Building Societies were created to allow poorer men, and women, to own homes when they had been previously excluded. The societies were designed to be friendly and accessible, and, at a national level, were the first opportunity millions of people in the country could potentially own their first home.
The first building society in Peterborough was the Peterborough Provincial Benefit Building Society but others have included the Peterborough 'RIchmond' Building Society and the Peterborough Model Building Society. The First Peterborough 'Richmond' Building Society began in 1884, shortly followed by the Second in 1886, which could have a maximum of 400 members. It was advertised as being 'the Easiest, Cheapest, Shortest, and Best for Working Men. Ladies and Children may be Members.' Whereas the PPBBS was for the benefit of male railway workers, this was open to other people, including women.
The Peterborough Model Building Society had four different societies, with the first starting in 1889. Subscribers were invited to meetings at the Bedford Coffee House, and a lecture 'by lime light' titled 'Britain's Homes: Past and Present' was provided by founder Arthur Conner at the Drill Hall in July and September. Ladies were 'specially invited.'
In 1931 the Second, Third and Fourth Model Building Societies were thrown into scandal after the secretary of the societies, a Mr Richard William Parr of Werrington, was arrested for embezzlement in the town hall following an inquiry. He faced the judges at the Peterborough Quarter Sessions in April and June, in what was a gruelling court case for the 71-year-old. He was found guilty of the three charges brought against him and sentenced to one year of hard labour in jail for each charge, his sentences running concurrently.
References:
The First Peterborough Model Building Society, Peterborough Standard, 29 June 1889, p. 4.
The First Peterborough 'Model' Building Society, Peterborough Standard, 10 August 1889, p. 4.
The First Peterborough 'Model' Building Society, Peterborough Standard, 31 August 1889, p. 4.
Building Society Sensation, Market Harborough Advertiser and Midland Mail, 27 March 1931, p. 2.
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