Financial Notes (Continued from page 323)
I state below, for your information, the percentage of deposits to mortgage loans held at the end of each of the last three years, as shown by the Report of the Chief Registrar of Friendly Societies. By implication this statement also shows a corresponding per- centage of deposit capital to investing members' share capital held by societies generally and also by this society in each of the last three years :— Borrowers, ex- cluding Parts 2 and 3 of the Per.
schedule. Years. centage, All societies 35,711,393 170,875,335 1926 20
38,567,925 197,384,866 1927 19
41,382,801 227,125,801 1928 18 Halifax Building 8,360,037
38,763,191 Jan. 31,
1928 21 Society 7,948,766 40,570,655 Jan. 31, 1929 19
8,000,107 44,783,384 Jan. 31, 1.930 17 This society's experience and provision may be taken as typical of the building societies of the country. I also enclose a copy of the last report and balance sheet of this society and a specimen depositor's passbook and a copy of the rules of the society.
All deposits in building societies are received in accordance with the terms set out in the Building Societies Act of Parliament, and in the passbook enclosed there is a print of Section 15 of the Building Societies Act, 1874. limiting the amount which may be outstanding at any time and due from a building society to its depositors. In • this society there is an even greater safeguard against abnormal withdrawals than is provided for in the Act of Parliament, because the special rules of the deposit department of this society, set out on page 4 of the deposit passbook, require six months' notice to be given, unless waived, for the withdrawal of sums in excess of £100. The withdrawal of investing shares is also regulated by the rules of the society. Rule No. 90 provides that the directors shall have power to limit the number of shares which shall be withdrawn in any month.—Yours faithfully, Depositors and other creditors.
A.W.K.
Previous page