§ 39. Mr. Dayasked the Home Secretary whether he will give particulars supplied to him by the Chief Registrar of Friendly Societies for the total amount that has been advanced on mortgage by building societies for the 12 months ended to the last convenient date; and whether he has any information in his possession that will show the average amount of interest charged on these loans?
§ Sir S. HoareThe Chief Registrar of Friendly Societies informs me that the total amount advanced on mortgage by building societies during the year ended 31st January, 1937, was £140,310,068. The Registrar has no information as to the average rate of interest charged on the advances made during the year in question. From their advertisements it would appear that societies were ordinarily prepared to make new advances at an interest charge of 4½ per cent.
§ Sir S. HoareI am not quite sure to what the hon. Member refers. If he will send me further particulars, I will give him an answer.