THE NEW BUILDING SOCIETIES BILL. [To THE EDITOR OF THE
"SPECTATOR."] Sin,—Mr. Herbert Gladstone has again brought in a Building:. Societies Bill No. 2, founded on the Report of the House of' Commons (Mr. Jackson withdrawing in its favour one pre- viously introduced by himself to the same effect), while the Building Societies Committee, through Sir John Lubbock, have brought in one of their own (No. 3), and both Bills have been referred to the Committee on Law. The Government Bill, which must be considered as virtually that also of the- front Opposition Bench, is, it need not be said, more stringent than the other. It varies in a few particulars from that of last year, and contains an unfortunate provision requiring the- Registrar to make a separate report on building societies, and' that through the Home Office. This will, of course, tend to restrict the knowledge of building-society matters to those who, are specially interested in them, instead of bringing them to the- notice of all who take an interest in any of the various forma, of social activity to which the reports of the Chief Registrar relates. It would be a distinct step backwards.
In reference to this subject, attention should be called to a very striking return, headed "Building Societies (Properties, in Possession)," published last month, which shows that whilst 1,436 societies out of 2,371, or a trifle over 60 per cent,. returned no properties in possession, 725, or nearly 31 per cent., had properties on which £4,312,312 5s. 9d. was due when possession was taken, the net income from which was B/33,862: us. 4d.; and 211, or nearly 9 per cent., including some of the largest Metropolitan ones, had failed to make any return, "notwithstanding repeated applications by the Secretary of' State." These are surely bodies which need to be stringently
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