Lands.—In Birmingham it is bought and sold by the square yard, and very pretty prices are occasionally paid therefor; our agricultural friends reckon by acres, roods, and perches. The Saxon "hyde" of land, as mentioned in Domesday Book and other old documents, was equivalent to 100, or, as some read it, 120 acres; the Norman "Carncase" being similar.
Land Agency.—An International Land and Labour Agency was established at Birmingham by the Hon. Elihu Burritt in October, 1869; its object being to facilitate the settlement of English farmers and mechanics in the United States, and also to supply American orders for English labourers and domestic servants of all kinds. Large numbers of servant-girls in England, it was thought, would be glad to go to America, but unable to pay their passage-money, and unwilling to start without knowing where they were to go on arriving. This agency advanced the passage-money, to be deducted from the first wages; but, though the scheme was good and well meant, very little advantage was taken of the agency, and, like some other of the learned blacksmith's notions, though a fair-looking tree, it bore very little fruit.
Land and Building Societies.—Though frequently considered to be quite a modern invention, the plan of a number uniting to purchase lands and houses for after distribution, is a system almost as old as the hills. The earliest record we have of a local Building Society dates from 1781, though no documents are at hand to show its methods of working. On Jan. 17, 1837, the books were opened for the formation of a Freehold Land and Building Society here, but its usefulness was very limited, and its existence short. It was left to the seething and revolutionary days of 1847-8, when the Continental nations were toppling over thrones and kicking out kings, for sundry of our men of light and leading to bethink themselves of the immense political power that lay in the holding of the land, and how, by the exercise of the old English law, which gave the holder of a 40s. freehold the right of voting for the election of a "knight of the shire," such power could be brought to bear on Parliament, by the extension of the franchise in that direction. The times were out of joint, trade bad, and discontent universal, and the possession of a little bit of the land we live on was to be a panacea for every abuse complained of, and the sure harbinger of a return of the days when every Jack had Jill at his own fireside. The misery and starvation existing in Ireland where small farms had been divided and subdivided until the poor families could no longer derive a sustenance from their several moieties, was altogether overlooked, and "friends of the people" advocated the wholesale settlement of the unemployed English on somewhat similar small plots. Feargus O'Connor, the Chartist leader, started his National Land Society, and thousands paid in their weekly mites in hopes of becoming "lords of the soil;" estates here and there were purchased, allotments made, cottages built, and many new homes created. But as figs do not grow on thistles, neither was it to be expected that men from the weaving-sheds, or the mines, should he able to grow their own corn, or even know how to turn it into bread when grown, and that Utopian scheme was a failure. More wise in their generation were the men of Birmingham: they went not for country estates, nor for apple orchards or turnip fields. The wise sagaciousness of their leaders, and the Brums always play well at "follow my leading," made them go in for the vote, the full vote, and nothing but the vote. The possession of a little plot on which to build a house, though really the most important, was not the first part of the bargain by any means at the commencement. To get a vote and thus help upset something or somebody was all that was thought of at the time, though now the case is rather different, few members of any of the many societies caring at present so much for the franchise as for the "proputty, proputty, proputty." Mr. James Taylor, jun., has been generally dubbed the "the father of the freehold land societies," and few men have done more than him in their establishment, but the honour of dividing the first estate in this neighbourhood, we believe, must be given to Mr. William Benjamin Smith, whilome secretary of the Manchester Order of Odd Fellows, and afterwards publisher of the Birmingham Mercury newspaper. Being possessed of a small estate of about eight acres, near to the Railway Station at Perry Barr, he had it laid out in 100 lots, which were sold by auction at Hawley's Temperance Hotel, Jan. 10, 1848, each lot being of sufficient value to carry a vote for the shire. The purchasers were principally members of an Investment and Permanent Benefit Building Society, started January 4, 1847, in connection with the local branch of Oddfellows, of which Mr. Smith was a chief official. Franchise Street, which is supposed to be the only street of its name in England, was the result of this division of land, and as every purchaser pleased himself in the matter of architecture, the style of building may be called that of "the free and easy." Many estates have been divided since then, thousands of acres in the outskirts being covered with houses where erst were green fields, and in a certain measure Birmingham owes much of its extension to the admirable working of the several Societies. As this town led the van in the formation of the present style of Land and Building Societies, it is well to note here their present general status. In 1850 there were 75 Societies in the kingdom, with about 25,000 members, holding among them 35,000 shares, with paid-up subscriptions amounting to £164,000. In 1880, the number of societies in England was 946, in Scotland, 53, and in Ireland 27. The number of members in the English societies was 320,076, in the scotch 11,902, and in the Irish 6,533. A return relating to these societies in England has just been issued, which shows that there are now 1,687 societies in existence, with a membership of 493,271. The total receipts during the last financial year amounted to £20,919,473. There were 1,528 societies making a return of liabilities, which were to the holders of shares £29,351,611, and to the depositors £16,351,611. There was a balance of unappropriated profit to the extent of £1,567,942. The assets came to £44,587,718. In Scotland there were 15,386 members of building societies; the receipts were £413,609, the liabilities to holders of shares amounted to £679,990, to depositors and other creditors £268,511; the assets consisted of balance due on mortgage securities £987,987, and amount invested in other securities and cash £67,618. In Ireland there were 9,714 members of building societies; the receipts were £778,889, liabilities to the holders of shares £684,396, to depositors and others £432,356; the assets included balance due on mortgage securities £1,051,423, and amount invested in other securities £79,812. There were 150 of the English societies whose accounts showed deficiencies amounting to £27,850; two Scotch societies minus £862, but no Irish short. It is a pity to have to record that there have been failures in Birmingham, foremost among them being that of the Victoria Land and Building Society, which came to grief in 1870, with liabilities amounting to £31,550. The assets, including £5,627 given by the directors and trustees, and £886 contributed by other persons, realised £27,972. Creditors paid in full took £9,271, the rest receiving 8s. 9d. in the pound, and £4,897 being swallowed up in costs. The break-up of the Midland Land and Investment Corporation (Limited) is the latest. This Company was established in 1864, and by no means confined itself to procuring sites for workmen's dwellings, or troubled about getting them votes. According to its last advertisement, the authorised capital was £500,000, of which £248,900 had been subscribed, but only £62,225 called up, though the reserve fund was stated to be £80,000. What the dividend will be is a matter for the future, and may not even be guessed at at present. The chief local societies, and their present status, areas follows:—
The Birmingham Freehold Land Society was started in 1848, and the aggregate receipts up to the end of 1882 amounted to £680,132 12s. 7d. The year's receipts were £20,978 16s. 5d., of which £11,479 represented payments made by members who had been alloted land on the estates divided by the Society, there being, after payment of all expenses, a balance of £11,779 12s. 9d. The number of members was then 772, and it was calculated that the whole of the allotments made would be paid off in four years.
The Friendly Benefit Building Society was organised in 1859, and up to Midsummer, 1883, the sums paid in amounted to £340,000. The year's receipts were £21,834 19s. 6d., of which £10,037 came from borrowers, whose whole indebtedness would be cleared in about 5-1/2 years. The members on the books numbered 827, of whom 684 were investors and 143 borrowers. The reserve fund stood at £5,704 5s. 9d There is a branch of this Society connected with Severn Street Schools, and in a flourishing condition, 32 members having joined during the year, and £2,800 having been received as contributions. The total amount paid in since the commencement of the branch in June, 1876, was £18,181 13s. 11d. The Severn Street scholars connected with it had secured property during the past year valued at £2,400.
The Incorporated Building Society comprises the United, the Queen's, the Freeholders', and the Second Freeholders' Societies, the earliest of them established in 1849, the incorporation taking place in 1878. The aggregate receipts of these several Societies would reach nearly 3-1/2 millions. The amounts paid in since the amalgamation (to the end of 1882) being £1,049,667. As might be expected the present Society has a large constituency, numbering 6,220 members, 693 of whom joined in 1882. The advances during the year reached £78,275, to 150 borrowers, being an average of £500 to each. The amount due from borrowers was £482,000, an average of £540 each. The amount due to investors was ££449,000, an 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 £28,921 repaid to depositing members. The society had then 326 members, holding among them 1,094-1/4 shares. The year's receipts were £13,136, and £7,815 had been advanced in same period. The reserve fund was £3,642; the assets £65,940, of which £54,531 was on mortgages, £7,987 deferred premiums, and £2,757 properties in hand.
Several societies have not favoured us with their reports.