Pendleton Co-operative Industrial Society

We took a pre-work walk out to the Salford Wetlands, this morning, which the Minx informed me used to be a race course. Suddenly that seemed really obvious and whilst I might be forgiven for not realising previously, maybe the mural of jockeys racing on their horses might have made me think!

We headed back home through a part of Salford we hadn't walked through before and saw this wonderful looking red brick building, which - going by its sign, at least - belonged to the Pendleton Co-operative Industrial Society.

I must find out more about both co-operative societies and building societies. They seem to have been useful institutions that didn't sit easily with capitalism, which makes me inclined to like them.

Many years ago I worked at the Bradford and Bingley when that was still a 'proper' building society. This was during the 'carpet bagging' years around the mid-nineties. I was actually involved in the project to send out members' letters for the forthcoming AGM (waaay more complicated than you might think).

I remember a meeting with the company solicitor who told me that he thought the campaign amongst certain members would succeed and how they would swap their shares in the society for shares in the newly formed bank. He told me - although I can't remember the details - how for the short-term cash benefit, they'd lose out in mortgage interest over the years to come. 

Inevitably, the society did 'de-mutualise' but as with the privatisation of the utilities company and, come to think of it, Brexit, you can't blame people who are not fully informed and sold on some short-term benefit: cash for the buyers of British Gas shares and Bradford and Bingley members, but worse than nothing for the Brexit voters.

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Reading: 'Jews Don't Count' by David Baddiel