MORTGAGE MONEY

Evening Post, Volume CXXV, Issue 69, 23 March 1938, Page 13

MORTGAGE MONEY

DEMAND QUIET

BUILDING CHECKED

HEAVY INCREASE IN COSTS

During the year the demand for mortgage money had been quiet, private building enterprise having received a severe check through the sudden heavy increase in building costs, said the chairman, Mr. Gordon J. Reid, at today's annual meeting of shareholders in the Metropolitan Permanent Building and Investment Society;

The details "disclosed in the balancesheet, he added, did not call for any special comment. The mortgage account showed a reduction of £8250, due to table reductions and repayments of several overdue mortgages. The B share account showed a decline of £3164, due to maturity and the restricted issue of shares. The directors had reduced the monthly issue of B shares to 25 per month, and were about to consider suspending the issue until such time as the demand for mortgage money improved. In the freehold property account the reduction in total was mainly due to the sale of -the Waterloo Road property. Even though two new properties appeared in the account, the position had improved, as a high-priced property had been disposed of and two new properties appeared at amounts which should affect ready

sales. "I am pleased to report that under the operation of the Mortgagors and Lessees Rehabilitation Act the society has not suffered any capital loss," concluded Mr. Reid, "the only amount j written off being arrears of interest 'amounting to 4s 6d." Several shareholders congratulated, the board on the satisfactory result of the year's working, and a sum of £100 was voted to the directors as a bonus. : The retiring directors, Mr. Gordon J. Reid and Mr. J. "Marchbanks, were re-elected- unopposed.