Page:Showell's Dictionary of Birmingham.djvu/133

Rh in the English societies was 320,076, in the scotch 11,902, and in the Irish 6,533. A return relating to these societies in England has just been issued, which shows that there are now 1,687 societies in existence, with a membership of 493,271. The total receipts during the last financial year amounted to £20,919,473. There were 1,528 societies making a return of liabilities, which were to the holders of shares £29,351,611, and to the depositors £16,3.51,611. There was a balance of unappropriated profit to the extent of £1,567,942. The assets came to £44,587,718. In Scotland there were 15,386 members of building societies; the receipts were £413,609, the liabilities to holders of shares amounted to £679,990, to depositors and other creditors £268,511; the assets consisted of balance due on mortgage securities £987,987, and amount invested in other securities and cash £67,618. In Ireland there were 9,714 members of building societies; the receipts were £778,889, liabilities to the holders of shares £684,396, to depositors and others £432,356; the assets included balance due on mortgage securities £1,051,423, and amount invested in other securities £79,812. There were 150 of the English societies whose accounts showed deficiencies amounting to £27,850; two Scotch societies minus £862, but no Irish short. It is a pity to have to record that there have been failures in Birmingham, foremost among them being that of the Victoria Land and Building Society, which came to grief in 1870, with liabilities amounting to £31,550. The assets, including £5,627 given by the directors and trustees, and £886 contributed by other persons, realised £27,972. Creditors paid in full took £9,271, the rest receiving 8s. 9d. in the pound, and £4,897 being swallowed up in costs. The break-up of the Midland Land and Investment Corporation (Limited) is the latest. This Company was established in 1864, and by no means confined itself to procuring sites for workmen's dwellings, or troubled about getting them votes. According to its last advertisement, the authorised capital was £500,000, of which £248,900 had been subscribed, but only £62,225 called up, though the reserve fund was stated to he £80,000. What the dividend will be is a matter for the future, and may not even be guessed at at present. The chief local societies, and their present status, areas follows:—

The Birmingham Freehold Land Society was started in 1848, and the aggregate receipts up to the end of 1882 amounted to £680,132 12s. 7d. The year's receipts were £20,978 16s. 5d., of which £11,479 represented payments made by members who had been alloted land on the estates divided by the Society, there being, after payment of all expenses, a balance of £11,779 12s. 9d. The number of members was then 772, and it was calculated that the whole of the allotments made would be paid off in four years.

The Friendly Benefit Building Society was organised in 1859, and up to Mid-summer, 1883, the sums paid in amounted to £340,000. The year's receipts were £21,834 19s. 6d., of which £10,037 came from borrowers, whose whole indebtedness would be cleared in about 5½ years. The members on the books numbered 827, of whom 684 were investors and 143 borrowers. The reserve fund stood at £5,704 5s. 9d. There is a branch of this Society connected with Severn Street Schools, and in a flourishing condition, 32 members having joined during the year, and £2,800 having been received as contributions. The total amount paid in since the commencement of the branch in June, 1876, was £18,181 13s. 11d. The Severn Street scholars connected with it had secured property during the past year valued at £2,400.

The Incorporated Building Society comprises the United, the Queen's, the Freeholders', and the Second Freeholders' Societies, the earliest of them established in 1849, the incorporation taking place in 1878. The aggregate receipts of these several Societies would