6 | 1 0 6 | 17s. 6d. | 15s. 2d. | 13s. | 11s. 8d. | 10s. 6d. | |Year of | per | per | per | per | per | per | per | per | per | per | | Mem- | month, | month, | month, | month, | month, | month, | month, | month, | month, | month, | |bership.| 3 years.| 4 years.| 5 years.| 6 years.| 7 years.| 8 years.| 9 years.| 10 years.| 11 years.| 12 years.| |————|—————|—————|—————|—————|—————|—————|—————|—————|—————|—————| | | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | | 1st | 31 14 0 | 23 4 0 | 18 2 0 | 14 14 0 | 12 6 0 | 10 10 0 | 9 2 0 | 7 16 0 | 7 0 0 | 6 6 0 | | 2nd | 64 19 0 | 47 11 0 | 37 2 0 | 30 2 8 | 25 4 2 | 21 10 6 | 18 13 1 | 15 19 9 | 14 7 0 | 12 18 3 | | 3rd |100 0 0 | 73 2 0 | 57 1 2 | 46 6 10 | 38 15 6 | 33 2 0 | 28 13 9 | 24 11 9 | 22 1 4 | 19 17 2 | | 4th | — |100 0 0 | 78 0 2 | 63 7 2 | 53 0 2 | 45 5 1 | 39 4 5 | 33 12 4 | 30 3 5 | 27 3 0 | | 5th | — | — |100 0 0 | 81 4 6 | 67 19 2 | 58 0 4 | 50 5 8 | 43 1 11 | 38 13 7 | 34 16 2 | | 6th | — | — | — |100 0 0 | 83 13 2 | 71 8 4 | 61 17 11 | 53 1 1 | 47 12 3 | 42 17 0 | | 7th | — | — | — | — |100 0 0 | 85 9 9 | 74 1 10 | 63 10 1 | 56 19 10 | 51 5 10 | | 8th | — | — | — | — | — |100 0 0 | 86 17 11 | 74 9 7 | 66 16 10 | 60 3 1 | | 9th | — | — | — | — | — | — |100 0 0 | 86 0 1 | 77 3 8 | 69 9 3 | | 10th | — | — | — | — | — | — | — |100 0 0 | 88 0 10 | 79 4 9 | | 11th | — | — | — | — | — | — | — | — |100 0 0 | 89 9 11 | | 12th | — | — | — | — | — | — | — | — | — |100 0 0 | | 13th | — | — | — | — | — | — | — | — | — | — | | 14th | — | — | — | — | — | — | — | — | — | — | | 15th | — | — | — | — | — | — | — | — | — | — | | 16th | — | — | — | — | — | — | — | — | — | — | | 17th | — | — | — | — | — | — | — | — | — | — | | 18th | — | — | — | — | — | — | — | — | — | — | | 19th | — | — | — | — | — | — | — | — | — | — | | 20th | — | — | — | — | — | — | — | — | — | — | | 21st | — | — | — | — | — | — | — | — | — | — | ————————————————————————————————————————————————————————————
——————————————————————————————————————————————————————- | At the | | | | | | | | | | | end of | 9s. 1d. | 8s. 4d. | 7s. 7d. | 6s. 11d. | 6s. 4d. | 5s. 10d. | 5s. 4d. | 5s. | 4s. 7d. | |Year of | per | per | per | per | per | per | per | per | per | | Mem- | month, | month, | month, | month, | month, | month, | month, | month, | month, | |bership.| 13 years.| 14 years.| 15 years.| 16 years.| 17 years.| 18 years.| 19 years.| 20 years.| 21 years.| |————|—————|—————|—————|—————|—————|—————|—————|—————|—————| | | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | £ s. d. | | 1st | 5 9 0 | 5 0 0 | 4 11 0 | 4 3 0 | 3 16 0 | 3 10 0 | 3 4 0 | 3 0 0 | 2 15 0 | | 2nd | 11 3 5 | 10 5 0 | 9 6 5 | 8 10 2 | 7 15 10 | 7 3 5 | 6 11 3 | 6 3 0 | 5 12 9 | | 3rd | 17 3 8 | 15 15 2 | 14 6 8 | 13 1 5 | 11 19 7 | 11 0 5 | 10 1 9 | 9 9 1 | 8 13 5 | | 4th | 23 9 9 | 21 11 0 | 19 11 10 | 17 17 5 | 16 7 7 | 15 1 5 | 13 15 10 | 12 18 7 | 11 17 1 | | 5th | 30 2 3 | 27 12 6 | 25 2 3 | 22 18 3 | 20 19 11 | 19 6 5 | 17 13 8 | 16 11 6 | 15 3 11 | | 6th | 37 1 5 | 34 0 3 | 30 18 3 | 28 4 0 | 25 16 11 | 23 15 8 | 21 15 4 | 20 8 1 | 18 14 1 | | 7th | 45 4 2 | 40 14 2 | 37 0 0 | 33 15 3 | 30 18 9 | 28 9 3 | 26 1 1 | 24 8 6 | 22 7 10 | | 8th | 53 18 9 | 49 8 3 | 44 18 0 | 40 19 10 | 36 5 8 | 33 7 8 | 30 11 1 | 28 12 11 | 26 5 2 | | 9th | 62 2 4 | 56 17 8 | 51 13 10 | 47 3 8 | 43 3 5 | 39 14 10 | 35 5 8 | 34 2 7 | 30 6 5 | | 10th | 70 13 5 | 64 14 6 | 58 16 5 | 53 13 8 | 49 2 7 | 45 4 5 | 41 7 5 | 38 16 8 | 34 11 9 | | 11th | 79 13 1 | 72 19 4 | 66 6 3 | 60 10 3 | 55 7 9 | 50 19 8 | 46 12 10 | 43 15 7 | 40 1 5 | | 12th | 89 1 9 | 81 12 4 | 74 3 5 | 67 13 8 | 61 19 1 | 57 0 5 | 52 3 5 | 48 19 5 | 44 16 5 | | 13th |100 0 0 | 90 16 8 | 82 8 5 | 75 4 2 | 68 17 0 | 63 7 5 | 57 19 7 | 54 10 0 | 49 16 3 | | 14th | — |100 0 0 | 91 1 9 | 83 2 5 | 76 1 10 | 70 0 8 | 64 1 6 | 60 0 0 | 55 1 1 | | 15th | — | — |100 0 0 | 91 8 5 | 83 13 11 | 77 0 ___| 70 9 7 | 65 18 8 | 60 11 1 | | 16th | — | — | — |100 0 0 | 91 8 5 | 84 7 8 | 77 4 0 | 72 3 5 | 66 6 8 | | 17th | — | — | — | — |100 0 0 | 92 1 10 | 84 5 3 | 78 14 5 | 72 8 0 | | 18th | — | — | — | — | — |100 0 0 | 91 13 6 | 85 11 11 | 78 15 5 | | 19th | — | — | — | — | — | — |100 0 0 | 92 16 4 | 85 9 2 | | 20th | — | — | — | — | — | — | — |100 0 0 | 92 9 8 | | 21st | — | — | — | — | — | — | — | — |100 0 0 | ——————————————————————————————————————————————————————-
For example, the depositor of 13s. a month for a ten years' term, if he desired to withdraw his savings at the end of six years, would be entitled to £53 1s. 1d.; the depositor of 7s. 7d. a month for fifteen years could claim, at the end of the ninth year, £51 13s. 10d.; and the depositor of 4s. 7d. a month for twenty-one years could get back £44 16s. 5d. at the expiration of the twelfth year. In each case the earnings of the depositor would have been increased by the interest added.
BORROWERS.
A member desiring to effect an immediate purchase of a house or property may borrow the money required by depositing the title deeds with the society as security, and repaying the loan by instalments, monthly or quarterly. Or if he elect to build a house himself; he deposits the deeds of the land with the society and takes up a loan by instalments as the work proceeds. In this case an architect or surveyor would have to give a certificate from time to time to the effect that so much money could be advanced upon the work actually done; and the repayment of the loan would only begin when the house was finished. The following table shows the repayments required, including interest for each £100 advanced:-
—————————————————————— | Term of years. | Monthly. | Quarterly. | |————————|——————|——————| | | £ s. d. | £ s. d. | | 1 | 8 14 0 | 26 4 6 | | 2 | 4 10 0 | 13 11 4 | | 3 | 3 3 0 | 9 9 11 | | 4 | 2 8 9 | 7 7 0 | | 5 | 2 0 3 | 6 1 4 | | 6 | 1 14 7 | 5 4 3 | | 7 | 1 10 6 | 4 12 0 | | 8 | 1 7 6 | 4 2 11 | | 9 | 1 5 2 | 3 15 11 | | 10 | 1 3 5 | 3 10 7 | | 11 | 1 1 11 | 3 6 1 | | 12 | 1 0 8 | 3 2 4 | | 13 | 0 19 8 | 2 19 4 | | 14 | 0 18 9 | 2 16 6 | | 15 | 0 18 0 | 2 14 3 | | 16 | 0 17 4 | 2 12 3 | | 17 | 0 16 9 | 2 10 6 | | 18 | 0 16 2 | 2 8 9 | | 19 | 0 15 8 | 2 7 3 | | 20 | 0 15 3 | 2 6 0 | | 21 | 0 14 11 | 2 5 0 | ——————————————————————
And in like proportion for larger or smaller loans.
In many societies it is a common practice to ballot amongst the members for the right to receive an advance (sometimes without carrying interest) which right may be transferred, for a consideration, to some other member.
By this table it will be seen that a person borrowing £100 for ten years would have to repay the amount by monthly instalments of £1 3s. 5d., or by quarterly instalments of £3 10s. 7d., and if borrowing for a term of twenty-one years, then by monthly instalments of 14s. 11d., or quarterly of £2 5s.