17:
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Once the society has accumulated sufficient funds from subscriptions, ballot meetings are begun and held on a monthly basis. Loan recipients are chosen by a lottery. Once a member has received a loan, they pay it back, along with any amount still owing on their original subscription commitment. Once
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A registered society is formed with a limited number of memberships available. New members are assigned a number and select the amount of loan they wish to apply for. Members then pay a monthly subscription for a set time period - e.g. 200 months. The amount paid each month is based on the amount
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In 1862 Richard B. Starr made some changes to Dr. Bowkett's scheme, including a slightly increased subscription fee and shorter subscription time, among others. The changes made the scheme more palatable to potential subscribers and Starr promoted his now copyrighted system aggressively. The Starr
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Dr. Thomas Edward
Bowkett was a London surgeon, and a vocal proponent of a number of progressive and unionist ideas. His scheme to provide "mechanics" with a means to become landholders, and thus have a greater influence on government, was first proposed during a series of lectures and articles in
78:
There were concerns over the lottery system involved in the scheme, which was carried out in full view of all members and therefore open to physical abuse to change those who received the funds. That, and the actions of some unscrupulous society managers, led governments in the
146:
Darnell, Maxine. The
Alternative Building Society - Starr-Bowkett Societies: function, growth and operation. Presented at Asia Pacific Economic and Business History Conference, Sydney, 12–14 February 2007
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As of 1 July 2019, no new Starr-Bowkett
Societies may be formed or registered. Existing societies may continue to operate, however, Starr-Bowkett Societies cannot admit any new members.
194:
179:
102:, Australia, sold its building in 2014 and moved operations to Strathfield. Its remaining schemes will continue to operate until the final loans are repaid.
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83:
to outlaw Starr-Bowkett societies there. However, they had spread to the
Australian colonies, and became a popular option for a burgeoning
166:
98:, Australia), and many were closed in the 1960s due to unscrupulous operators. The last known traditional Starr-Bowkett society, in
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all members have had the opportunity to take out a loan, the society is closed and the original capital returned to its members.
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95:
99:
21:
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from the late 19th century until the early to mid 20th century, they no longer exist in any form.
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8:
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that provided interest-free loans to its members and operated on the principle of mutual
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changes also made running a Starr-Bowkett
Society profitable for management.
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123:"Darnell, Maxine. Attaining the Australian Dream: The Starr-Bowkett Way"
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Some societies transformed over the years into mainstream banks (e.g.
41:
37:
167:
Statement of
Heritage Impact - DA201500082 - 43 Enmore Road Newtown
16:
169:(pdf file). Retrieved from the Marrickville Council website
180:"Register of unlicensed carried over instrument lenders"
40:, as espoused in 1843 by Dr T. E. Bowkett. Popular in
66:of the proposed loan, generally 0.25% of the loan.
195:"Co-operative housing and Starr-Bowkett societies"
149:
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20:The last known Starr-Bowkett Society, in
15:
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13:
14:
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193:Trading, NSW Fair (2020-09-03).
156:"History of Newcastle Permanent
32:was a co-operative, non-profit
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160:
1:
108:
7:
87:to afford their own homes.
24:, Australia, closed in 2014
10:
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73:
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25:
34:financial institution
30:Starr-Bowkett Society
19:
225:Mutual organizations
92:Newcastle Permanent
61:Logistics of loans
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199:NSW Fair Trading
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125:. Archived from
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96:Newcastle, NSW
81:United Kingdom
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129:on 2008-10-10
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202:. Retrieved
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131:. Retrieved
127:the original
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100:Newtown, NSW
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85:middle class
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204:2022-09-15
133:2008-05-27
109:References
42:Australia
38:self-help
219:Category
74:History
48:Origins
22:Newtown
53:1843.
94:of
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28:A
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