Ashburton Borough Centenary/Catering for Finance

Ashburton in 1875 was a bare, treeless place — an overnight stop for travellers beside the ford over the river. About 200 lived in dwellings that were anything but permanent. There were four hotels, a racecourse, the traffic bridge and the railway by 1874. Today it is a prosperous, pleasant town with a population of 14,500 and a gross capital value of $167,294,800. It has many fine buildings, public and private, good shopping facilities and cultural amenities. A seal has been put on its growth over the last 30 years with the provision of a handsome new library and administration building in the Civic Centre Complex and a new comprehensive secondary college in Walnut Avenue. It is known throughout New Zealand for its record turnover in retail business.

Two investment societies have done their share in promoting the erection of these fine residential and commercial buildings — the Ashburton Permanent Building and Investment Society (from 1978 Ashburton Permanent Building Society) and the Ashburton Loan and Investment Society. In fact, as long ago as 1884 the Borough Council paid back a loan it had received from the former Society for the library. This is the older one of the two.

The Chairmen of its Board read like a history of Ashburton. Captain George Coleman (1875-6), Dr. J. E. Trevor (1876–1910), Hugo Friedlander (1910-17), Joshua Tucker (1917-21), Robert Bell (1921-6), F. W. Watt (1926-35), R. A. Collins (1935–51), William Woods (1951-57), J. B. Nicoll (1957-78). Dr. Trevor chaired the provisional meeting in 1875 and was later Chairman for 34 years. Trevor’s Road and Trevorton perpetuate his memory and he was the first medical officer at the hospital. Thomas Bullock, the first Mayor of Ashburton, a keen businessman and Chairman of the Gas, Coal and Coke Company, also served on the Board as did Hugo Friedlander from its inception. He was well known for his public spirit and was three times Mayor.

On June 22, 1977, the Society held its 102nd Annual Meeting. It celebrated its Centenary in 1975 and will be three years older than the Borough when it celebrates its Centenary. The present officers are: Chairman of Directors, D. G. Church; Vice ​Chairman, D. J. Binns; and the members of the Board are J. B. Nicoll, R. G. Sinclair, J. M. McFadden, and R. T. Thomas. The Manager is C. D. Green.

Good luck to the Society’s second century of progress!

The Ashburton Loan and Investment Society

This Society began life in 1893 as the Ashburton Industrial Building Society in rented quarters at the southern end of the Arcade where W. B. Upton had his premises in recent times. It was then a “terminating” society, but in 1909 changed its name to the Ashburton Loan and Investment Society and Bank of Deposit. J. B. Christian, the Manager from 1909 to 1926, was succeeded by W. H. Amos in 1927-50. In 1938 the Society moved into its own new building in Tancred Street. It was now a “permanent” society.

In 1950, J. W. Keig became the Manager and the name was changed. The “and Bank of Deposit” was dropped from the title and it assumed the name it bears today, The Ashburton Loan and Investment Society. In 1977, I. A. Pearce became Manager on J. W. Keig’s retirement, and J. D. Keig was promoted to Accountant.

Among the longest serving Directors on the Board were William Bryant, 41 years from 1909 to 1950; Thomas Wilson, 29 years, from 1918 to 1947; E. H. Orr, 26 years, from 1926 to 1952; A. J. Millichamp, 23 years from 1925 to 1950; W. B. W. Bell, 25 years from 1938 to 1962; R. G. Shearman, 23 years, from 1925 to 1948; T. L. Crooks, 23 years, from 1949 to 1972; C. H. Hardy, 18 years, from 1955 to 1973; E. Brophy, 19 years, from 1956 to 1975; and R. J. Millichamp, 15 years from 1962 to 1977. It has been in existence for 85 years — a great record in business for the Ashburton Loan and Investment Society, now approaching its first century.