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CO-OPERATIVE SAVINGS AND CREDIT 

 SOCIETIES IN CANADA.* 



Co-operative savings and credit societies in Canada, owe their 

 existence to the altruistic purpose and able initiative of Mr. 

 Alphonse Desjardins, a resident of the city of Levis, Quebec, and 

 one of the officials of the House of Commons, Ottawa. For 

 over ten years Mr. Desjardins has been a careful student of co- 

 operation, and has watched with interest the progress of the co- 

 operative movement in England, France, Germany, Italy, Belgium, 

 Austria and other countries. One form of co-operation, in 

 particular, has appealed strongly to him, impressed as he has been, 

 with the need of encouraging thrift amongst his fellow-townsmen 

 and countrymen, and of finding for the financially feeble some 

 means of effectively supplying the need of personal credit, where 

 merit and circumstances alike warrant and opportunity alone is 

 lacking. The form is spoken of as co-operative credit. 



This form of co-operation has found expression in the several 

 countries of Europe in credit societies and people's banks, extend- 

 ing to the number of several hundred and even thousands. In 

 France Les Batiques Populaires and Les Caisses Rurales, as they are 

 called, number over 2,000. In Germany there are 12,000 and 

 more, 'co-operative credit societies and loan banks. In Italy the 

 Banche Popolare {Banques Populaires), the Casse Rurale {Caisses 

 Rurales) and the ' Catholic' banks, number over 2,500 ; in Belgium 

 over 300 ; and in Austria nearly 5,000. In Russia the number of 

 similar institutions is over 5,500. In England the people's banks 

 and co-operative credit societies are also numerous and have 

 been increasing yearly in number. 



All these institutions have this in common ; they aim through 

 the encouragement of thrift to create a capital out of the savings 

 of persons of very limited means, which capital may be profitably 

 invested and opportunity thereby afforded such persons of secur- 

 ing advances and loans at reasonable rates, where otherwise loans 

 might be obtainable only at usurious rates, or not obtainable at all. 



Origin of the Levis Society. 



Mr. Desjardins undertook, in IQOO, to establish among the 

 people of his own locality a co-operative savings and credit 

 society, or people's bank. In September of that year he brought 

 together at his residence a dozen of his fellow-townsmen whom he 

 had interested in the project, and carefully outlined his plan. 

 During the course of the following three months they drafted a 

 constitution, subscribed a number of shares at $5 a share, which 

 were subsequently paid in instalments, and established what they 

 designated as ' La Caisse Populaire de Levis' — a co-operative 

 savings and credit association, with a variable capital and limited 

 liability. As members of this co-operative society they had 

 henceforth the right to share in the direction of its affairs, 



♦ From the Lnbour Gazette, issued by the Department of Labour, Dominion of Ca- 

 nada, March, J 905. 



