BUILDING SOCIETIES.

New Zealand Herald, Volume LXI, Issue 18703, 8 May 1924, Page 13

BUILDING SOCIETIES.

, ■■ - "• '-.v V -S —i ■ , i: POSITION iN THE DOMINION. ' ASSETS - AND SERVICE. There are 38 'permanent building societies fin New Zealand; ' according to the latest statistical returns. These, have balances ; owing to them by 5086 borl rowers, aggregating £2,364,325, an average of / £465. But this represents only av fraction of what the permanent- societies have I-advanced . to thrifty.', householders during the past half-century, of which the balance i has been repaid practically ' in the form of rent. •' ... . Terminating building societies are run on quite a different principle, and their total'number shows a tendency to de- • crease, but this is more than made up by an increase in the numb -of groups into , . which they . are divided. There are now i 129 groups, which for all . practical » pur- ' posies are different /concerns, and ' the latest returns show balances outstanding amounting to £1,344,608, owed by §099 ». borrowers, .an average »of £364.. Here, : fcgain, the total amount 'now owing is : only a small part of the financial assistance that has been given, over a long series of years, to thousands of people who now own : their . own ; homes, but would otherwise be paying rent. " In addition to these advances amounting to, 708,933 owing to the 81 build- . ing societies, the" own other - investments amounting to £151,419, and; cash -in hand and on " deposit £137,865, a total amount of . assets worth £3,998,217. • Compared with the 81 building societies in New Zealand, there are 148 in New South -Wales, and 30 in Victoria, but only ■ 49 in the rest of Australia' and Tasmania.