HALIFAX BUILDING SOCIETY
In an estimate of the building society outlook in these columns last month it was sugges. ted that a downward adjustment of the interest paid to shareholders and depositors
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FINANCE AND INVESTMENT
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was to be expected. It was suggested, too, that the building societies were well on their way to getting back to their normal business with their financial strength unimpaired, but their operations cut down to the lower level necessitated by war-time building restrictions. Both these forecasts have been amply fulfilled in the speech which Brigadier- General Sir Edward N. Whitley delivered to the mempers of the Halifax Building Society on Monday.
The Halifax, which is far the largest of the societies, has already given notice to reduce interest rates from June 3oth, 1940. They are anticipating, no doubt, that the income tax discussions now proceeding with the revenue authorities will place additional burdens on the societies. anticipating, too, that the discussions which the societies are now holding will result in a general move towards lower interest. But Sir Edward Whitley gave the borrowers the welcome assurance that the directors had decided against any increase in the rates charged on existing mortgages on grounds of public policy. He also made the welcome announcement that the society has already resumed, its normal business on a reduced scale and he welcomed 'the Government's assurances as to compensation for war damage to property. * *
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