BRITISH INDIA - CO-OPERATION AND ASSOCIATION 



Central Societies. — There were at the end of the year 1914-1915 

 twenty-three district banks, twenty-four central banks and eleven cen- 

 tral banking unions. Of the thirty-five central banks and banking unions 

 twenty-six were affiliated to a larger central bank which financed and 

 super\dsed them while the other nine worked independentl}'. The 

 rapid increase shown in the previous year in the working capital had not 

 been maintained, chiefly owing to the war and the poor autumn harv^est. 

 The paid-up capital had increased from Rs. 6,30,631 to Rs. 7,56,147 and 

 the reserve funds from Rs. 3,11,477 to Rs. 3,86,449, which two sums 

 formed 18. i per cent, of the working capital as compared with 15.9 per 

 cent, in the previous year. The share capital and reserve funds were 

 together equivalent to 26.8 per cent, of the amount of deposits and loans 

 received by the banks. Reserve funds were being invested outside the 

 banks. The total profit of the banks amounted to Rs. 1,51,517. 



Agricultural Societies. — In spite of the war and the disappointing 

 agricultural conditions the capital contributed by members as share capi- 

 tal, reserv'C funds, etc. was equivalent in 1914-1915 to 26 per cent., of the 

 total working capital, as against 17.5 per cent, and 19.2 per cent., respec- 

 tively, in the two previous years. The rate of interest paid by members 

 covered the cost of supervision and auditing and some miscellaneous ex- 

 penses. It was 15 or 15 ^/g per cent, whereas most central societies 

 charged 12 per cent. 



Audit, Inspection and Staff. —•Auditing was done by government 

 inspectors, specially trained professional auditors, whole-time auditors 

 maintained by the central banks but controlled by the Registrar, honorar>" 

 workers, and the paid staff of the central banks. All the central banks 

 were frequently inspected by the Registrar and his staff. 



§ 4. The CENTRAL PROVINCES AND BERAR. 



The progress of the co-operative movement in the Central Provinces 

 and Berar is seen from the following statement : 



