INFORMATION RELATING TO CO-OPERATION AND ASSOCIATJON 29 



This table shows above all a constant increase of deposits whidi 

 is proof of the confidence felt in these institutions. Thus on 31 October 

 1914 deposits amounted only to some 3,277,000 liras, on 31 October 1915 

 to 3,456,000 liras, and on 31 October 1916 to 4,650,000 liras ; that is they 

 increased by nearly 180,000 liras between 1914 and 1915, and by 1,200,000 

 liras or an average of 100,000 liras a month between 1915 and 1916. 



It should be remembered that this increase in deposits and the accom- 

 panying reduction in loans are partly due to an abandonment, on account 

 of the war, of much agricultural and even of commercial and industrial 

 enterprise. We may therefore expect that at the end of the war, when 

 life returns to its normal course, deposits will diminish and applications 

 for loans, which have become insignificant, will increase. L,oans decreas- 

 ed from about 1,870,000 liras on 31 October 1914 to 1,810,000 liras on 

 31 October 1915 and 1,582,000 liras on 31 October igi6. Thus the dimi- 

 nution was one of nearly 60,000 liras between 1914 and 1915 and of 228,000 

 liras between 1915 and 1916. 



If this increase in deposits be added to the reduction of loans a total 

 sum of about 1,700,000 liras is obtained. If secondary items in the 

 account be left out this sum comes to be one of more than a million liras 

 which went to swell that comprised under the heading " deposits on credit 

 current accounts in credit institutions ", while nearly half a million liras 

 was entered under the heading " securities ". 



As in preceding 3-ears the federation did not neglect to give assistance 

 in technique, book-keeping and legal matters to the federated societies. 



The Federazione delle Casse Rurali of Reggio d'Emilia groups twenty- 

 three rural funds. We take the following data from their balance-sheets 

 for 31 December 1915. 



Capital and reserve 92,774.40 liras 



Trust deposits 2,183,476.25 » 



Bills held 1,279,414.11 » 



In general the ])osition of the rural funds in the province is good. 



The Federazione delle Casse Rurali of the province of Forli groups, 

 according to the report presented by the presidents to the federal meeting 

 on 8 June igi6, societies which are in an entirely satisfactory economic 

 and financial position, in spite of the crisis due to the abnormal state of 

 affairs. 



They were able in the year in question to afford the same credit to their 

 members as in IQ15, but by a wise provision they gradually reduced their 

 paper and then formed a reserve in the form of a credit current account 

 at the Banca del Credito Romagnolo from which they receive a preferential 

 rate. The diminution in their investments is due rather to the diminished 

 demands of their members than to the imposition of restrictions. 



The recently formed funds are those which have most increased the 

 sum of their deposits. The others faced an alternative of increase or di- 

 minution, but increases prevailed at the end of the year, showing that 



