WHAT OF THE FUTURE?

Evening Star, Issue 23100, 28 October 1938, Page 14

WHAT OF THE FUTURE?

POSITION OF BUILDING SOCIETIES CRITIC ON GOVERNMENT’S INTENTIONS The future of building societies in the Dominion that are being conducted on a terminating basis, referred to by the' chairman (Mr F. W. Mitchell) at the annual meeting last night with apprehension because of legislation to be set in motion early next year, drew from one of the subscribers, Mr A. H. Valentine, a trenchant criticism of the contemplated action of the Government. He held that the proposed legislation was definitely not in the interests of the working class, for which this society amonz others catered, and he thought that the society would he acting to the advantage of this class were it to buy laud and erect houses for about £6OO. The chairman; Houses or shanties? Mr Valentine said that from what the chairman had said when he was moving the adoption of the directors’ report, it was contemplated to terminate the basis of the society and to commence a permanent one. He thought it a great pity that a society like this one would have to go put of business because of legislation introduced by the Government. Mr Valentine directed criticism at the building scheme of the Government, and added that he could not understand why tenants should have to pay the exhorbitant rents, such as was the case at Liberton. The building societies, like the friendly societies, should co-operate and make arrangements to cater for their members. The Government set out promises that it fulfilled like pie-crust—meant to be broken. This society operated principally for the working class, and throughout its existence it had fulfilled the objects for which it had been established. Mr Valentine commented that the balance sheet, like the others presented in the past, was a very healthy one, and all the groups seemed to show that they had been well managed.

The chairman commented he would be loth to see the society wound up. hut the members could not close their eyes to the situation. 'To-day, nobody seemed to be willing to bid for shares for sale.