BUILDING SOCIETIES.
GREAT ADVANCE RECORDED IN ENGLAND. EFFECT ON EMPLOYMENT. Last year (1935-36) the assets of building societies reached £601,000,000, and the total amount advanced on mortgage during the year exceeded £130,000,000—a record in the history of the movement, said Sir Enoch Hill, president of the Halifax Building Society. This compared with assets of £77,000,000 in 1919, when the relatively modest sum of £16,000,000 was lent. The total amount lent by building societies since the end of the war, mainly for house purchase, passed the £1,000,000,000 mark recently. One of the benefits resulting from this huge loan was that hundreds of thousands of people now had a stake in the country in which they lived. A notable fact also was that the major part of this vast sum had been expended to create employment in the building and allied trades and in professional quarters, and must, therefore, have been a powerful factor in reducing the incidence of unemployment throughout the country. Between 80 and 85 per cent, of the cost of a house went in wages, materials, etc.
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Wairarapa Times-Age, 1 April 1938, Page 14
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178BUILDING SOCIETIES. Wairarapa Times-Age, 1 April 1938, Page 14
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