ON THE BUILDING AND LOAN ASSOCIATIONS OF THE STATE OF CALIFORNIA, BY THE BOARD OF COMMISSIONERS OF THE BUILDING AND LOAN ASSOCIATIONS, APPROVED MARCH 23, 1893, ΤΟ His Excellency Henry T. Gage, Governor of the State of California. REPORT. OFFICE OF THE BOARD OF COMMISSIONERS OF THE SAN FRANCISCO, CAL., October 1, 1899. TO HIS EXCELLENCY HENRY T. GAGE, Governor of the State of California: SIR: Pursuant to the requirements of the Act of March 23, 1893, creating the Board of Commissioners of the Building and Loan Associations, we present herewith the sixth annual report of this office, covering the work of this Board for the fiscal term from June 1, 1898, to May 31, 1899, inclusive. This report comprises the details and compilations from the annual reports of 151 associations in active operation, and which had then been doing business. for more than one year. Under the law as it now stands, associations are only required to report to this office at the close of their several fiscal years, or within thirty days. thereafter, as of that date; hence the last reports for the fiscal term covered by our report can only reach this office about July 1st, after which they have to be examined and the tabulations made to show the Assets and Liabilities, Receipts and Disbursements, and other necessary statistical tables required to enable us to arrive at a clear understanding of the trend of the business. Under existing conditions it is impossible to present a history of the affairs of all associations, as of any specific date, for the reason that these annual reports fall due during each and every month of the year. To remedy this defect, the law should be so changed as to require two reports each year, one as now made and one at some specific date, or so as to require all associations, heretofore or hereafter formed, to so change the time of making their annual reports that they will fall due on January 1st or July 1st of each year. With such a change in the law it would then be possible to present a report of the business of the entire State in a form that would be of material benefit to all concerned. These associations fill a sphere that no other financial institutions can fill, but like all other institutions that aim to handle the savings of the public, they must be honestly and economically managed; features |