POPULAR CREDIT 



83 



From the statistics published by the People's Banks Department, we may- 

 reproduce the following figures : 



Number 



of Credit Co-operative 



Societies 



Number 

 of Members 



Total shown 

 on Balance Sheets 

 in Thousands 

 of Roubles 



1903 1,136 447.058 49.684 



1904 1.367 550.940 57.299 



1905 1,630 729,107 68,079 



1906 2,085 927.315 80,745 



1907 3,081 1,383.669 106,361 



1908 4,165 1,943,253 132,610 



1909 5,391 2,610,564 172.449 



I9IO 6,679 3,446,158 238,922 



I9II 8,420 4,682,096 342,590 



I9I2 11,004 6,594,035 469.450 



I9I3 12,237 7,632,777 609,837 



It is seen from these figures that co-operative credit is making great 

 progress in Russia and perhaps it is advancing there faster than in any other 

 country. What must above all strike the reader is the number of members, 

 which w^iU soon be 8,000,000. 



Co-operative credit in Russia presents several characteristic features 

 of a certain interest. 



The Government has contributed to a very large extent to the progress 

 of the co-operative societies of the Empire. By the order of June 7th., 1904, 

 the management and inspection of all the popular credit institutions was 

 entrusted to the People's Banks Department, dependent on the State Bank. 



The State Bank has placed unHmited amounts at the disposal of this 

 Department, which, up to September 15th. last, had lent 12,469 co-operat- 

 ive credit institutions the amount of 192,606,300 roubles and 5,550 other 

 non-co-operative popular credit institutions the amount of 21,535,900 

 roubles. 



The People's Banks Department disposes of the services of more than 

 500 inspectors in the various regions of the Empire. These not only 

 inspect the popular credit institutions, but also occupy themselves with co- 

 operative instruction and the stimvilation of private initiative. 



They are also bound to attend the general meetings of the associations 

 and advise them in difficult matters. 



The popular credit inspectors have considerably assisted in the 

 development of this form of credit in Russia. There are amongst them 

 many graduates of the universities of the Empire, who are excellent 

 guides and teachers for the riural population, amongst whom the want 

 of educated men is painfiilly apparent. 



