average of £84 each. The borrowers repaid last year £104,000, and as
there was £482,000 now due on mortgage accounts the whole capital of the
society would be turned over in five years, instead of thirteen and a
half, the period for which the money was lent. The withdrawals had been
£85,409, which was considerably under the average, as the society had
paid away since the amalgamation £520,000, or £104,000 per annum. The
amount of interest credited to investors was £19,779. A total of
£100,000 had been credited in the last five years. The reserve fund now
amounted to £34,119, which was nearly 7-1/2 per cent. on the whole
capital employed.

_The Birmingham Building Society, No. 1_, was established in May, 1842,
and re-established in 1853. It has now 1,580 members, subscribing for
shares amounting to £634,920. The last report states that during the
existence of the society over £500,000 has been advanced to members, and
that the amount of "receipts and payments" have reached the sum of
£1,883,444. Reserve fund is put at £5,000.

_The Birmingham Building Society, No. 4_, was established in June, 1846,
and claims to be the oldest society in the town. The report, to end of
June, 1883, gave the number of shares as 801-3/4, of which 563-1/4
belong to investors, and the remainder to borrowers. The year's receipts
were £10,432, and £6,420 was advanced. The balance-sheet showed the
unallotted share fund to be £18,042, on deposit £3,915, due to bank
£2,108, and balance in favour of society £976. The assets amounted to
£25,042, of which £21,163 was on mortgages, and £3,818 on properties in
possession.

_St. Philip's Building Society_ was began in January, 1850, since when
(up to January, 1883) £116,674 had been advanced on mortgages, and