GLUT OF MONEY
BRITISH BUILDING SOCIETIES LONDON, August 19. Such a glut of money has poured into the coffers of British building societies that they are at their wits’ end to know what to do with it. A slump in Stock Exchange investment and the lessened return from British Government securities has been largely responsible for the golden flow of cash into bricks and mortar. Now the societies have revolted. “ We cannot take more than £250 on deposit at 31 per cent, at present,” they say, 41 because trustee securities arc not yielding what they used to do, and now the huge Government conversion loan is bringing down rates of interest all round. Consequently wo have to refuse any more until wo can bring down our interest rates to correspond.” There are over 2,500,000 investing members in building societies, which have been tho means of enabling hundreds of thousands of Britons to own their own homes.
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Evening Star, Issue 21193, 29 August 1932, Page 12
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156GLUT OF MONEY Evening Star, Issue 21193, 29 August 1932, Page 12
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