TECHNOBUREAUCRACY AND CITY LIFE Gross Advances for House Purchase 1967-1976:United Kingdom Numbers of advances percentage shares Total Number Building Local Insurance '000 societies authorities companies 1967 ... ... 83 11 6 607 1968 ... ... 84 9 3 593 1969 ... ... 87 6 8 530 1970 ... ... 86 9 5 623 1971 ... ... 86 10 4 755 1972 ... ... 83 12 3 805 1973 ... ... 81 15 4 676 1974 ... ... 79 16 5 543 1975 ... ... 83 15 3 788 1976 ... ... 93 5 2 767 (37) Compared to Australia and America the position of building societies (or their equivalent) is unique. In 1972 the proportion of all housing loans outstanding i~ Australia owed to building societies was 32%, 32% was owed to mutual savings banks, and 22 % was owed to government agencies. In America, in the same year, 45% of loans outstanding were owed to « savings and loan associations » ( the nearest US equiv,;tlent to building societies), 12% to mutual savings banks, and 10% to government agencies. In Britain in 1972 as much as 79% of housing loans oustanding was owed to building societies, 8% to local authorities, 8% to insurance companies and 5% to banks (38). In 1975 there were 385 building societies in the United Kingdom and the number has been declining steadily during this century mainly as a result of mergers. The assets held by building societies are massive and 18 societies are dominant. Indeed, these 18 societies accounted for over 80% of all building (37) HMSO op. cit., part. II, p. 86. (38) HMSO op. cit. part. II, pag. 87. 23
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