BUIvGARIA - CO-OPERATION AND ASSOCIATION 



As compared with the business of the preceding years that of 1914 shows 

 a marked difference in the point of the current accounts opened on five- 

 year bonds. This item increased during the second half of 1914. The 

 bank's debtors, who usually pay their debts in autumn, after the harvest, 

 did not pay them in this year owing to the financial position brought about 

 by the European war. 



At much the same time as the law regarding the foundation of the Cen- 

 tral Bank another was passed as to the insurance of agricultural products 



