The First Building Society in Dunedin.

The first building society in Dunedin was projected in 1840, on board a Leith and London steamer, in which was a party of emigrants on their passage to join the ship Mariner, about to sail for Port Chalmers. Among the passengers were Messrs Edward M'Glashan, Thomas Bain, John Healey, Peter Lindsay, and others. Discussing plans for the future, when they should reach their destination, Mr M'Glashan happened to suggest that it would be a good plan to form a society for the purchase of land and for building upon it. Mr Bain, who had been a fellow-member with Mr M'Glashan in a similar association in Edinburgh, entered into the plan. Mr M'Glashan obtained a copy of the rules, and, after his return from a visit to the Australian Colonies, the Society was formed and the rules were adopted. Among other members was Mr John Hill, cabinet-maker. The Society was most successful. The balance-sheet was shown to Sir George Grey, then Governor, on his second visit to Dunedin. Who expressed his high approval of the manner in which the Building and Land Society had been conducted.