But more Church investment is needed now

By A Staff Reporter
Despite rapidly changing economic conditions, the Catholic Building Society has had a record year.
House purchase loans made by the C.B.S., during 1972 amounted to £291,003.
Commenting on this the general manager and secretary, Francis Higgins made it clear that even more could be done to help people if funds available to parishes and church organisations were invested with the Catholic Building _Society.
"Such investment may mean a slightly smaller return on
Jacques Maritain dies at 91
• Jacques Maritain, the French philosopher whom Pope Paul once described as "my teacher," has died in Toulouse aged 91. He had been living in retirement for the past ten years in a centre run by the little Brothers of Jesus.
He was born in Paris to nominally Protestant parents, but they were • largely indifferent to religion, He attended the Lycee Henry IV and went on to study philosophy at the Sorbonne.
His marriage in 1904 to a fellow student of Russian Jewish origin. Raissa Oumansoff, was the beginning of a fruitful intellectual partnership. He' was attracted to the ideas of Peguy and attended Bergson's lectures at the College de France.
In 1906 he and his wife became Catholics. influenced by Leon Bloy. For the next two years he studied mathematics and biology under Hans Driesch in Heidelberg. In 1908 he began a study of Thomas Aquinas at the suggestion of his spiritual adviser. Fr. Clerissac.
He lectured on Thomism at the College Stanislas from 1912 and two years later was elected to the Chair of Philosophy in the Institut Catholique in Paris. Here he expanded his ideas on Thomistic philosophy and made a major contribution to the Catholic Renewal in France after the First World War.
Pope Paul quoted Maritain's works in his encyclical Populorunr Pr(;vevsio on social justice: and in 1928, when a Vatican official, he translated Maritain's study of Luther. Descartes and Rousseau into Italian.
Maritain left France with General de Gaulle in 1940. and spent the rest of the war lecturing in the United States and aiding the intellectual resistance movement. capital but I think the kind of work we are doing is the kind that should be supported," he said.
Details of this work were given at the annual general meeting by C.B.S. chairman, the Hon. Mrs. Nona Byrne who said that the society had enjoyed a higher rate of growth than many larger societies and had doubled in size in just over four years.
Four factors in Mrs. Byrne's speech reinforced Mr. Higgins' plea for greater church investment even of short term funds.
First, more than 67 per cent of loans were made to people buying their first home.
Second, nearly a quarter of borrowers earned only the national average wage or less.
Third, one fifth of borrowers were women.
Fourth, more than 30 per cent of loans were made in conjunction with the Catholic Housing Aid Society, In her speech Mrs. Byrne said: "This is a great tribute to YOU. our members, and all those unable to be present today. It demonstrates your continued confidence that there is no more secure way to invest your savings, which go to help so many young couples and families to buy their own homes. This brings them security and happiness and often rescues them from poor housing conditions which are still such an unpleasant fact of life for so many people.
need not remind you that economic conditions for .Building Societies have been more complicated than in 1972. As a result, by May 1, you will have benefited from three increases in interest on your savings and I am glad to say that in the near future the interest rate will rise again, to a record 6.75 per cent which is worth 9.64 per cent yearly where you pay basic rate income tax. This will mean a large rise of 2 per cent Iron) 4.75 per cent to 6.75 per cent in just over six months. The directors are confident that these increases will encourage an even higher level of savings to meet the constant demand for home loans which continues at a very high level.
"At the same time, we shall be containing the necessary increase in the mortgage interest rate to 9.5 per cent for most of our borrowers, a rise of only 1.2 per cent since last November. Even with a considerable increase in operating efficiency in 1973, and the temporary Government grant of half per cent for three months, the gap between the investment and lending rate will be partly financed from our substantial reserves.
"Returning to the accounts before you for 1972, you will notice the big rise to £291,003 in the record amount loaned for house purchase. Since the Society started in 1961 it has been our consistent policy to assist families buying a house for the first time, and also women, unmarried or widowed, who have often been unfairly refused loans by other societies. In 1972 over 67 per cent or two thirds of loans made, were to people buying their first home.
Loans made to women were 23 per cent or over one fifth of the total. No loan of over £13,000, known as a special advance, was made and over 30 per cent of total loans were made in conjunction with the Catholic Housing Aid Society. Few, if any, building societies were probably able to achieve a similar order of priority lending. Of the total loans made 24 per cent or nearly a quarter were made to people earning the national average wage, or less.
"Building Societies have received some justified criticism for not doing enough to assist just the sort of people the Catholic Building Society is assisting. So as investors you can be quite certain that your savings are being put to the very best and safest use by your Society.
"The much publicised rise in house prices in 1972 is reflected in the Society's experience. The average price of houses and flats mortgaged increased to £8,200 compared with £6,900 in 1971. The average loan rose from £4,430 to £5,893. The average borrower's income, including joint incomes, was /2,560, cornpared with £2,270 in 1971.