ROUMANIA. 



MISCELIvAXEOUS XEWS. 



People's banks. — The two greatest defects with which the Roum- 

 anian peasant is continually charged (and with which most of the farmers 

 in many other coimtries might also be taxed) are ignorance and thrift- 

 lessness. Only the Transylvanian Roumanian, living in contact with other 

 races, is at all economical. The Roumanian of Wallachia and Moldavia 

 does not save ; his expenditure is equal to his revenue, if indeed he does 

 not raise money on the sectirity of his future labour. 



Under these conditions it is a pleasure to see how the spirit of economy 

 and association is gradually developing, above all through the work of the 

 co-operative societies and people's banks. In the Anuar al Bancilor Popular 

 si cooper ativelor satesti pe 1911 (Yearbook of the People's Banks and Rural 

 Co-operative Societies for 191 1), we find a real balance sheet of the Roum- 

 anian agricultural credit co-operative societies. From this we see clearly 

 that economy, a potent element of civilization is making progress year by 

 3'ear, as the statesmen foresaw it would who encouraged the foundation 

 of the People's Banks and the various co-operative societies. 



The following table shows the progressive advance of these institutions 

 between September ist., 1902 and December 31st., 191 1: 



