3 MARCH 1939, Page 54


Although the Halifax Building Society is much the largest building society in the world, accounting for about one-sixth of this country's building society investments, the trend of the society's figures is not necessarily that of the building society movement as a whole. A year ago the Halifax Society's new loans on mortgage advanced, while there was a slight recession over the country as a whole. In the year ending January 31st, 1939, it appears that the movement may have been reversed. The new advances by the Halifax declined by £606,620 to £20,340,996. Notwithstanding the slight decline, it must be recognised that the society has made new advances of over £20,000,000 a year for five successive years.

The other preliminary figures issued by the society are both encouraging and impressive. Total assets reached £128,242,856, an increase of £5,616,848, even though restrictions on new shareholdings and deposits have remained in -force. The total of shareholders' and depositors' money rose by £5,194,611 to £122,248,430 and the total of mortgage assets by £6,900,694 to L105,177 ,5 49 .