Rev. F Hales formed a society in 1867 to benefit the mechanics and tradesmen that were members of the Working Men's Club. Smallness of each share and the issuing of half-shares and branches established at Longford and Hagley permitted many more people to hold shares. Shareholders were encouraged to hold their shares beyond the required five years to provide themselves an annuity.
1868 'Launceston Savings, Investment, and Building Society.', The Cornwall Chronicle (Launceston, Tas. : 1835 - 1880), 15 July, p. 9. http://nla.gov.au/nla.news-article66464779