THE GENERAIv RAIFFEISEN FEDERATION OF NEUWIED 5 



creditor of its shareholders, it has become during the war their debtor, as 

 is shown by the following figures which refer to marks : 



31 December 191 3 31 July 1914 31 December 1914 31 December 191 5 



Debit Account . 79,009,000 79,100,000 96,281,000 166,744,000 



Credit " . 82,004,000 83,900,000 72,737,000 45,300,000 



Excess of Credit Excess of Debit 



Account . . 3,031,000 4,800,000 Account . . 23,544,000 129,144,000 



The movement of money between the Central Banks and the co-oper- 

 ative societies other than credit societies, and such movement betweec 

 the Central Bank and the district co-operative banks, has the same charais 

 teristics, although the disturbance of equiHbrium, which has been shown, n 

 in this case only to be foreseen and not yet accomplished. The Central 

 Bank is still the creditor of these co-operative societies, but its credit with 

 them has much diminished. 



a) The Central Bank's account with the district co-operative hanks. 



31 December 1914 31 December 1915 



Credit Account marks 4,340,000 3,140,000 



Debit » " 440,000 940,000 



Excess of Credit Account " 3,900,000 2,200,000 



b) with co-operative societies other than credit societies. 



31 December 1914 31 December 1915 



Credit Account marks 10,238,000 6,038,000 



Debit » " 720,000 1,343,000 



Excess of Credit Account . " 9,518,000 4,695,000 



The movements of money between the Central Bank and the co-oper- 

 ative stores has an entirely contrary aspect. Since the trade of these 

 stores has, as we shall presently see, increased, their debts to the Central 

 Bank have increased also. 



At the end of 1915 these debts amounted to 5,565,553 marks as against 



