TRANSACTIONS OF THE SECTIONS. 185 



The idea of an end in itself does not fall properly within the science of political 

 economy. A form of well-being, such as knowledge or culture i^er se, is one of the 

 ends for which all commodities or utilities exist as means. 



The inference that if we endow means we should a fortiori endow the ends for 

 which those means exist, is a strictly valid one, but an inference not falling- within 

 the province of economical discussion. But the proposition from which it is an 

 inference may be said to be taken from political economy. 



The Poor-law and its Effect on Thrift. By S. C. T. Bartley. 



0)1 Benefit Building Societies. By J. Arthur Binns, 



These Societies are defined by the writer as agencies for the collection of money 

 to be advanced upon real securities, and 'not for the purpose of building in their 

 corporate capacity. There are "terminating" and "permanent" Societies, tlie 

 former passing out of use, the latter growing continually in influence and usefulness. 

 Terminating Societies labour under difficulties in equalizing the income and the 

 outflow of their funds, from which the permanent Societies are free. 



Members may join a permanent Society, or leave it, at any time. If an investor, 

 a member may withdraw his money, with interest and profits ; if a borrower, lie 

 may repay the amount he owes. In either case his connexion with the Society is 

 determined by himself. There are differences in the mode of management, but not 

 very important ; and the " Bradford Third Equitable " may be taken as, upon the 

 whole, a fair representative of those successful institutions. 



This Society has 5800 members, who pay regular monthly contributions after the 

 rate of 10s. per share, and who receive 4^ per cent, and profits (usually 1 to I5 per 

 cent, more) for their money. Ten shillings per month amounts, without profits, to 

 £120 in 14 years and 3 months. The amount invested, or any part of it, may be 

 withdi-awn at any time on a month's notice, or the member may suspend his con- 

 tributions, and permit his money to remain at interest. This saves fines, and often 

 preserves money which enforced withdrawal would cause to be wasted. The fines 

 in 1872, on an income exceeding half a million sterling, were only £94. 



A second class of members (about 1400), who pay not less than £0 at once, pay 

 when they please, and are not subject to fines at all. They receive interest and 

 profits like the first class. Both are subject on withdrawal to a charge of one 

 shilling for every £5 taken out. Out of the fund so raised the management ex- 

 penses are paid. 



A third set of investors are "loan " depositors. They have special facilities for 

 withdrawal ; they receive 4 per cent, interest without profits, and they are not 

 charged with expenses of management. 



The Society is managed by nine Directors, a Secretary, and a Treasurei*. There 

 are also Solicitor, Surveyors, Auditors, and Stewards. All contributors in the first 

 and second classes vote in the election of these officers annually, and all are eligible 

 for appointment. The loan-holders, who number about 7000, are not members, 

 and do not vote. 



The money collected is first used to meet withdrawals, and the remainder is 

 advanced to borrowers on security of real property. More than £'i'00,000 was so 

 lent in 1872. At the end of that year, the total amount actually owing to tlie 

 Society, and secured by 1642 mortgages, was £835,000. The total income in 1872 

 was £537,000, which was received in nearly a hundred thousand separate sums, and 

 its separate payments for withdrawals and advances numbered 16,000. 



The Bradford " Second Equitable " has 6277 members, and an income of £205,000. 

 The "Leeds Permanent" and "Leeds Provincial" have together 17,280 members, 

 and an income of £565,000 ; the " Halifax Permanent " has 6167 members, and re- 

 ceives annually £174,000. The whole of the Societies in England and Wales are pro- 

 bably 2500, and the total number of members 1,000,000. The Eoyal Commissioners 

 on Building Societies describe them as " A group of bodies with a subscribed capital 

 of over £9,000,000: a loan and deposit capital of over £6,000,000, over £17,000,000 

 1873. 13 



