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of St. Peter's, than the vast multitude fall prostrate before him, as to an incarnate Deity, while he stretches out his hand, and gives them his blessing. So true is the prediction of Paul, that he "opposeth and exalteth himself above all that is called God or is worshipped, so that he as God sitteth in the temple of God, showing himself that he is God," 2 Thess. ii. 3. Look on this picture and où that are they like?

(3.) We have a right at least to expect some resemblance in point of moral character. But though there were unquestionably some popes, especially in the earlier periods of the church's history, exemplary in their lives; others have been infamous for profligacy, as Cæsar Borgia, better known by the title of Alexander VI.; others have been monsters of cruelty, as Innocent, who instituted the Court of Inquisition, and others infidels, or mere men of the world, as Leo X., who was too much occupied with patronizing the arts and sciences, to notice the movements of the daring monk of Wirtemberg, and thus allowed the Reformation to acquire strength before he thought of opposing it, and who spoke of Christianity as a "profitable fable." Even the present pontiff has rendered himself odious by his duplicity and tyranny, parcelling out England into bishoprics, and abating not a jot of the spiritual authority claimed by his predecessors. We regard, then, this claim of supremacy as a monstrous fiction, and a prodigious experiment on the credulity of mankind.

What, then, is to be done in the present emergency? Let us distinctly avow our attachment to the principles of Protestantism, and claim, as our inheritance, the free unrestricted use of the Holy Scriptures, and the right of private judgment. With an open Bible, and a pure ministration of the Gospel, we have nothing to fear.

Let Christians of all evangelical denominations lay aside their unprofitable contentions, and study to "keep the unity of the Spirit in the bond of peace." The watch-word of the enemy is "Divide, and conquer!" Let ours be, "Union is strength." Thus the petty states of Greece wasted their resources in mutual wars; but when the great King of Persia appeared on their shores, followed by a million of men, they laid aside their ancient grievances, united together as one man, and drove back the common enemy, with shame and dishonour, to his own land.

It is our comfort to know that the true Church of Christ is indestructible. It is founded on the Rock of Eternal Truth, composed of lively stones, built up by Christ himself, and "growing into an holy temple in the Lord, an habitation of God through the Spirit." Particular Churches, as visible communities, may rise and fall. Where are the Churches of Antioch, Alexandria, Carthage, so famous in ancient times ? Where are the Churches of Lesser Asia; and what is the present condition of the mother Church in Jerusalem itself? Alas! its glory has departed. But the Christian Church, as a spiritual community, cannot perish. It has sustained successive attacks from Jews, Pagans, Mahommedans, and Infidels, and for many ages was almost buried under the superstitions and corruptions of Popery; but it still survives, like the bush of Horeb, "burning, but not consumed." It is not confined to one country, or one denomination, but exists more or less in all, and includes all who are truly regenerated, and united to Christ by faith, but none else. Do we belong to that Church? Alas! what signifies a name to live, if we be dead! Matt. xiii. 40, 41.

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London Missionary Society.

APPEAL OF THE DIRECTORS OF THE LONDON MISSIONARY SOCIETY, ADDRESSED TO THE PASTORS, DEACONS, AND MEMBERS OF CHURCHES, ON BEHALF OF THE NECESSITOUS WIDOWS AND ORPHANS OF MISSIONARIES.

London Missionary Society, Blomfield-street, 12th Dec. 1850. DEAR SIR,-Of all the demands for Christian sympathy and generous support, you will, I doubt not, readily admit that none are stronger than those of the widows and fatherless children of faithful Missionaries-men who have sacrificed their lives for the sake of the Lord Jesus, and the salvation of the heathen. To enforce appeals on their behalf, arguments are superfluous to sustain their claims,-motives the most tender and sacred, will present themselves to every Christian mind.

By the Directors and friends of the London Missionary Society, such motives have long been warmly cherished; and they have endeavoured to supply to the widows and bereaved families of their honoured and lamented Missionaries, not the means of adequate support (for this has been beyond their power), but a measure of assistance, whereby they might be enabled to support themselves.

Twenty-two widows, with their dependent children,are now receiving the aid of the Society;

and a brief reference to their several cases will be sufficient to prove their necessities, and establish their claims. One is the widow of a Missionary in Polynesia, with a young family of nine children. Another, with seven children, is the bereaved partner of a devoted labourer in British India, who, in the prosecution of his missionary work, went to sea, and was shipwrecked and lost. The husband of a third was shot (it is hoped accidentally) by the French troops in Tahiti, leaving two infants. The husband of a fourth, leaving three young children, was drowned in one of the rivers of South Africa. Among the rest are devoted Christian women, who laboured with their deceased husbands in the mission field for twenty and thirty years, and who are now, in the evening of life, oppressed with the infirmities inseparable from a life of toil and anxiety in a tropical climate.

To meet the affecting and urgent wants of these widows and orphans, the Directors attempted, some years since, to establish a separate permanent fund, and several liberal contributions were made with that design, which are

invested in Government securities. But the annual produce of this fund amounts only to 2867., while the additional contributions for this specific object have not, on the average of the last three years, exceeded 1607. per annum ; making a total of less than 4507. On the other hand, the annual payments to widows and orphans during the same period have exceeded 1,1307.; leaving 680l. to be supplied from the general funds of the Society.

Most gladly would the Directors continue to appropriate this amount to an object of so much interest and importance, did the state of their finances permit; but the extension of the Society's missions, the expenditure of nearly all its funded property, and the inadequacy of its income for many years past, to meet its ordinary expenditure, compel them to make a distinct and urgent appeal to their friends on behalf of the widows and orphans of their departed Missionaries.

They urge no claim, however, requiring the exercise of unusual liberality, much less of selfdenial; but they venture to suggest a method of Christian benevolence which, if generally adopted would meet the necessities of the case, and prove as easy as it would be gratifying to the best feelings of the contributors. They respectfully recommend to the pastors and officers of the several churches by whom the Society is kindly sustained, on the first sabbath of the ensuing year, when they assemble with their brethren at the table of the Lord, to mark the occasion, by a special offering on behalf of the widows and children of their faithful messengers, who bave fallen in the field of Missionary toil.

It may be possible for the more numerous and more wealthy churches thus to appropriate a moiety of their sacramental offerings on that occasion; but the Directors would not in any in

stance press their application to the injury of the poor members of churches, who have the first claim on the sympathy of their brethren; in such cases they simply ask that those Christian communicants who are willing, may have the opportunity of making some addition to their usual contributions at the Lord's table; and that the amount thus given, over and above the ordinary sacramental collection, may be appropriated to this special object.

On the pastors and officers of the churches the success of the present application will mainly depend, and the Directors cherish the hope that you, dear sir, will give it your cordial and effective support by commending it to the deacons and members of your church, and thus securing their co-operation in an exercise of Christian mercy, which, while it will afford hallowed, though mournful, pleasure to the donors, will also awaken in the objects of their Christian sympathy renewed gratitude to the British Churches, combined with humble thankfulness to the God of the widow, and the father of the fatherless.

Urgently entreating your kind and hearty concurrence in the present application. I am, dear Sir,

On behalf of the Directors,
Yours faithfully,

ARTHUR TIDMAN, F. Secretary.

P. S. Should you be able kindly to accede to this application, allow me respectfully to suggest that extracts therefrom be read to your church, explaining the necessities of the widows and orphans of our Missionaries; and may I further request that you will transmit to me by post-office order, or otherwise, the amount specially contributed on the occasion for their relief, by the 15th of January; as it is desirable that the several contributions should appear in the Missionary Magazine for the following month.

No. I.

Building Societies.

REV. SIR, The CHRISTIAN WITNESS for December contains letters from three gentlemen, in reply to one from myself on the subject of Building Societies, which appeared in October. Favour me with space for a short rejoinder.

1. I have to remind Mr. Joyce that he has overlooked my particular request to be informed "How much money Mr. A. received as an advance upon his shares?"

2. I beg to state to Mr. Kershaw, that I do not apprehend "incalculable mischief" from the principle of co-operation involved in Building Societies, but from unqualified recommendations of the system as regards various points of practice. I do not understand such a thing as Mr. Joyce's" unqualified recommendation of the system, but only upon the supposition that the As80ciations are wisely founded." Mr. Kershaw's figures are equally deceptive with the others,not intentionally, of course, but from that entire ignoring of the operation of interest which the prospectuses and balance-sheets of Building So cieties so commonly exhibit. He states that a man who pays 2s. 6d. a week for 172 lunar months, instead of paying 4s. 7d. a month and

£60 in one sum at the end of the term, saves £13 15s. Now this is quite wrong; the man saves nothing at all, for the two payments are precisely equivalent at five per cent. interest, the rate assumed in the Society's Tables. What would become of a Life Insurance Company, which should thus disregard the equation between a present payment of given amount, and a deferred payment of larger amount?

Having stated in my former letter, that the advantage afforded by the Building Society, in accepting repayment of advances in monthly driblets, was "unquestionably great," I do 'not think Mr. Kershaw should have said I was not sufficiently straightforward to award any commendation for it. Nor am I open to the charge of arguing illogically, that because my Society failed, therefore all are to be avoided. My conclusions had been come to before I alluded to the Society to which I had belonged.

3. To Mr. Fincham I have to acknowledge that I committed an oversight in speaking only of the borrowing members as paying the fines. I should have qualified my statement thus, viz., that the borrowers, in estimating the rate of interest they pay, should include the expenses;

for whether these be defrayed by a specific charge or by fines, they, the borrowers, must bear their full share.

To the question, why the necessity of repairs and other outgoings should be taken into account in the prospectuses of Building Societies ? I reply, because it is not right to tell a man that he can become his own landlord for the difference between so many years' payments to the Society on the one hand, and the like number of years' rent on the other; seeing that the latter includes an allowance for repairs, insurance, income and other taxes, failure of tenants, and partial lapsing of the lease; all of which must be separately borne by him in the former case, to say nothing of the money value of the time and trouble which must be bestowed on looking after the property. After deducting all these drawbacks, it will be found that house property affords about the same rate of interest as other investments. If it were not so, it soon would be so, in a country where an enormous amount of capital is always available for profitable employment.

The only advantage which Building Societies afford, and the only point about them which Parliament has committed itself to an approval of, is that they get over the difficulty of dealing with driblets. Here are a thousand men, each of whom can pay to the Society a pound a month. Separately they could not invest their money on house property, but collectively they are in the position of a man who can afford to lay out in this way £1000 a month. How many of our fundholders are there not, who could do this month after month for twelve years together?-ay, or for twenty years? Why don't they? If it be worth the while of one man to raise money at from 5 to 8 per cent. (by joining a Building Society), and to pay fines and expenses, in order to buy house-property, much more is it worth the while of another man to raise money at 3 per cent. (by selling his consols), without any fines or expenses, for the same purpose. Why then do not our fundholders sell out and buy houses? Because house-property, after allowing for its expenses, uncertainties, and trouble, does not afford a better return than other investments.

The public, Mr. Editor, are much indebted to you, for allowing this free discussion of so important a subject; and especially will those persons be under obligation to you, who may be induced by it to look with more caution upon the statements of these promising institutions. I did not in my former letter, nor do I now, advise a man on no account whatever to borrow from a Building Society; but I do say, "moderate your expectations; remember, that although the A.'s and B.'s, and other myths of whom you read in prospectuses, got their houses wonderfully cheap, you must pay full value for yours; and do not go to a Society which promises too much to investing members,-the better for them, the worse for you. Unless your means of repayment are limited to what you can save out of weekly earnings, it is probable that you might borrow from a friend or employer. Do so, if possible. If not, then join a respectable Building Society, in which your term of contribution is limited to a certain number of years. By all means save every shilling you properly

can."

To investing members I say, "See to it, not

only that your Society be formed on sound principles, but that it be managed by practical men, who understand house property, and have some idea of the effect of compound interest. My Society was correct in principle, but it failed through errors in working. The results of similar errors in your Society will fall upon the class to which you belong."

One or two other points must be alluded to, in as few words as possible.

1. Foreclosure of a private mortgage is an inconvenience very likely to happen, where the money has been lent on land at the lowest current rate of interest, and where a turn in the market, increasing the value of money, may induce the lender to call in his capital, or demand another quarter per cent. But it is not likely where the security is house property, and the rate of interest the highest allowed by law.

2. It is obvious that the members of a Building Society can have no advantage over private investers, as regards the prices at which their houses are obtained. On the contrary, the number of persons on the look-out for investments must tend to enhance the price.

3. I have not overlooked the fact, that Mr. A. is said to have held his house on a repairing lease. I conclude, however, as Mr. Potts has done (though his figures are all wrong), that the statement is a mistake; for the results are inadmissible without this further complication.

Your other correspondents have given their names; and I was about to do the same, when it occurred to me that some might charitably suppose I had sounded this note of warning in the hope of consultation fees from the timid. I therefore adhere to my former designation of, Your faithful Servant,

"A MEMBER OF THE COUNCIL OF THIE INSTITUTE OF ACTUARIES."

Dec. 4th, 1850.

P. S.-Three months have elapsed since the date of my former letter, and I am still without my final dividend of 6s. 9d. Half-a-crown in the pound is all I have ever received. Can you afford space for the following extract from the standard work of my friend Mr. Scratchley, on this subject ?-page 38.

"In general, the statements put forth at the present day do not depend upon principles deduced from sound knowledge or careful reasoning, but seem rather to be the offspring of crude guesses, thrown out at random. The originators of the multitudinous variety of new and improved plans, promising such large benefits simultaneously to each of the two classes of members who alone constitute these Societies, might, with as much probability of success, devise a game of cards, at which all who played. should rise up winners. They do not reflect, that although a fair and reasonable benefit may be secured to the invester by lending on equitable terms to the borrower, yet any extra profit beyond that which is promised to the one, can only be obtained at the expense of the other."

No. II.

SIR,-Although some Building Societies have failed, it has not been owing to any evil principle inherent in them, but has been the result of neglect, ignorance, or dishonesty in those who had the management, or rather mismanagement, of them. There have been many brought to a

successful termination, benefiting both the purchasers of property and the investers of money; and there are many others in existence which bid fair to be conducted to a prosperous issue. I allude now to those established upon the "terminating "principle; but my opinion is, that the "permanent" principle, in relation to these Societies, is the best for both parties;-for the purchaser, because he can arrange for the repayment of the borrowed money at such a period as agrees with his circumstances; and for the invester of money, because, although he may not obtain as much interest as some of the terminating societies have paid, neither is he exposed to the losses incurred in others. When, however, Societies upon the "terminating" principle are formed, care should be taken that the prospectuses put forth concerning them should be in accordance with truth; and those about to join them should be informed more clearly than they generally have been, the amount of interest they will have to pay if they borrow money, or to receive if they invest it.

The

Some of the statements published in the CHRISTIAN WITNESS appear to me to be erroneous, and others very ambiguous, and are likely, therefore, to prove injurious to the cause they are intended to assist. In the number for August there is an extract from a publication, which, although upon the whole tolerably clear, is not so much so as I think desirable. For example, "Cole " asks, "How can they make £10 a year come to £20 in fourteen years? or how can they promise me £40 in fourteen years' time, if I pay them down £20 now?" answer is, because any sum employed for fourteen years, at five per cent. compound interest, will double itself. Now, although the latter statement is correct, the former one is not; although it is most likely only an error of the press to find the words "a year" after the £10; but supposing the words " a year" left out, both statements are ambiguous, and for this reason,that although it is true that the sums mentioned, viz., £10 and £20, will, if paid down in one sum, and used for fourteen years at five per cent. compound interest, realize £20 and £40, it is not the custom in Building Societies to receive the subscriptions in one sum. The above statement is ambiguous enough, but that which follows afterwards is more so, when " Read," who in the early part of the dialogue says, that the Society with which he is connected "only promises five per cent., and therefore only charges that," being asked by "Cole" what he shall have to pay if he joins a Society, answers thus: "That depends upon what you can afford to save. If you can save 2s. 6d. a week, you will have a £120 share after fourteen years." The ambiguity of this statement consists in this, that "Read" does not say "Cole" will have £120, but he will have an £120 share after fourteen years; but he does not inform him how much that share will be worth. Many of the prospectuses which have been published by such Societies have gone further, and stated that the shares subscribed for at that rate will be worth £120 in about twelve years; but this is untrue. Then, again, in reference to the two "funds" spoken of, viz., the "contingent" and "special," how are they provided? If the 17s. 6d. monthly payment for the loan of £100 will yield a surplus (which I think it will), and provide one or both such funds, it should be so

explained; if anything is charged in another form, it should be stated.

The two properties referred to by Mr. Joyce in the September Number, are extremely favourable specimens of the advantages to be derived by borrowing members of such Societies; but although they may be equalled in some localities, the like are not to be met with in others, in consequence of the different value of property. Nevertheless, where the cost to the purchaser is greater than in these cases, it is still a great advantage to be able to make the purchase by such means; and it is in reference to this most important feature of the advantages of Building Societies, "A Member of the Council of the Institute of Actuaries" makes his first mistake, in his letter in the Number for October. He asks a question, "Had he better borrow from a Building Society or from a private capitalist ?" but this is a question which cannot be entertained by the majority of those who purchase property through the medium of such Societies. As to the increased interest and the expenses to be paid for by the borrower, these must be calculated, and he must " count the cost ere he begins to build," as all prudent persons do; and if he cannot afford to pay the increased monthly charge (if any) over and above the rent he has been accustomed to pay, or which he may have to receive if he lets the property, he must abstain from borrowing.

With respect to the other statements made by "A Member of the Council of the Institute of Actuaries," enough has been said in reply to most of them by other correspondents. I will therefore only add my astonishment, that a person so well acquainted with figures should neglect to consult the annual balance-sheet, or, if he did examine it, that he did not sooner detect the errors which had been committed by the Directors.

Presum

Mr. Potts' calculation is erroneous. ing the Society will terminate in twelve years, agreeable to Mr. Joyce's statement, (although how a perpetual Society can terminate in that time I do not understand, unless the term perpetual refers to the second Society only,) his statement is, I think, perfectly correct. Mr. Potts appears to have overlooked the fact, that the payment of £2 14s. per month covers the repayment of the money borrowed, and the payment of the interest for its use. As to the repairs, the purchaser must have paid for them under the lease.

Before I close, I wish to say a few words upon the construction of some of the rules of terminating Societies, which Societies, I suppose, will continue to be countenanced by both borrowers and investers of money. First, I advise those who intend to invest their money, to see that the rules secure for them a fixed rate of interest for the money invested, if withdrawn during the second, third, fourth, and fifth year. Secondly, the money is seldom lent to profit after that period;-to take care and have a rule obliging the Directors, at the end of the fifth year, not to advance any money on mortgage beyond the amount which any member can claim upon the number of advanced shares for which he is a subscriber. Thirdly, to have a rule obliging the Directors to calculate the profit realized up to the conclusion of the fifth year; and whatever amount of nonthly compound interest to the close of the Society that will pay

to the unadvanced shares, to make it imperative upon the Directors to offer that sum as a bonus whenever any money is in hand, and authorizing them, if such bonus be not taken voluntarily, to ballot out the member paying them the like sum as bonus.

I am, Sir, Yours respectfully,

PHILIP CRELLIN.

198, St. George-street, London, December 9, 1850.

No. III.

SIR,-Being unwilling to occupy too much space in my former communication, written in reply to Mr. G. P. Joyce's paper on Building Societies, and leaving my figures to speak for themselves, I certainly did hope, that if any reply appeared, my figures would have been controverted, and my conclusion proved a mere fiction. Judge of my surprise, when taking up the WITNESS for December, to see upwards of four columns occupied by another communication from Mr. Joyce, still calculated "to mislead honest and industrious men !" I would sincerely say, with Mr. Joyce, "Readers of the CHRISTIAN WITNESS, be awake!"

I am not one of "the little happy fraternity who may be identified with associations whose interests may be jeopardized by the Building Society System;" but I am one who acted as Secretary from the commencement to the conclusion of a Building Society in Sunderland, and though often requested to lend my aid and name to kindred Societies since, I have always refused, — one who can balance his ledger,-one whose experience has given him some little knowledge of the Building Society system,-and one whose pen would not now have been put into requisition, except to correct the erroneous statements of Mr. Joyce.

Now I submit, that the question of Building Societies is neither more nor less than a question of pounds, shillings, and pence-of profit or loss; and that no individual ought to enter into or become a member of any Building or kindred Society ought not to listen to any argument, however specious, either for or against,-without calmly sitting down and calculating the cost. This Mr. Joyce professes to have done in page 430 of the WITNESS; he has there given his arithmetical calculations, and there can be no doubt Mr. Joyce felt himself able to enter into a long string of figures-no doubt he thought himself somewhat of an adept in arithmetic-or why did he send forth his calculations, which, in my opinion, are calculated to mislead; and what can I say to or of an individual, who, after appearing in manner aforesaid, should now, in page 596 of the WITNESS, say, "And even if I deemed it prudent, and had time, I could not go into a very long string of figures, as I should be compelled to do, to counteract the specious arguments of the gentlemen to whom I refer, as that would be eminently to confound, mislead, and puzzle, rather than inform, those who are not adepts in arithmetic, as I am not myself?" Now, if an individual cannot go into a long string of figures-be not an adept in arithmetic -then I submit that he is not the man to stand forth and counsel the honest and industrious to enter into any speculation or any Society whose business shall extend over a period of from twelve to fourteen years.

In page 595, Mr. Joyce refers to the investers and builders; and, as an incentive to the former, he promises 4 per cent. per annum, whilst the savings' banks only pay 3 per cent. Now there can be no doubt that a great many shares have been taken in Building Societies by persons for investment only; but what class of persons are they that invest, and for what purpose? They are generally those who have spare money, and are not satisfied with either 3 or 4, but want 6 per cent. for their money. A Society paying only 4 per cent. would last nearly eighteen years, whereas one paying 6 per cent. is calculated to close in twelve years; and such is the one to which Mr. Joyce refers not eighteen, but twelve years; that is, not 4, but 6 per cent. But in what position does the invester and builder stand in relation to each other, and in what relation does the solicitor stand to the Society?

Suppose a Building Society to be formed: the man of all work is the Secretary,-the man of all pay, the Solicitor. The members' names are enrolled, both investers and builders; rules, &c., all agreed on; the payments are made, and the Society is in a position to lend out money. The question occurs, who is to have it?-one and another wants it. This question can only be decided by ballot or sale; the latter mode is always adopted at the commencement of the Society, the former towards the conclusion. Notice is given of one or more shares for sale; there are then biddings by ticket, and the highest bidder at the last bidding obtains the pre-eminence, and is declared the purchaser. The same routine goes on afterwards, until there are no bidders at all. Then some step forward, and obtain their shares without paying any premium, this class are generally few. After these come the investers; there are no buyers, no takers, and the result is, the share or shares must be balloted upon those who have not already received their shares, i. e., the investers; and the invester upon whom the ballot falls must either find security for the money advanced, or pay the difference of interest between what is allowed by the bank and what the Society charge. Then the invester begins to feel the hardship, and would like to retire with his proportion of profits; but those who have had to pay a high premium for their money resist, and he must still remain a shareholder, or make a large sacrifice to get clear of the Society altogether.

When a share is sold, and the premium stated, it is divided into so many payments monthly, which, together with interest and principal, must be paid, failing which, the fines, which are now three times the amount, are charged, as the same fine for nonpayment of the principal is also charged on each of the other items sepa. rately; and if, through any disappointment in business, the borrower should miss payment for three or four nights, the accumulation of principal, interest, premium, and fines, is so great, that unless some friend steps in, he is rarely able to overcome it. And then comes the pay of the Solicitor; these are the cases they prefer. There is not only the first conveyance to the Society, but now sale by auction, conditions of sale drawing up, attendances, reconveyance by the vendors, and other et ceteras too numerous to mention; and the poor man, through an unguarded moment, is often strangled in his honest endeavours to raise a home. The most needy

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