Britain’s Building Societies

Northern Advocate, 21 April 1939, Page 5

Britain’s Building Societies

[British Official Wireless .'J (Received 12.30 p.m.) RUGBY, April 20,

The second reading of the Government’s Building Societies Bill was moved in the House of Commons yesterday by the Chancellor of the Exchequer, Sir John Simon. Ho mentioned that the share capital of the building societies in the United Kingdom now amounted to about £550,000,000 and deposits to another £150.000,000.

These sums were lent on house property on mortgage. At the end of 1937 the building societies’ assets stood at £710,000,000. Explaining that the last important legislation on building societies was ■passed in 1894, Sir John described the principal objects of the new measures. These all related to shortcomings which had been found to exist in the present law. The new proposals were necessary to safeguard the position of purchasers of houses as well as the societies and builders —the other parties involved.

Salvation Army Concert A high-class concert by the Newton Songsters, Auckland, will be given in Hie Salvation Army Hall, Whangarei, on Saturday night. Arriving at about 0 p.m.. the visitors will be entertained by their Whangarei friends. There will be 37 in the party under the control of their conductor, Mr Harold Sawyer. In addition to singing on Saturday night, they will take part in all the services on Sunday, when Major Montgomery will be the speaker. After the evening service on Sunday, the party will return to Auckland, The talent possessed by the songsters was. revealed a I a recent radio broadcast frem Auckland and their visit to Whangarei has consequently been looked forward to for some time.