POPULAR CO-OPERATIVE CREDIT 27 



The savings banks are in the same case. The credit the}' had granted 

 to small credit institutions amounted on i January 1916 to 143.9 million 

 roubles, of which sum only 48.2 million roubles — that is 33.5 per cent. — 

 had been effectively lent to the small credit establishments. The cause 

 of this state of aft'airs should be sought in the inflow of deposits to the small 

 credit establishments and the growth of their own resources. It is propos- 

 ed therefore to allow the funds of the State savings banks to be lent not 

 only to co-operative societies, as is provided b}^ the law of 21 June 1910, 

 but also to the zemstvos and to the federations of the co-operative soci- 

 eties, to be used for long-term agricultural and land credit and for the 

 building of granaries. 



