Toowoomba Permanent Building Society is a heritage-listed former building society at 2 Russell Street, Toowoomba, Toowoomba Region, Queensland, Australia. It was designed by William Hodgen and built from 1934 to 1982. It is also known as Cleary & Lee Solicitors and Toowoomba Permanent Benefit Building and Investment Society. It was added to the Queensland Heritage Register on 21 October 1992.
History
The former Toowoomba Permanent Benefit Building and Investment Society building was designed as a solid and austere edifice of red facing brick. It was constructed in 1934 by contractor WR Smith, at a cost of £4390. The design was by prominent Toowoomba architect, William Hodgen. The building was Hodgen's last major work produced by him before his death in 1943. The building was extended on the western side in 1982.
The Toowoomba Permanent Benefit Building and Investment Society was established in 1875 in offices in Margaret Street. As the business expanded larger accommodation was sought in 1906 in Russell Street. In 1934 a decision was made to build an office on another site in Russell Street and these premises were opened in October 1934. The Toowoomba Permanent Building Society remained in this building until 1979.
The Toowoomba Permanent Building Society was the third permanent building society to be established in 1874, the other two societies being established in Brisbane in July and August. The establishment of a permanent building society had come about following the formation and subsequent closure of a number of terminating societies. Evidence suggests that the first terminating society was formed in Toowoomba late in 1862, on the initiative of William Henry Groom, the first Mayor of Toowoomba. The permanent society differed to the terminating society in that its system accredited interest annually rather that at termination.
Most Australian building societies were larger in size and function than the British societies with a tendency to evolve into building companies, land and mortgage banks or estate companies. They also tended to rely on small overdrafts from the trading banks in times of financial crisis or economic recession. Hence, in Australia, building society interest rates were frequently subject to the prevailing rates set by the banks, and the bank crash of 1893 was even the ruin of a number of dependent societies.
On 16 Sept 1874, the Toowoomba Chronicle's Brisbane correspondent published an editorial comment on the principles of co-operation and self-help reflected in the building society movement. The article emphasised how "an industrious man [has] an excellent opportunity to shake himself...free of his landlord...it facilitates the settlement in and around the settlement of trade of a....body of people who, having secured a stake in a place...are not tempted to migrate upon every trivial occasion..."
The benefits of retaining an itinerant workforce in or near a town meant increased population and, accordingly, increased prosperity. Such increases ultimately benefited the local building and agricultural industries, as well as commerce and trade. Greater government revenue became available through taxation and could be channelled into public works to the advantage of the town. The formation of the building society played an integral part in such economic growth. If wage earners could be encouraged to secure their own piece of land, they would make a contribution to the prosperity of the town.
Since 1876 the office of the Toowoomba Permanent Building Society had been located in a suite of rooms in Beirne's Chambers in Margaret Street. With the increased workload associated with the expansion of the business at the turn of the century, these premises became too cramped. By September 1905, the Directors began looking for new premises. In January 1906, rather than tendering for a new building, and declining Beirne's offer of the current premises for £1 per week, the Society called for offers of existing buildings. Within a week, the Society had six offers. On 15 January 1906, the Society accepted half of Bernard Dowd's offer for £1500 for premises situated on the southern side of Russell Street. Marks and Sons architects prepared plans and specifications for the renovation of the premises. The lowest tender, by HC Olsen for £260 and eight weeks, was accepted on 13 March 1906.