Huddersfield Chronicle (16/Nov/1895) - Local News: Huddersfield Equitable Permanent Benefit Building Society
Huddersfield Equitable Permanent Benefit Building Society.
We observe from the report read at the recent annual meeting of this society that the directors have shown themselves alive to the present low state of the money market by reducing the interest charged to borrowers from 4 to 3½ per cent. They have also been led to consider their position as regards depositors. For some years past they have allowed interest at 3 per cent on deposits, which they have now been reluctantly compelled, owing to the continued cheapness of money, to reduce to 2½ per cent. The grounds upon which these changes have been made cannot fail to be recognised and appreciated by their customers and the public generally. Investing shareholders have also been reduced from 4 to 3½ per cent. It is hoped that this change will enable the directors to find an outlet for the large sum now lying at the bankers, and when it is remembered that advances are now made at 3½ per cent, together with the fact that borrowers share in the profits, and that the society pays the cost of the mortgage deed and property tax, there should be no difficulty in obtaining borrowers with good securities.