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Reclovs. 4-25-20 MVP

PRELIMINARY REMARKS

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SECOND EDITION.

In the first edition of this work, which was published in
the year 1849, we undertook, mainly, to examine the charac-
teristics of Benefit Building Societies, and endeavoured, while
pointing out and classifying the errors into which the majority
had fallen, to lay down principles, which might serve as a
guide to the correct formation of future societies, and as
the basis of some consistency in their subsequent operations.
We desired also to urge upon the Managers and Directors of
many that were already in existence the necessity of turning
their attention to the errors described, and of taking such
measures as might be calculated to remedy the evil, by
introducing judicious alterations into their rules and rates of
subscription, or making such other improvements as would
be likely to avert from the societies, confided to their care,
the disastrous termination, which they could not otherwise
avoid.

It is gratifying to observe, that this first effort to raise the
standing of a class of institutions so eminently philanthropic
has not been wholly unsuccessful. New associations have
been formed, since the first publication, upon sound and
equitable principles; while the managers of many others, of
some years' standing, have manifested considerable readiness
to attend to the suggestions offered to them, and have sought

* Preface to first edition.

a 2

6.13.1.4.

to improve the defective portions of the constitution of their respective societies.

They have seen, that it is better to meet the difficulty whilst the effects of erroneous systems are still young, and before the mischief produced has become insurmountable; and it is no slight justification for praise that, on being called together and informed by their Managers of the impracticability of their fulfilling, as the associations were then constituted, the original letter of promise, the members, in most cases, have consented to steps being taken for the introduction of sound principles, although their previous expectations were thus checked.

A great number of Terminating societies have, consequently, been converted into Permanent associations, and rules and tables have been adopted, by which all previously existing and subsequent members take place as if the new clauses had been in force from the beginning. The legal impediments, which borrowers might have thrown in the way of improvement, have been obviated * by due care having been taken that the conversion should proceed in so impartial a manner, that neither their just interests should be disregarded, nor their cause favoured to the disadvantage of the general body.

Thus far, therefore, the object aimed at has been attained, and it would not be necessary to make much addition to the second edition of the work in question, were it not that a strong tendency in the public mind, towards the formation of other kinds of Industrial associations, is daily becoming more and more manifest; and even Benefit Building societies themselves have been applied to the attainment of new objects, such as the extension of the Elective Franchise, &c., which are totally different from that, for which they were originally

* [This was all the more necessary, as several societies, that have been converted without proper precaution, in this respect, are already involved in litigation, and consequently those endless expences, which might have been easily avoided if the requisite conditions had been attended to at the time of the conversion.]

designed, and were not contemplated in the Act of Parliament relating to their government.

As, however, it is desirable that the new features thus introduced, as well as those which characterize other similar societies, should be guarded from the defects, which have so disfigured their predecessors, we have traced, in additional pages, the general outlines of some of the chief varieties of the new institutions, under the form of supplementary chapters to the more detailed account contained in the first part of the Treatise. In doing this, we have also endeavoured to explain the excellent application, that might be made of the Life Assurance and Tontine principles, with the systems of Fidelity and Loan Guarantee, and the manner in which Benefit societies might be formed so as to assist in the high purposes of systematic EMIGRATION and COLONIZATION.

To bring the Art of colonization within the comprehension of the industrious classes, we believe it is necessary to interest their minds and pecuniary ambition in the subject. The controul and advocacy of the movement must be committed to their diligence and sympathy. It is not by the reserved and distant-mannered representatives of a self-relying company, that their co-operation in systematic colonization will ever be obtained, or the Art be developed to perfection, but by the super-association, if we may be allowed the term, of a series of industrial associations united for the furtherance of the same popular object.

The plan that, in the last chapter of Part 2, will be found described for the carrying out of our idea of Benefit Emigration and Colonization Societies, may be, perhaps, in some points, susceptible of advantageous modification or improvement; but, in the absence, as yet, of those facilities, that may properly be accorded by the legislature, either to the Central company recommended by us, or to the Commission, which is the agent of the Government, we can desire only that our system should be accepted by our readers in the light

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