HALIFAX BUILDING SOCIETY.
The accounts of the Halifax Building Society, the largest building society in the world, reflect another year of steady progress. The total assets have risen by £8,298,431 to £I22,626,008. In spite of all forebodings of a decline in the volume of house building new advances on mortgage during the year increased by £454,863 to £20,943,616, and the total amount outstanding on mortgage account rose by £6,080,911 to £98,276,9oo. The assets also include liquid funds of £23,643,393. It is proposed to pay the same bonus as last year, making the total yield on the paid-up shares of class t, £3 15s. per cent. tax free and £4 5s. per cent. tax free on the subscription shares.
(Continued on page 452.)
FINANCIAL NOTES
(Continued from page 450.; PORTMAN BUILDING SOCIETY.
Good progress is also shown in the accounts of the Portman Building Society. The total assets rose from £4,491,235 to £4,538,105. Members took full advantage of the Society's expressed desire to receive further investments and new capital subscribed during 1937 amounted to over £500,000. This has greatly strengthened the liquid position. The Bank Loan of £312,000 has been entirely repaid and cash assets exceed £200,000.
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