BUILDING SOCIETIES
The view that building societies, given every encouragement, could play a vital part in promoting home ownership, was expressed by the chairman of the Metropolitan Permanent Building and Investment Society, Mr. Gordon J. Reid. at the annual meeting in Wellington. He said that during the year the demand for mortgage money had been quiet, and this had resulted in th® carrying of idle funds. Of the advances made during the year, the majority of borrowers availed themselves of the building society scheme whereby mortgage sinking funds, created by the taking up of B shares, earned interest at the dividend rate. This meant that repayments earned a considerably higher rate than that charged on the actual loan.
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Auckland Star, Volume LXXV, Issue 60, 11 March 1944, Page 3
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118BUILDING SOCIETIES Auckland Star, Volume LXXV, Issue 60, 11 March 1944, Page 3
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