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 .. . former system. When there is a demand for money, and more than one member is anxiousto secure it, the funds are offered at auction, and the member who bids thehighest premium secures the prize. The bidding is generally done by offering so many cents per share permonth above the required interest.
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 .. . former system. When there is a demand for money, and more than one member is anxiousto secure it, the funds are offered at auction, and the member who bids thehighest premium secures the prize. The bidding is generally done by offering so many cents per share permonth above the required interest. If a member secures $2000 at 10 centsper share premium on ten shares, his monthly payments are : — Dues per month $ Interest per month Premium per month Total $ These payments continue until the shares mature. The dues are the con-tributed capital, and the interest and premiums are the gains. III. THEIR EARLY HISTORY. Their early history in England seems to date back as far as 1781. In Century of Birmingham Life mention is made of certain pro-posals for establishing a society for building on lands belonging to WilliamJennings, Esq. The society was organized by rules or articles, similar insome respects to those employed by the building societies of 6S0 TRIUMPHS AND WONDERS OF THE XIXT,i CENTURY Dr. John Henry Gray, in his History of the Laws, Manners, and Customsof the People of China, describes some money-lending societies which seemto partake in some measure of the character of building associations, at leastin their cooperative and equitable features. He tells us that these societiesare called Lee Woee, and were instituted by a person named Pong Koong,an official of great wealth, who nourished 200 b. c, during the Hun money was loaned to members and returned in monthly installmentswith interest. Each member was compelled to contribute to the fund a sumequal to that which he contributed at the first meeting. One of the
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Keywords: ., bookcentury1800, bookdecade1890, bookidtri, booksubjectinventions
