Excerpt from Appendix to the Journals of the Senate and Assembly of the Thirtieth Session of the Legislature of the State of California, Vol. 7

To his Excellency H. H. Markham, Governor of the State of California: The first annual report of the Building and Loan Associations doing business in California is herewith respectfully submitted, in accordance with an Act approved March 31, 1891, and contains the statements of one hundred and eleven associations, together with a tabular sheet. The law requires each association to furnish to this Board a full sworn statement of its affairs and condition within thirty days after its annual meeting, and requires this Board to publish annually a full report of all associations in the same manner as the published reports of Savings Banks.

Building and Loan Associations have their annual meetings at differ ent dates, consequently this report does not Show the condition of all such associations at any given date, but the report is issued at this time for the reason that the requirements of the law seem to be that it shall be published at the same time as the bank reports.

The plan of working and the methods of accounts in the various associations are so different that it is at present impossible to prepare a uniform report as to statistical information, as the same questions do not apply to all, and in many cases no answers whatever were furnished.

It is hoped, however, that before another report is published, a gen eral system may be adopted by which the desired information can be readily Obtained and placed before the public in such a manner as to be easily comprehended by all.

Building and Loan Associations are very popular throughout the State, and have done much to develop certain districts, and have been of great help to the home builder, and when properly conducted, an important factor in our modern civilization. The Object of the new law is to render them, as far as possible, safe and sound, as they are to a certain extent the custodians of the savings of the people, and while all their patrons are shareholders, and therein differ from the deposit ors in Savings Banks, it is Wise legislation that bestows upon them all possible protection and prevents, as far as possible, the abuse of a most excellent system for the encouragement of economy and thrift.

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