62 Building Societies their Working and Advantages 



of paying off any larger sum each month, and thus 

 securing an earlier release of their property. 



There are certain law charges payable by a borrower, 

 but on an advance of 200 they should not exceed 

 4 or 5, and when the deeds are released on the 

 redemption of the mortgage a further small charge of 

 perhaps a guinea, or less, is made. 



A little consideration of the above figures will show 

 the great advantage of building societies to thrifty 

 people. Instead of paying rent to a landlord the 

 borrower of the above money has been putting a monthly 

 sum away for the purpose of buying his house, which 

 thus becomes his property in 14 years, when he has 

 neither rent to pay nor repayments to make. It has 

 become his own freehold or leasehold on which he has 

 henceforth only to pay the rates and taxes. This 

 illustrates the first sentence of this chapter which said 

 that building societies are based on the co-operative 

 principle. They should never prove a loss to their 

 members, but rather a substantial gain, for the sum 

 advanced is always less than the value of the property 

 mortgaged to the society. 



13. HOUSING AND TOWN PLANNING. 

 GARDEN CITIES 



There was a time when the rural population of our 

 country was greater than that in the urban districts, 

 but now the reverse is the case and every year sees a 

 large increase in the number of people who inhabit our 

 towns. In England and Wales about 28,000,000 live 



