Two great divisions of building societies exist, the terminating and the permanent, but the latter are rapidly superseding the former. In the best-condueted societies, sub scriptions are received at env time and to any amount, at the option of the member. The majority of members pay 'from ten to twenty shillings per month, and others pay smaller or much larger sums as convenient. Very large sums are received in some societies. Two societies in Bradford, Yorkshire, alone receive £900,000 per annum, and have 20,000 contributing members. Other large towns in the provinces are not far behind, and in London the societies are numerous, and in .the maul prosperous. The royal commissioners on friendly societies. reporting on this branch of their subject in 1872, say that they are below the mark in assuming that building societies form a group of bodies with a subscribed capital of over £9.000,000, a loan or deposit capital of over R6,000,000, over £17,000,000 total assets; having over £16,000,000 advanced on mort gage. and an income of over £11,000,000.
• ' The theory of these institutions is very simple. Money is collected in comparatively
small sums front large numbers of people., and lent to others who borrow upon real secur ity, either to build or tnule, or for any other purpose. There was a time when mem bers were only permitted to subscribe fixed sums at stated times, and every departure from rule was visited by heavy fines. Now, in the hest-conducted societies at least, very facility is given for varying. powers of investment to find a place for capital, little or much; and entrance and withdrawal are equally easy. In most cases, the repayments are upon it scale calculated to pay off both principal and interest in a certain number of years, usually about fourteen, but advances on private mortgage or repayable at the bor rower's convenience are becoming more frequent every year. In fact. the almost limit less adaptability of the building society system has only been appreciated of late years, mid every decade sees changes and improvements in it. Under the new legislation the societies may look forward to a still more prosperous future.