RUSSIA. 



POPULAR CREDIT IX RUSSIA. 



by M. N. ScHEREMETEFF, InspcUof of Popular Credit at Moscow. 



OFFlCIAI< SOURCES : 



Imperial Order of 20/7 June, 1904 ox Popular Credit Institutions. 



Publications of the People's Banks Department, for the Years 1904-1910. 



I,E ]VIes3AGER du Credit populaire (Popular Credit Messenger). Weekly Review of the 



People's Banks Department, published at St. Petersburg: Year 1912, No. 29 and 



Year 19 13. Nos. 36 and 37. 



In the last few years popular credit has made considerable progress in 

 Russia. There are several forms of institutions in the country for it : 



{a) institutions of old type, founded especially for particular classes 

 of the population (peasants, "cosacks etc.). 



(&) institutions of new type, of purely co-operative character. Among 

 these latter there may be distinguished co-operative credit societies and 

 loan and savings co-operative societies. According to the regulations of 1905, 

 there is only this difference between the tvv^o forms: in the loan and savings co- 

 operative societies each member must take a share, which is not necessary 

 in the credit co-operative societies. But the amount of these" shares is, as a 

 rule, very small, seldom exceeding ten roubles and again they may be liber- 

 ated gradually in instalments in the course of a number of years. On 

 January ist., 1911, the number of the institutions of old type was 4.809 ; 

 they have no importance for the economic life of the country. Although 

 their balance sheets show a total of 74,846,937 roubles, the societies are 

 in liquidation and often they no longer exist except on paper. 



On the other hand, the co-operative institutions are very prosperous, 

 their number increases from year to year and their business is progressing. 



