30 INFORMATION RELATING TO CO-OPERATION AND ASSOCIATION 



The war seems on the other hand not to have affected the construction 

 of dipping tanks, doubtless because the materials for these are found 

 within the country and their price has not therefore risen perceptibly. 

 In the year considered 231 applications for loans amounting to £20,615 

 were received by the bank, but only 175 of them, foi the total sum of 

 £15,299, were ratified. This sums represents an average loan of £87 per tank. 

 The total amount paid out in 1916 in loans of this description was £25,370. 



On 31 December 1916 the co-operative societies owed to the bank a 

 total sum of £354,729. During 1916 they applied in all for the loan 

 of £71,500 of which £63,600 were granted. Credit operations on current 

 account effected in 1916 were satisfactory : the total sum paid out under 

 this head was £156,284 ; that received was £146,203. The maximum debt 

 of the year — £250,970 — was owed on 31 December.' This sum was co- 

 vered to the extent of £196,703 by the agricultural products and implements 

 held by the society. The remainder, namely £54,267, represents approxi- 

 mately the sum used by the co-operative societies to supply their members 

 with the merchandise and products necessary to agriculture. The figures 

 already given show that disbursements and receipts approximately balance, 

 a reassuring circumstance which shows that the co-operative societies have 

 thoroughly understood the aim of operations of this kind. The interest 

 falling due on 31 December 1916 on credit on current account, amounting 

 to £6,462, was also paid punctually and entirely. The same is true of the 

 annuities falling due on long-term loans previously granted. In order to 

 make more solid the credit needed by the farmers, the board grants the co- 

 operative societies loans from which to make their members advances on 

 the maize harvest, sold by the medium of the societies. In 1914 and 1915 

 advances of 7s. 6d. a sack were paid to members, and the products of the 

 sale allowed further payments of 2S. and 2s. 6d. to' be made. Difficulty has 

 however been found in convincing both those managing the societies and the 

 farmers themselves that the amount of an advance should not exceed 

 the approximate costs of production, and that the final settlement should 

 be made only after the sale. 



In 1916 the maximum advance, at first fixed at ys. 6d., was raised first 

 to 8s and then to 9s. 6d. a sack, in order to lessen the temj)tation to mem- 

 bers to sell their maize directly to purchasers who offered an average price 

 of los. a sack. It is interesting to notice that farmers who remained faith- 

 ful to their engagements to the co-operative societies realized a larger pro- 

 fit, for they finally received about 12s. 6d. a sack. One society attained to 

 13s. yd. 



The following figures show the total turnovers of the societies in 1915 

 and 1916. 



