Britain: An official handbook > 1966
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BRITAIN: AN OFFICIAL HANDBOOK
International
Insurance Services
Building
Societies
business, acting as intermediaries in the exchange of contracts between
companies, both British and overseas, and often acting as London repre¬
sentatives of the latter.
Over two-thirds of the fire, accident and marine insurance business comes
from abroad, partly by direct placing in London and partly from branches
and agencies established in over 100 countries. The basic principle of this
international business is that resources capable of meeting any potential loss
are instantly available for use in any part of the world.
Behind this large and international volume of business stand the very
substantial assets of the companies, in addition to substantial reserves of
uncalled capital, and the whole of the deposits, underwriting trust funds and
personal fortunes of Lloyd’s underwriters.
The principal function of building societies is to supply long-term loans on
the security of private dwelling-houses purchased for owner occupation,
though loans are occasionally made on the security of commercial and
industrial premises and farms. The funds of building societies are derived
mainly from the general public who invest in shares or deposits. The amount
of share capital is not fixed; shares, which have a fixed value, are not dealt
with on the Stock Exchange but may be withdrawn in cash if notice is given.
The Building Societies Acts 1874 to 1962 prescribe the general way in
which societies must conduct their business. The Chief Registrar of Friendly
Societies has discretionary powers to stop a society either advertising or
accepting money from investors if he considers that the way in which the
society’s business is conducted is jeopardising investors’ money. The rapid
expansion of building society activity in the twentieth century has been
accompanied by a concentration of most of the business in the hands of a
few very large societies. At the end of 1964, 635 societies were in operation,
with total assets of £4,863 million. Ten of the largest societies, however,
each with assets of over £100 million, account for 60 per cent of the total
funds. The amount advanced on mortgage in 1964 was £1,043 million, a
record total.
BRITAIN: AN OFFICIAL HANDBOOK
International
Insurance Services
Building
Societies
business, acting as intermediaries in the exchange of contracts between
companies, both British and overseas, and often acting as London repre¬
sentatives of the latter.
Over two-thirds of the fire, accident and marine insurance business comes
from abroad, partly by direct placing in London and partly from branches
and agencies established in over 100 countries. The basic principle of this
international business is that resources capable of meeting any potential loss
are instantly available for use in any part of the world.
Behind this large and international volume of business stand the very
substantial assets of the companies, in addition to substantial reserves of
uncalled capital, and the whole of the deposits, underwriting trust funds and
personal fortunes of Lloyd’s underwriters.
The principal function of building societies is to supply long-term loans on
the security of private dwelling-houses purchased for owner occupation,
though loans are occasionally made on the security of commercial and
industrial premises and farms. The funds of building societies are derived
mainly from the general public who invest in shares or deposits. The amount
of share capital is not fixed; shares, which have a fixed value, are not dealt
with on the Stock Exchange but may be withdrawn in cash if notice is given.
The Building Societies Acts 1874 to 1962 prescribe the general way in
which societies must conduct their business. The Chief Registrar of Friendly
Societies has discretionary powers to stop a society either advertising or
accepting money from investors if he considers that the way in which the
society’s business is conducted is jeopardising investors’ money. The rapid
expansion of building society activity in the twentieth century has been
accompanied by a concentration of most of the business in the hands of a
few very large societies. At the end of 1964, 635 societies were in operation,
with total assets of £4,863 million. Ten of the largest societies, however,
each with assets of over £100 million, account for 60 per cent of the total
funds. The amount advanced on mortgage in 1964 was £1,043 million, a
record total.
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The item on this page appears courtesy of Office for National Statistics and may be re-used under the Open Government Licence for Public Sector Information.
| Britain and UK handbooks > Britain: An official handbook > 1966 > (450) |
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| Permanent URL | https://digital.nls.uk/204633249 |
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| Description | 'Britain: An official handbook' was produced annually by the Central Office of Information from 1954-1998. There are 44 volumes available here to view. |
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| Shelfmark | GII.11 |
| Description | Three titles produced by the British Government from 1954-2005 describing 'how Britain worked'. They are: 'Britain: An official handbook' (1954-1998), 'Britain: The official yearbook of the United Kingdom' (1999-2001), and 'UK: The official yearbook of the United Kingdom of Great Britain and Northern Ireland' (2002-2005). These 50 reports provide an overview of Britain's economic, social and cultural affairs, its environment, international relations, and the systems of government. They give an impartial summary of government policies and initiatives, and explain how public services are organised. |
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