BUILDING SOCIETIES
LEGISLATION IN BRITAIN. (British Official Wireless.l RUGBY, April 19. The second reading of the Government’s Building Societies Bill was moved in Zie House of Commons by the Chancellor of the Exchequer, Sir John Simon, who mentioned that the share capital of the building societies in the United Kingdom now amounted to about £550,000,000 and deposits to another £150,000,00. These funds were lent on house property on mortgage and 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 Simon described the principal objects of the new measure, which were all related to the shortcomings which had been found to exist in the existing law and which were necessary to safeguard the position of house purchasers as w'ell as societies and builders—the other parties involved.
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Wairarapa Times-Age, 21 April 1939, Page 5
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143BUILDING SOCIETIES Wairarapa Times-Age, 21 April 1939, Page 5
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