| AdminHistory | The Stepney and East Suburban Building and Investment Society was originally enrolled in 1864 as The Stepney Permanent Benefit and Building Society and was based in Commercial Road. The subscription of 5s. per share per month would 'raise a stock or fund by monthly subscriptions for making advances to members ... upon the security of freehold ... by way of mortgage' (1). Investing members were guaranteed 'a good rate of profit and first-class security and prompt withdrawal' (2). Although directors often lived in East London, one exception was Henry Norris, a wealthy house builder based in Fulham. His business connections with Edwin Evans, an estate agent and member of the London County Council facilitated his entry into the Society (3). At his first Annual General Meeting in charge in 1931, Norris undertook to maintain the Society's sound financial position (4).
The Stepney and East proudly discharged its duties 'with due regard to the safety of members' money' (5), and without 'that scrupulous carefulness which eliminated enterprise, and that carelessness which jeopardised security' (6). The aforementioned Evans wanted the Society to direct its attention to 'that class of people who made the best citizens...who desired to own the houses in which they lived' (7).
Building societies evolved as a tool of institutional self-help during the 19th century, along with friendly societies, burial clubs and savings banks. At their outset, they were supported by established mutual associations. By the 1930s, they had become the dominant player in the mortgage market, given their success in attracting funds and investing in property (8).
In 1944, the Stepney and East decided to become the Vigilant Building Society, to counteract the impression that its operations 'were confined to Stepney and the suburbs' (9). The long association with Stepney continued, as the organisation moved its remit further afield, confident that the change would achieve this (10). The simplification of house purchase 'for occupation or investment...easy monthly payments for a few years instead of rent for life' remained a prime objective (11).
Sources of information:
1. Dickens' Dictionary of Old London (1879) in victorianlondon.org
2. '£14,000 already advanced!' : p.1 in The East London Observer, Saturday 9th April, 1870
3/4. 'Henry Norris at The Stepney and Suburban Permanent Building Society' (2008) in wrightanddavis.co.uk
5/6. 'Stepney and Suburban Permanent Building Society: Annual Meeting': p.5 in The East London Observer, Saturday 1st February, 1902.
7. 'Stepney's Oldest Building Society: Surest Aid To Thrift' : p.3 in The East London Observer, Saturday 4th February, 1923.
8. Luke Samy (2008): The Building Society Promise in Building Societies and Home Owners c.1880-1913 (University of Oxford Discussion Papers in Economic and Social History, No.72)
9. 'The Stepney and Suburban becomes 'The Vigilant'' : p.3 in The East London Observer, June 2nd, 1944
10. 'Vigilant Building Society' p.2 in The East London Observer, November 3rd, 1944
(References 2; 5-7; 9-10 : British Newspaper Archive)
11. bsa.org.uk |